What it means for you
Brexit Frequently Asked Questions
What does the UK leaving the EU mean for you?
There should be no change to your everyday banking services. We’ll continue to support you and keep you informed and updated. We’re closely monitoring the situation and we’re committed to providing you with as much notice as possible should any changes be required. Our aim is to continue to provide you with the same level of service and range of products as we do today, where we are permitted to do so.
How did we prepare for the UK leaving the EU?
We’ve already made changes to the way we’re organised to ensure we can continue to serve customers from 1 January 2021. Those customers affected by these changes have already been contacted by their Relationship Manager.
We continue to work closely with our regulator, the Irish Government and trade organisations to help us understand what the future UK-EU relationship means for the Financial Services sector.
Can I still make and receive payments from UK/EU countries?
Yes. There should be no change to how you make and receive payments to EU countries. And, of course, you can continue to access your bank account in your normal way to conduct your everyday banking needs.
Icon expand Will I still be able to use ATMs in the UK and EU countries?
Yes. It will still be easy to use your bank card in ATMs in the UK and across Europe, in much the same way as you can use it today when you go on holiday to non-EU countries, such as America or Australia. And, of course, you can continue to access your bank account through our mobile app and online banking to conduct your everyday banking needs.
Icon expand Is my money safe?
Yes. If you are currently covered by the Deposit Guarantee Scheme, you will continue to be covered by this scheme. Ulster Bank Ireland DAC will continue to be regulated by the Central Bank of Ireland.
Further information on the Republic of Ireland Deposit Guarantee Scheme can be found here.
Icon expand What is Open Banking?
Open Banking was brought in by The Competition and Market Authority (CMA).
It's a secure way to share your information with Third Party Providers (TPPs) and it also offers alternative payment methods. It will make it easier for companies to offer services that give you more control over your money and financial information.
Banks and building societies will make some information accessible to other approved companies in a standard, straightforward and secure way, and only ever with your consent. All companies will be approved by the Financial Conduct Authority.
Icon expand Is there any impact on my Open Banking services?
As a result of the UK leaving the EU, from 1 January 2021 some Third Party Providers licenced in the UK won't be able to access your data under your existing Open Banking arrangements. As a result, you might not be able to do some things you previously could.
Icon expand What is changing and why?
As the services are covered by law, any Third Party Providers not licenced in the EU needs EU authorisations to conduct business with an EU customer. So, from 1 January 2021, UK TPPs need EU approval to carry on working with EU customers.
Icon expand Why can Ulster Bank not fix this problem for me?
The Third Party Provider will need to fix the problem. We're only able to process Open Banking access where the TPP meets EU regulations. We've made TPPs aware of this potential issue.
Icon expand What is a SEPA Direct Debit?
It's a Europe-wide system that allows merchants to collect Euro currency payments from accounts in 34 SEPA countries.
Icon expand What is changing with SEPA Direct Debits and why?
Banks define the information they need to process transactions, such as name, address and payee details.
From 1 January 2021, any SDDs from the UK need complete information to be provided to the bank as the UK will be outside of the EU.
This means that SDDs sent by UK banks on your account now need to contain complete information. If this information isn't included, then the SDDs may not be processsed.
To protect our customers, we only process payments that meet EU regulations.
We've written to any customers who may be affected by this change.
Icon expand Who are Service Providers and SEPA Direct Debit (SDD) originators?
Companies that provide a service in return for a fee, for example broadband, TV, waste collection, insurance, are known as service providers. When these companies take their fee from a customer’s bank account on a regular basis through an SDD, they are known as SDD originators. In order for the SDD originator to be able to collect an SDD they must adhere to the regulations set down by the European Regulatory Authority for the collection of such payments. If they do not adhere to the regulations, then the SDD cannot be processed.
We have identified a number of customers who may be affected by this change and have written to them to advise of this potential issue.
Icon expand What do I need to do?
Service providers are working with UK counterparts to make sure they have the additional informaton they need.
However, if you're concerned about your SEPA Direct Debits being collected, we recommend that you contact the service provider. Ask them to confirm that their UK bank have all the information required to process your payments from 1 Jnauary 2021.
Icon expand Why can Ulster Bank not remedy the situation?
We aren't directly involved, so the service provider needs to take action, rather than us.
We can only process SEPA Direct Debits (SDDs) that meet EU regulations, and we've let anyone creating SDDs know.
Government Brexit Support Tools
If you have any questions in relation to Brexit, please contact us. Our general contact numbers can be found on our website:
Information for our business customers is also available here.
Icon expand Which Countries are in the EU?
The EU comprises:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
Icon expand Which countries are included in the European Economic Area (EEA)?
The EEA includes EU countries and Iceland, Liechtenstein and Norway. It allows them access to the EU’s single market.
Switzerland is neither an EU nor EEA member but is part of the single market - this means Swiss nationals have the same rights to live and work in the UK as other EEA nationals.