Ulster Bank to no longer provide written notification of rate changes

[Lightning]

Ulster Bank will no longer provide written notification of rate changes.

Currently, Ulster Bank provide written notification of deposit rate changes.

From mid January 2013, Ulster Bank will provide notification in writing OR newspaper advertisement OR email OR web. Basically, whatever suits Ulster Bank.

Hence, Ulster Bank customers may need to keep a closer eye on the rate that they are getting.

I can understand why banks will no longer provide newspaper notifications, as newspaper readership is collapsing, but surely web notification should be a minimum requirement.

 

[LDFerguson]

On a (sort of) related note, I see that the link to the Ulster Bank fixed rates in the Best Buys links to a page that doesn't mention a 6-month fixed rate. I wonder if they have withdrawn it?

 

[TheJackal]

Currently, I check here for latest rates

[broken link removed]

Will they still keep updating this?

Or how are we to know when the rates have fallen?

 

[Lightning]

On a (sort of) related note, I see that the link to the Ulster Bank fixed rates in the Best Buys links to a page that doesn't mention a 6-month fixed rate. I wonder if they have withdrawn it?

Hi Liam,

Ulster Bank still offer 3.31% AER with their 6 month term deposit product.

Ulster Bank have not listed their 6 month term deposit product on their website for some time. I guess it is because they want to encourage people to go for longer terms.

 

[Lightning]

Currently, I check here for latest rates

[broken link removed]

Will they still keep updating this?

Or how are we to know when the rates have fallen?

I would think that Ulster Bank will still update that page.

The change in the T&C's refers to the notification method for a rate change rather than the current rate.

 

[camlin90]

I would think that Ulster Bank will still update that page.

The change in the T&C's refers to the notification method for a rate change rather than the current rate.

If not, I shall ring AND email AND write (assuming Freepost) every day to find out my current rate and see when they get sick of it.

I would hope there's some piece of consumer legislation demanding this though.

 

[Lightning]

I would hope there's some piece of consumer legislation demanding this though.

+1.

Consumer legislation should, in this day and age, require an obligatory publication of all current and prior deposit rates online, as well as future dated rate change notifications.

 

[maccers85]

My understanding is that banks do not need to give written notification of rate changes. You will see most banks give notice by way of ads in the newspapers. A regulation came in a few years ago that requires them to give 60 days notice of changes to terms/rate cuts.

 

[Lightning]

The notification method varies from bank to bank. There is no regulatory requirement. It is dictated by the T&Cs of the bank.

The notification length also varies from bank to bank.

 

[maccers85]

Had a look back at this. Regulation was called Payment Services Directive. Requires all banks to give 2 months notice of changes to accounts (excluding notice accounts) where it impacts existing customers. But yes, some banks have different apporaches - I noticed AIB Direct change their rates immediately without notice. Perhaps they use issues - accounts opened from this date will receive X%.

 

[Lightning]

As you said, not all banks give 2 months notice, even for instant access rate changes. For example, Leeds did not even give 1 month notice for a rate change on their 90 day notice account.

I was unaware of that legislation and if correct, it would appear it is not been adhered to.