Payments and other Banking Products

Yes – when you open your new account, your new provider will send you a debit card in the post.

Sometimes your debit card (the card number) is used to take payments from your account. Examples of this include payments made for subscription services e.g., a streaming service like Netflix or Spotify, or to pay a bill e.g., a gym membership. The payments can be taken from a debit or credit card. When you get a new card, you will need to update the card details that the service provider has on their system for your account. You must contact any third party that you pay in this way.

One way to help identify them may be to look at your account statements from your existing provider to identify any payments set up on your card.

You should also check whether you have any recurring payments attached to your credit card and take the necessary steps to ensure that these payments will continue to be made.

If you have a credit card with your existing provider, you should receive communication in relation to your card and what you need to do. It may be that your credit card will be moved to another provider, rather than requiring you to do this yourself.

You will not automatically get a new credit card when you move to a new provider. This is because a credit card is a form of credit, and the new provider will need to satisfy itself that you have the means to repay any balance on the credit card before you can receive one. This is the same with overdrafts as explained earlier.

If you need a credit card, you should start to explore your options now and start the process of applying for a new one with another provider.

If you are not able to repay the balance on your credit card, you should talk to your existing provider. Alternatively, you should talk to your new provider about the options available to you, as you may be able to avail of a “Balance Transfer”, which means you may be able to move the balance of your existing credit card to a credit card with your new provider.

You do not have to wait for any period before applying for a credit card with a new provider.

Once you have applied it is difficult to say how long it might take for a new application to be successful with a new provider. You will need to provide proof of your means to repay the balance and the new provider will need to assess this information before deciding whether to give you a credit card.

If you want to know more, you should discuss a credit card application with a new provider.

To apply for a new credit card, you will need some or maybe all of the following:

• Standard AML documentation – this will be required as part of the application i.e., photographic proof of your identity (photo ID) and proof of your residential address.
• Statements from your old bank – for credit purposes, any new applicants will be required to supply statements. Some providers may ask for 3 months of statements and will accept these from the old provider.
• Proof of Income e.g., the last 3 months’ bank statements/recent payslip(s). As above, bank statements from your old provider will likely be accepted by the new provider, if statements are requested. If you have been in your job less than 12 months, you may be asked for proof of employment permanency.
• Proof of Immigration status if you are not an EU citizen.
• You will also be asked for your Personal Public Service Number (PPSN) if it has not already been obtained.
• If you have closed or are due to close a credit card account with Ulster Bank, you will have been charged Government Stamp Duty at closure. You should present the closure letter you will have received from Ulster Bank to your chosen new provider at account opening – this letter is called the “Stamp Duty Letter of Closure” and will confirm payment of stamp duty on account closure. Your new provider will take note of this to ensure you are not charged again in 2023