Exiting bank has already frozen 126,000 accounts
Some 91 per cent of Ulster Bank personal current accounts, are either closed, or have five or fewer transactions. Photograph: Brian Lawless/PAUlster Bank has frozen 126,000 low-use personal customer accounts with fewer than five transactions a month since November and is now planning to move on 20,000 accounts with higher levels of activity that have passed their six-month notice period, its chief executive said.
However, the chief executive, Jane Howard, told the Oireachtas Finance Committee on Wednesday that it has not yet decided to freeze or closed any accounts of so-called vulnerable customers or those still in receipt of payments from the Department of Social Protection. The number of Ulster Bank customers in receipt of payments from the Department has fallen to 5,500 from 171,000 this time last year, she said.
Some 91 per cent of Ulster Bank personal current accounts, are either closed, or with five or fewer transactions per month, she said. This increases to 95 per cent when personal deposit accounts are included.
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