Closing your Business Current Account

A guide to closing or switching your business current account

We have begun writing to our customers to give them notice that they now need to choose another provider to move to and close their Ulster Bank accounts. If you have received one of these letters, or you have chosen to act yourself before we write to you, here is a guide to help you with some practical tips for how to go about closing your account.

On this page

Choose, Move, Close

Ready to close now?

Things to consider

Micro-SME Overdraft

Products No Longer Available

Important Information

Need to Get in Touch?

Choose, Move, Close

Choose

If you don’t have an account elsewhere, you should look for an alternative provider before closing or switching your account.

The following providers have expressed an interest in supporting customers move their commercial accounts following Ulster Bank’s decision to exit the Irish market. They have approached us to be included on this website as a possible option for your consideration. Additional providers will be added as and when further requests are received.*

www.fire.com/ulsterbank

https://www.permanenttsb.ie/ulster-bank-hub/ulster-bank-faqs/#UBFAQ3

*The links are included for guidance purposes. Ulster Bank is not responsible for the content of third-party websites.

Move

There are two ways to move your Business Current Account. Speak to your new provider about which option will work best for you.

Option 1: Move your account yourself

You can prepare to close your account(s) by following the checklist below. It is important that you follow each step to ensure the process is as easy as possible.

Ensure you have commenced the process of looking for an alternative provider
Identify regular credits or payments on your account, such as salary and supplier payments – for details log on to your online banking e.g. Bankline or Anytime.
Contact your suppliers and creditors with your new account details as soon as available to ensure regular credits or payments move to your new account.
Leave sufficient funds in your Ulster Bank account to cover any outstanding charges or interest due, balances owing on credit cards etc. and ensure that any overdrawn balance is repaid before instructing your account to be closed.
Ulster Bank will close your account(s) once we receive your account closure request and process any residual fees.

Option 2: Switch your Business current account(s) through your new provider

All current account providers in Ireland must comply with the Central Bank of Irelands code of conduct in relation to switching between providers. The Code is designed to make switching as easy as possible. To start the process, you will need to get a switcher pack from your new provider.

You can find out more information by visiting our Switcher page.

If you choose to close your Ulster Bank account as part of the switcher process you won’t need to contact us or complete our Account Closure Form.

Close

Option 1: Close the account yourself

You can request to close your account by selecting one of the three options below:

Completing the paper free option of our Online Closure form (from the link below) or
Completing our account closure form, which is available to download (from the link below) or
Making your request in writing, signed in line with your account mandate, and sending it to us at FREEPOST Ulster Bank, PO Box 13432, Dublin 18

Option 2: Close your account through the Switching service

If you use the Switching service, your new current account provider will notify us to close your account. We will close your account, transfer any credit balance to your new account and send you a closing statement.

For further information or guidance on Option 2 please visit our Switcher page.

Ready to Close Your Account right now?

To continue with this process, you will require:

Your existing sort code and account number or IBAN
Details of the new account (IBAN and BIC) you want the balance transferred to
Details of your Ulster Bank Commercial Card Programme to be closed (Your Commercial Card Programme number can be found on your most recent Commercial Card statement), if applicable

You can request to close your account by selecting one of the three options below:

Completing the paper free option of our Online Closure form (from the link below) or
Completing our account closure form, which is available to download (from the link below) or
Making your request in writing, signed in line with your account mandate, and sending it to us at FREEPOST Ulster Bank, PO Box 13432, Dublin 18

Download Closure Form

Apply Online

Before you Switch or Close Your Account

Things to consider before closing your Ulster Bank Account(s)

You will lose access to the complete online transaction history when you close your account(s) so you may wish to print or download any transaction history before you close your account. Statements can also be sent out in the post, however this can take up to 14 business days.
If requesting to switch your current account, choose a time of the month to switch when there is little activity on your account in terms of direct debits, standing orders and salary payments and it is best to avoid using your Ulster Bank cards or cheque book once the switching process has started.
Securely destroy your unused cheques and pre-printed cheques if applicable.
Destroy your Ulster Bank Visa debit card once you receive a replacement from your new provider.
Inform service providers of new card details if applicable.

Ensure you have an account opened with another payment services provider.

Things to consider when selecting a new payment service provider

Any new payment service provider will need you to provide proof of your business’ existence and address as well as proof of identity and permanent address for the key people associated with the business. Depending on the provider, some acceptable forms of proof of identify for those individuals include passports and driving licences. Some acceptable forms of proof of address include utility bills and correspondence from a bank or other regulated financial provider. Depending on the provider these may need to be shared in a face-to-face meeting or electronically.
It would be worth while checking what documentation your new provider may require prior to opening your account as they will need to complete their customer due diligence requirements. Depending on the account provider you have chosen, you will apply either online or in person, and the new provider will inform you of their requirements to complete your application. No matter which provider you chose, the steps you must take will broadly be as follows:
- Complete the new provider’s account opening forms/provide requested documentation
- Complete the Switcher form if you are availing of that service
- Change the details on your invoice documentation to include your new BIC and IBAN (International Bank Account Number)
- Select a transfer date which falls at a quiet time of the month when banking activity volumes are low

Important notice regarding your Anytime Banking and the Mobile App

Some customers use Anytime Banking (including the Mobile App) to access both their business account(s) and personal account(s). If you use the same Anytime Banking profile to access both business accounts and personal accounts, it is important to understand that the closure of these accounts at different times may impact your ability to access and use Anytime and if you lose access you may be unable to restore it.

We strongly recommend that if you use your Anytime Banking profile to access both business and personal accounts that you should close your business accounts first. For personal bank account(s), re-registration can usually be completed within a day by phoning our telephony team on 0818 210 260 or if calling from abroad +353 1804 7475. For business accounts this process may take up to 10-12 working days.

Closure of your personal accounts before the closure of the business accounts may interrupt your Anytime Banking access. Loss of Anytime Banking access will prevent you from viewing your business account statements and from making important payments and/or transactions.

Important notice regarding your Bankline profile

You can close your accounts in phases as you move to a new service provider. Once your last remaining Current Account under the business legal entity that owns your Bankline profile closes, your Bankline profile will close, and you will lose all system access.

To ensure that you do not lose online banking access to any third party account(s), we recommend that you keep your last remaining Current Account under the business legal entity that owns your Bankline profile open until your third party account(s) have closed.

A third party account has a different legal ownership from your main Bankline account. So, if your business owns your main account, a third party account is any account not owned by your business, for example, a personal account or one that belongs to a subsidiary.

If you are unsure which business legal entity owns your Bankline profile, please contact the Bankline Helpdesk on 0818 211 609 (+353 1 4513 007 outside ROI). Lines are open Monday to Friday 8am –6pm (excluding Bank Holidays).

When preparing to close your Bankline profile, we recommend your Bankline administrator reviews our Bankline Closure Checklist.

Micro-SME Overdraft Customers – Information and Assistance

We have begun communicating with Micro-SME customers with Overdraft facilities and all customers will shortly have received at least two letters about their account closure date. These customers will also lose access to their overdraft facility beyond this closure date and will need to repay their overdraft balance.

In these letters we have made customers aware of a streamlined application portal with Permanent TSB if they wish to apply for a new overdraft facility with Permanent TSB. Each customer has been provided with a unique ID code to help them with this application process if they wish to use it. Customers are free to choose a provider of their choice and do not have to apply to PTSB for a replacement current account or overdraft.

Any customer that needs extra assistance with replacing their overdraft facility or with any concerns about their ability to otherwise repay their overdrawn balance should call us immediately on 0818 211 690 or 0044 2890 538 459 if calling from abroad (8.30am – 5.30pm Mon-Fri).

Products No Longer Available

These products & services are no longer available for sale. This information is provided for reference purposes only.

Business Bank Account

View your account on our mobile app and online banking platforms, please click here for further information
Business Visa Debit Card available, please click here for further information
Credit balance interest - the rate of interest may be positive, where the Bank pays you interest, or negative, where you pay interest to the Bank. Where the rate is 0% no interest will be applied. See our credit balance interest rates
Please click here to view an important update to our Business Fees and Charges

For further information on our Business Bank account, please read the following brochures:

Guide to Business Current Account Fees (PDF, 126 KB)

Business Banking Terms and Conditions (PDF, 232 KB)

Foreign Currency Account

If you have an existing foreign currency account for your foreign currency funds, to help you limit the risk and expense of changing money back into your home currency.

Manage your finances and make payments online using our Bankline service
International payment facilities available in all major currencies
Keep on top of your finances with regular statements
Overdraft facilities available in all major currencies (subject to credit review and approval)
Sterling chequebook available for sterling currency current accounts

If you don't close your Foreign Currency Current account before the date in your letter, your account will be closed by us with your remaining balance (debit or credit) converted into Euro at the prevailing market rate of exchange applicable on the date of closure and transferred to your servicing account.

Important Information

For further information on our Foreign Currency Account please read Foreign currency accounts terms and conditions (PDF, 93KB)

Overdrafts are repayable on demand. You cannot go over the overdraft limit without getting our permission. If you go over your overdraft limit, debit interest will be applied on any amount over the authorised limit, other charges may also apply - please see our Schedule of Services - payment and international banking charges brochure (PDF, 132KB) for more information. For information on unarranged borrowing rates please see our Foreign Currency Account rates.

Important information - Business Banking Brochures

Business Banking Terms and Conditions (PDF, 180 KB)

Please go to Brochures Overview to access our full suite of Ulster Bank business brochures.

Need additional support?

We have additional online resources to help you:

Visit our help page for online support guides.
Check out our frequently asked questions.

If you need extra support to close your account e.g. due to a disability, health condition or because your circumstances have changed, we have a number of ways to contact us:

Call our dedicated helpline on 1800 818375 or +35315317171 from outside the Republic of Ireland. Line opening hours are Monday to Friday, from 09:00 am until 17:00 pm. Call costs may vary and calls from mobile phones may not be free.