Ulster Bank Pathway Account (3.6% variable interest rate for 6 months)

cottager

From operating a Natwest a/c which works in the same way, when you choose to pay [xxx] their account details are checked to establish whether the account can receive FP. If it can't you get the 3 days message; if it can it'll say it should reach the recipient's account almost immediately.

If it goes FP, you can straight afterwards look at 'Recent Payments', click on the transaction and it should confirm the payment's been received by the recipient's bank.

ETROL

As far as I understand Ulster bank do things slightly differently

They use Fast BACS but
There is an extra days for security checks for anything over 2.5k
For example a £3k withdrawal arranged on Monday will not leave your account until Wednesday even if the recipients bank accepts FastBac

At least thats what happened in my case

On the matter of CHAPS
I wrote to Ulster Bank asking for confirmation that you may use CHAPS for larger withdrawals (over 10k)

I got a telephone call today from someone at their Ulster Branch (as opposed to their call centre)
He confirmed that you can make a one off CHAPS payment but when I asked for this in writing he said that he had no means to do that and asked me to write a further letter addresseed to their "Concerns & Queeries" department.

By the way he said that I would have to arrange the CHAP by Letter

You may think that I am over the top for wanting written confirmation but I have recorded conversations with their staff saying that CHAPS was not possible on Pathway accounts due to my not being able to go to a brach personally (cant figure out what difference that makes but still)

Loco

Stompa wrote: »

Out of curiousity did you notice whether it still displayed the '3 business days' message? I'm guessing they'll know whether the recipient bank can receive faster payments, so may display a different message?

(All a bit hypothetical for me, despite having a ridiculous number accounts with a large number of financial institutions, I've yet to encounter 'faster payments'!)

this is the message I got (just did another transfer today) and it was instantaneous

The money will leave your account immediately and the funds should normally reach the payee's account today.

Rollinghome

ETROL wrote: »

As far as I understand Ulster bank do things slightly differently

They use Fast BACS but
There is an extra days for security checks for anything over 2.5k
For example a £3k withdrawal arranged on Monday will not leave your account until Wednesday even if the recipients bank accepts FastBac

At least thats what happened in my case

On the matter of CHAPS
I wrote to Ulster Bank asking for confirmation that you may use CHAPS for larger withdrawals (over 10k)

I got a telephone call today from someone at their Ulster Branch (as opposed to their call centre)
He confirmed that you can make a one off CHAPS payment but when I asked for this in writing he said that he had no means to do that and asked me to write a further letter addresseed to their "Concerns & Queeries" department.

By the way he said that I would have to arrange the CHAP by Letter

You may think that I am over the top for wanting written confirmation but I have recorded conversations with their staff saying that CHAPS was not possible on Pathway accounts due to my not being able to go to a brach personally (cant figure out what difference that makes but still)

That's interesting. I phoned them yesterday to ask about withdrawal options including CHAPS. Was told that the only option was the standard FP and if necessary they could set up a series of payments of £10K a day for me. I pointed out that my wife had a large amount in her account and it would take a very long time to get her money our of what was supposed to be an instant access account. Asked repeatedly, she was emphatic that CHAPS was definitely not possible nor was a standard 3 day BACS for sums over the £10K limit. She also said the £10K a day would go out as FPs, just as happens with Natwest, nothing about a £2.5 hurdle.

They do seem a very confused lot so definitely worth getting anything they say in writing.

The other possibility might be to open a current account with them. Iirc, there's no limit on transfers between Natwest accounts so would hope they're the same . Could then transfer by cheque with minimal delay.

ETROL

I have received a written reply to my letter to Ulster Bank
Reads as follows:

Thank you for your patience whilst I have been investigating your query regarding setting up a CHAPS payment on your Pathway account.

In order to set up a CHAPS payment you require a current account held in branch from which this payment can be processed. You can make a payment of any amount using CHAPS and there is a charge of £25 for this payment. Once you have a current account opened you will be able to write to your branch requesting the transfer of funds

I hope this ia a satisfactory resolution to your query. If there is still anything you consider to be unresolved please do not hesitate to contact me on 0845 300 4030 and I will be happy to help

Andrew Barr
Customer service Officer Level 2

Stompa

ETROL wrote: »

I have received a written reply to my letter to Ulster Bank

That's not very satisfactory then. I wonder what will happen when the bonus expires and I close this account? They surely won't return my funds in £10k chunks, but then again with this lot who knows.....

ETROL

Not 100% sure
but from previous inquiries I think you send a letter to close then they send you a cheque by post

Stompa

ETROL wrote: »

Not 100% sure
but from previous inquiries I think you send a letter to close then they send you a cheque by post

Oh, so it'll be me who has to do the £10k chunks myself!

thanks

I transferred £8500 by card reader to Halifax and it reached the Halifax account instantaneously.

Stompa

ETROL wrote: »

Not 100% sure
but from previous inquiries I think you send a letter to close then they send you a cheque by post

Looks like you're correct about the first part, to close an account you have to send a letter or visit a branch.