Frequently Asked Questions

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Frequently Asked Questions

Frequently Asked Questions

About the Scheme
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Icon expand How does this transfer affect my banking services?

The way you interact with us, whether in branch, online or by telephone stays the same. Your sort code(s), account number(s) and your digital and mobile services continue as before.

Your everyday banking will carry on as normal. 

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Icon expand Did Ulster Bank transfer all of its products and services to NatWest?

There are certain products and services that cannot be part of the transfer. We’ll transfer these to NatWest via other means.

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Icon expand Does the Scheme include Ulster Bank Ireland DAC?

The Scheme is for the transfer of the business carried out by Ulster Bank Limited and relates only to Northern Ireland.

Our Banking Services
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Icon expand Is there a change to the Ulster Bank brand?

No. The Ulster Bank brand, and the look and feel of Ulster Bank, did not change as a result of the Scheme.

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Icon expand Am I still able to use my local branch or mobile bank?

Yes. All Ulster Bank branches, ATMs and mobile bank for Ulster Bank have transferred to NatWest.

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Icon expand Do I need to set up new Direct Debits?

There’s no need for you to complete new Direct Debit instructions.  

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Icon expand Can I still use my Ulster Bank banknotes?

There’s no need to change your current Ulster Bank banknotes over to the new banknotes. You’ll still be able to use them in the same way. 

What does this mean?
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Icon expand What does it mean for me as I bank with Ulster Bank?

There’s no change to your everyday banking services. You do not need to do anything. You’ll continue to receive the same products, using the same branch, same sort code and account number and same card and cheque book, under the same Ulster Bank brand.

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Icon expand How is my Financial Services Compensation Scheme (FSCS) protection affected?

Now that the changes have taken effect, accounts held at Ulster Bank and NatWest are within the same regulated legal entity, that is NatWest.

Before 3 May 2021, you may have had the benefit of FSCS protection for deposits at both Ulster Bank and NatWest. Now that your Ulster Bank accounts has transferred to NatWest, they now come under the same legal entity.

You are covered by FSCS protection in respect of NatWest only. Your FSCS cover will only be for one allowance of £85,000 (or £170,000 for a joint account).

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Icon expand Now the transfer has happened, I have accounts with both Ulster Bank and NatWest. What does this mean for me?

Now the transfer has taken effect, accounts held at Ulster Bank and NatWest are within the same regulated legal entity, that is NatWest.

Before 3 May 2021, you may have had the benefit of Financial Services Compensation Scheme (FSCS) protection for deposits at both Ulster Bank and NatWest. Then, if you had deposits with both Ulster Bank and NatWest, each deposit was covered (currently up to £85,000 or £170,000 for a joint account) by the FSCS.

On 3 May 2021, your deposits with Ulster Bank transferred to NatWest. Your FSCS cover is now only for one allowance of £85,000.

You can withdraw the amount by which your deposits exceed the FSCS coverage limit, up to three months after the transfer date without being charged early withdrawal charges or account closure charges.

For example:

If you had a deposit of £100,000 with Ulster Bank and no deposits with NatWest, £100,000 was transferred to NatWest. You can withdraw the amount by which your deposits exceed the FSCS coverage limit, that is, £15,000 up to three months after the transfer date without being charged early withdrawal charges or account closure charges.

If you had £50,000 with Ulster Bank and £80,000 with NatWest, £50,000 was transferred to NatWest. This means you now have £130,000 at NatWest. As before the transfer, this was below the FSCS coverage limit, you can withdraw the amount by which your deposits exceed the FSCS coverage limit, that is £45,000 up to three months after the transfer date without being charged early withdrawal charges or account closure charges.

If you had £20,000 with Ulster Bank and £110,000 with NatWest, £20,000 was transferred to NatWest. This leaves you with £130,000 at NatWest. In this case, because the amount you had with NatWest before the transfer was above the FSCS coverage limit, you can withdraw the £20,000 transferred from Ulster Bank to NatWest up to three months after the transfer date without being charged early withdrawal charges or account closure charges.

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Icon expand What other things are affected by holding both an Ulster Bank and NatWest account?

The Scheme allowed the bank to exercise certain rights that it would gain as a result of the transfer, and which could have meant that a number of scenarios could be automatically applied to your Ulster Bank and NatWest accounts or automatically applied to the obligations of any guarantor you may have.

To protect you, the Scheme contains restrictions which meant that NatWest wouldn’t be able to use rights it has acquired as a result of the Scheme. For some rights this is only for a specific length of time.

We want to reassure you that we will not automatically apply any of these Contractual Rights for a minimum of three months from 3 May 2021, that is until 3 August 2021, or if your lending facility runs for longer and has a contractual date in place, until that contractual date expires.

The Contractual Rights that you could be affected by if you have accounts with Ulster Bank and NatWest are:

Set-off / combination rights

NatWest will not be able to apply the set off right for three months from 3 May 2021. If your deposit account is on as fixed term or promotional rate, then the three-month restriction runs from the date when the fixed term or promotional rate ends.

For the following rights:

“All Monies Rights”

Consolidation rights (we can use security to cover debts housed in the other brand)

Cross-default

Guarantee or indemnity rights

Account control

Entire Agreement clauses

NatWest is not permitted to exercise any of these rights unless these rights would have been exercised anyway, had the Scheme not happened.

You will not be charged early withdrawal or account closure charges if you make a withdrawal in these circumstances. 

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Icon expand Are there any changes to my documentation?

We’re not re-issuing new documentation to you for existing products and services with us.

From 3 May 2021, you’ll start to notice a change to the legal entity and registered company details on any new correspondence from us and on our publicly available communications such as websites and brochures.

Our registered company address will change from 11 - 16 Donegall Square East, Belfast, BT1 5UB to 250 Bishopsgate, London EC2M 4AA.

You’ll see the use of the NatWest Company Registration Number, 929027 and the Financial Services Register on any future documentation.

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Icon expand I am in the process of taking out a mortgage/loan/opening a new savings account with Ulster Bank Limited. What does this mean for me?

There will be no change to the terms and conditions offered on your mortgage to date or to the products such as savings account offered.

If you open your account on or after 3 May 2021 your account will be opened directly with NatWest, trading as Ulster Bank.

From 3 May 2021, NatWest will be responsible for setting all Ulster Bank Mortgage Rates, including the Ulster Bank Base Rate and Ulster Bank Standard Variable Rate.

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Icon expand Does the implementation of the Scheme have any tax implications?

Your product(s) are now provided by National Westminster Bank Plc (a company that, like Ulster Bank Limited, is resident for tax purposes in the United Kingdom). We’re unable to discuss the tax consequences for customers arising from the transfer.

If you are in any doubt as to your tax position or your tax reporting requirements, please consult your professional advisers regarding any possible tax consequences of the transfer.

Personal Data
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Icon expand What will happen to my personal data?

Your personal data has transferred to NatWest. NatWest will use your personal data in the same way and for the same purposes as Ulster Bank held it. Any marketing consents that you gave regarding marketing activity carried out by Ulster Bank and/or the wider NatWest Group will continue as before. 

If you would like to revisit your marketing preferences, please visit:

https://personal.natwest.com/personal/privacypolicy.html#marketing

For more information regarding how NatWest will use your personal data, please visit:   https://personal.natwest.com/personal/privacy-policy.html

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Icon expand How will you protect my personal data?

Your personal data will be protected and kept safe. There is no change to the control environment in which it is held or to the locations or jurisdictions where it is stored. Your Data Controller is National Westminster Bank Plc.

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