Switching to Ulster Bank
Switching your business current account to Ulster Bank could be a smart move - and we'll make it easy for you.
We can help you to:
- Cancel the regular payments on your old account
- Transfer the credit balance from your old account to your new account or
- Transfer funds from your new account to clear an overdraft* on your old account
- Close your old account
What it costs
We don't charge you anything for our switcher service.
How long it takes
We'll ask your old bank to send us a list of your standing orders and direct debits within three working days after you request it.
We will set up your new standing orders and advise direct debit originators within four working days of the receipt of these from your old bank.
We will request your old bank transfers the credit balance from your old account to your new one within three days of setting up the standing orders and advising the direct debits. We are required to provide your old bank with five working days notice. We commit to these timelines unless you have an overdraft which is backed by a guarantee or security (secured overdraft).
If agreed with us in advance, we'll transfer funds from your new account to clear your overdraft (including interest and costs), on your old account; on the day your old bank provides a settlement figure.
Leaving Ulster Bank
We're confident you won't want to leave Ulster Bank, but if you do we'll do all we can to make the switch quick and easy. Read more about how we aim to help you in our terms and conditions.
How we performed
Find out how well our switching service performed.
*subject to Ulster Bank overdraft approval.
Moving your business account to and from Ulster Bank
We make a series of commitments to you when you decide you want to move your account to us, and if you decide to leave Ulster Bank. Every six months we publish results indicating how we perform against each of these commitments. The results are obtained by way of monthly sampling and are shown on this page.
July to December 2011 performance
| Our commitment | Timescale | Result |
|---|---|---|
| When we receive a list of your direct debits and standing orders, we will arrange to set these up on your new account. | By close of business on the third working day following receipt of the list, or any later date agreed with you. | 100% |
| If requested (and this is authorised by you), we will send a request for your old bank to transfer your remaining credit balance to us. | *By close of business on the third working day following receipt of the list from your old bank or any later date agreed with you. If you don't have any regular payments to transfer we will send a request to your old bank by close of business on the second working day following the receipt of your request or any later date agreed with you. | 100% |
| If agreed with us in advance, we will transfer funds from your new account to your old bank, to clear your overdraft (including interest and costs) with them. | *By close of business on the working day that your old bank provide us with a settlement figure. | 100% |
* These targets are not applicable to an account with a secured overdraft.
| Our commitment | Timescale | Result |
|---|---|---|
| If requested (and this is authorised by you), we will provide your new bank with a list of your existing direct debits and standing orders. | By close of business on the third working day following receipt of the request. | 100% |
| If requested (and this is authorised by you), we will cancel your direct debits and standing orders. | By close of business on the third working day following the receipt of the request or any later date agreed with you. | 100% |
| If requested (and this is authorised by you), we will transfer the remaining credit balance on your account to you or to your new bank account. If requested (and this is authorised by you), we will also close your account with us. | *We will transfer any credit balance by close of business on the fourth working day following receipt of the request. However, if we have been requested to close the account this will take an additional working day (i.e. five working days in total) whether the account has a credit or zero balance. | 100% |
| On receipt of sufficient cleared funds, to clear the balance of any overdraft (including interest and costs), the outstanding balance will be cleared and, if requested (and this is authorised by you), we will arrange to close your account. | *Within 3 working days following receipt of the funds. An additional working day is required if we have been requested to close your account. | 100% |
* These targets are not applicable to an account with a secured overdraft.
Switching your account from Ulster Bank
What we'll do
- If you authorise it, we'll provide your new bank with a list of your existing direct debits and standing orders, by the end of the third working day after you request it.
- If you authorise it, we'll cancel your direct debits and standing orders, by the end of the third working day after you request it with the exemption to cancel on the day if the requested date has passed.
- If you authorise it, we'll transfer the remaining credit balance in your account to you or to your new bank account, by the end of the fourth working day after you request it.
- If you authorise it, we'll close your Ulster Bank current account, by the end of the fifth working day after you request it, unless you have an overdraft which is backed by a guarantee or security (secured overdraft).
- If you authorise it, we'll arrange to close your current account, once you've paid back any borrowed money, plus any interest or fees, by the end of the fifth working day after you request it, unless you have an overdraft which is backed by a guarantee or security (secured overdraft).
We always aim to meet these timescales, but in exceptional circumstances we may not be able to.
If you are a small or medium enterprise* and the timescales outlined are not met when you are moving your account to a new bank, and this is wholly due to a failure on our part, you will be entitled to make a claim for payment by contacting your Relationship Manager.
These commitments do not apply to the transfer of loan accounts.
Complaints
We are committed to providing a high-quality service at all times. If you are not happy about our transfer of your account, please contact your Relationship Manager. If you're not satisfied with the response you get, please ask for details of our complaint-handling procedure. You can also get this from any of our Ulster Bank branches
*A small or medium sized enterprise is defined for these purposes as a 'business or group of businesses, that in respect of a given financial year applying to it, has annual sales revenue of no more than £25 million'.
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