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.
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).
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.
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.
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)
Guarantee or indemnity rights
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.
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.
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.
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.