I got the information directly from an Ulster Bank branch manager and also from Ulster customers. Also, the Sunday Times, today stated that there is confusion over what will be automatic refunds and what will not be.
How can interest be automatically sorted if they pay 0% on the current account and many customers would have wired the money on to a high interest account?
The problem is that interest is often negated interest by not having access to your funds for 2 weeks. Also, interest charges are often, with 3rd part banks, sometimes foreign banks.
Ulster Bank need to come out with a clear commitment to have:
- Zero overdraft interest charges from 19 June to 15 July. Period.
- Zero overdraft set up charges from 19 June to 15 July. Period.
- Zero small loan charges from 19 June to 15 July. Period.
- A 100% automatic refund of the monthly charge on UFirst accounts for June 2012 and July 2012.
- A 100% automatic refund of the monthly charge on UFirst Gold accounts for June 2012 and July 2012.
- A 100% automatic refund of the monthly charge on Private Current Accounts for June 2012 and July 2012.
- A clear simple procedure for non-Ulster Bank customers to make claims against the bank for late payment.
- A clear way to compensate customers for lost interest at saving account rates rather than zero rated current account rates.