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  • Bank customers ‘facing account lock-out’ if business details aren’t updated
business & finance

Bank customers ‘facing account lock-out’ if business details aren’t updated

May 12, 2022
Anita Leslie

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Gary McDonald Company Editor


10 Might, 2022 01:00

SOME Ulster Bank business enterprise prospects in Northern Eire deal with staying locked out of their accounts from the finish of this 7 days except if they finish what one particular organization owner described as an “unwieldy and needless” on-line procedure updating their aspects.

The lender wrote to prospects in April inquiring them for up-to-date info about their company accounts.

It suggests it wants to make absolutely sure it retains correct details about their company, including specifics on people today who have important command around it.

The bank insists it is complying with regulatory obligations, and the process types a vital portion of it capability to detect and battle fraudulent transactions, dollars laundering and tax evasion.

And it warned that if it won’t receive this data on the web by May possibly 13 “we will want to prohibit access to your accounts which implies (but is not minimal to) you will never be in a position to deposit, withdraw or transfer cash and we will not be capable to procedure any standing orders”.

But 1 businessman who contacted the Irish News insisting the approach is “unnecessary and avoidable” as Ulster Bank, with whom he has experienced a yrs-lengthy association, held all his facts already.

And he claimed: “The on the net procedure is cumbersome and desperately time-consuming, and as soon as you get you considerably, you have to submit personalized information to a 3rd social gathering, which I am not organized to do.”

The director, whose extended-recognized North Down organization employs extra than a dozen workers, explained that, acquiring deserted the on the internet course of action halfway by means of, he was then phoned by Ulster Lender.

“The woman mentioned it was her career to cellular phone about consumers and consider to assistance them.

“She instructed me I was the only a single who’d really even received that far, which to me indicates that nobody is even trying to go by way of that laborious and unwieldy approach on the portal.”

He extra: “Ulster Bank now has all the details of my company, me personally, and my fellow director.

“Yet in this article I am, staying questioned to give photographic ID and send in utility charges to confirm my tackle. It can be pointless in my see.

“And it would not value me a next considered to take my organization elsewhere, which is a view I’m guaranteed other folks in a comparable posture will share.”

A spokesperson for Ulster Financial institution advised the Irish News: “In buy to comply with our regulatory demands, we are composing to most of our organization consumers to be certain that we maintain up to date information and facts for them and their company.

“We are doing this to enable avert fraud and money criminal offense. In the instance where by a customer would not answer to a number of makes an attempt to confirm this info, we could limit accessibility to specific account services.

“We encourage shoppers to reply to any correspondence as soon as achievable so we can keep on to satisfy their banking desires.”

The increased security checks come as component of the Solid Buyer Authentication (SCA) system led by trade association Uk Finance.

Jana Waterproof coat, handling director of payments and innovation at United kingdom Finance mentioned: “Fraud is a increasing problem, with criminals stealing far more than £750 million in the initial fifty percent of 2021 by yourself. That is why it is more vital than ever that added protections like Potent Buyer Authentication are place in area.

“For vendors, utilizing SCA will present consumers peace of mind that payment procedures are far more safe.

“The sector and stakeholders have labored tirelessly to get prepared for this modify and we encourage any retailers who have not still applied SCA to act as shortly as achievable to guarantee the new protections are obtainable to all.”

The authentic deadline for SCA was March 2021 but the FCA agreed to a delay March 2022 thanks to Covid-19, and it has said that there will be no even further extensions to this deadline.

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