We have compiled some Frequently Asked Questions that will help you get more informed about what it means to be a PTSB Business Direct loan customer.
Please select the most relevant FAQ section in the box below that relates to your specific query.
We are committed to assisting you with meeting your loan payments. Our priority is to work with you to support you in any circumstances where you may be facing or are in financial difficulties or arrears. If you are experiencing or anticipating financial difficulties or arrears, please contact us promptly, on 1800 855 010 or +353 21 601 3800. Lines are open Monday to Friday 8.45am to 6pm (excluding Public Holidays). Find out more here.
If at any time, your circumstances change or you require additional support, please refer to our Enhanced Customer Support page here.
If you have an unresolved complaint with Ulster Bank on or after the transfer date, the handling and resolution of this complaint will remain with Ulster Bank. Ulster Bank will be in touch with you to follow-up on this complaint. Should any aspect of your complaint become an ongoing concern, PTSB will support Ulster Bank where it can to ensure you are not disadvantaged as a consequence of the loan transfer.
If you have any specific queries about the complaint, you can contact Ulster Bank directly on 1800 200 162 (or on +353 1 709 2042 if calling from abroad), open 9am to 5pm, Monday to Friday (excluding Public Holidays). If you have a complaint currently with the Financial Services & Pensions Ombudsman, they will continue to investigate and no action is required by you.
We’re committed to providing our customers with the highest standard of service. If you have a complaint, we want to know and we’ll address the issue as quickly and as fairly as possible. There are a few different options for how to make a complaint to PTSB.
We want to assure our customers that regardless of your circumstances, your financial wellbeing is our utmost priority. As your loan has now moved to PTSB, you or someone you have nominated or may wish to nominate as a third party might want to talk to us about any additional care or support you will require. If you require an Authorised Third Party to act on your behalf with PTSB, our team can assist you with setting up this nomination. The form can be sent to you on request by calling us on 0818 200 120 or 061 232 717 open 9am to 5pm Monday to Friday (excluding public holidays). You can also download a form here.
PTSB will write to you shortly after the transfer date and your new PTSB loan account number will be printed on this letter. You should quote this number in any correspondence with PTSB and on other documentation, such as payment instructions.
When you took out your loan, you may also have taken out one or more life assurance policies and assigned these by way of security to Ulster Bank. As part of the transfer of your loan, Ulster Bank’s interest in the life assurance policies associated with your loan has been reassigned to PTSB.
Action is required to ensure the reassignment of these policies is recorded with your assurance provider.
In some instances, Ulster Bank have been able to directly notify your assurance provider of this reassignment. If this is the case, it will have been outlined in the letter which Ulster Bank sent to you shortly after the transfer date, informing you of the transfer of your loan to PTSB.
If you have other assurance policies associated with your loan, which were not listed in this letter, you will need to contact the assurance provider directly. It is important that you take this action to prevent any unnecessary delays should you need to claim on your policy in the future.
It is important you maintain payments on your life policy to your life assurance company as normal to ensure no lapse in your cover. Please contact us if you have any concerns regarding your life assurance on 0818 200 100 or +353 1 215 1363. Lines are open 9am to 5pm Monday to Friday (excluding public holidays).
As part of the transfer, Ulster Bank will be providing PTSB with certain documents that relate to your loan, such as your loan facility agreement papers and related deeds/security. In the case of identification and address verification, we, like all financial institutions have an obligation to collect and verify customers identify. Where Ulster Bank have not transferred valid documents to us that can verify your identify, we will reach out separately to you in the coming weeks and months to collect these important documents.
Yes. Any title deeds or related security held for your loan will transfer as part of the transaction. PTSB will be the legal and beneficial owner of your loan. You do not have to do anything in this regard.
Details of the processing of your personal data connected to your transferred loan by and on behalf of PTSB (including how and why PTSB processes your personal data) are set out in PTSB’s privacy notice which is available here.
There will be no change to your interest charge frequency as a result of the transfer and interest will continue to apply to your loan on a monthly basis. To note however, after the transfer date, your interest will be calculated on a 365 day year, except in leap years where it will be calculated based on a 366 day year. This the simplest method a lender calculates interest as per calendar year.
Yes. As the interest on your loan is applied on a quarterly basis, there is a change to this from the transfer date onwards.
Prior to the transfer date, interest was applied on the final business day of the week, three weeks after the third Friday of February, May, August, and November each year and then again on final repayment of the loan. Effective from the transfer date, interest is now applied to your loan on the final business day of February, May, August and November in each year. Interest will continue to apply to your loan in this way each year until your loan is repaid.
To ensure your loan is not negatively affected as a result of this change in approach, Permanent and can be viewed via your statement.
Additionally, please also note that after the transfer date, your interest will be calculated on a 365 day year, except in leap years where it will be calculated based on a 366 day year.
Prior to the transfer, the rate of interest you pay on your Ulster Bank variable rate loan was based on a combination of a variable base interest rate which references the Cost of Funds (i.e. the average cost of funding the Bank’s assets) to Ulster Bank, and your lending margin (which is a fixed percentage above the base rate). From the transfer date onwards, the interest rate will be calculated with reference to the Cost of Funds to PTSB and your lending margin.
By its nature, Cost of Funds can fluctuate over time and vary from institution to institution and as such, you may notice a difference in PTSB’s Cost of Funds when compared with Ulster Bank’s. We will document any changes/fluctuations in interest rate via your statement and we will also publish PTSB’s Cost of Funds interest rate on the PTSB website at the following location: www.ptsb.ie/costoffunds
No, your fixed rate has not been impacted as a result of the transfer of your loan to PTSB.
No, your AA1 rate has not been impacted as a result of the transfer of your loan to PTSB. If your current payment instruction has a fixed amount, it is important that you closely monitor your interest rate and adjust your repayments if required. This will reduce your risk of further payments being required on your account (a ‘residual balance’ or ‘shortfall’) on expiry of your loan. You can keep track of your interest rate through your statements and should there be any change to your interest rate, PTSB will notify you in writing.
If your repayments are variable, you can also keep track of your interest rate through your statements and should there be any change to your interest rate, PTSB will write to you to inform you of any changes.
Your interest rate is based off a Euro Interbank Offered Rate (EURIBOR) and is not impacted as a result of the transfer of your loan to PTSB. There are however, two points of difference between Ulster Bank and PTSB’s management of the EURIBOR rate to bring to your attention.
The new rate will be displayed on your bank statement each period it comes into effect and we will write to you to notify you of any interest rate adjustments.
Managing your Business Direct Loan
Where you have made a recent request (e.g. a change of address or application on your loan to Ulster Bank), this will be passed on to PTSB by Ulster Bank. We will endeavour to act on your request at the earliest opportunity and avoid any unnecessary delays and you should monitor your account to ensure resolution of your request.
Should you now or in the future, need to make a request to amend your personal details or loan details, please contact our team on: 0818 200 100 or +353 1 215 1363, open 9am to 5pm Monday to Friday (excluding Public Holidays).
Your loan being part of an SBCI Loan Scheme is not impacted as a result of the transfer of your loan to PTSB. However, there is action required of you to make sure that your quarterly risk premium is paid from the transfer date onwards.
Alternatively, you can obtain a mandate by visiting any PTSB branch or contacting us on 0818 200 100 or +353 1 215 1363, open 9am to 5pm Monday to Friday (excluding Public Holidays) and we will post one to you.
If you have an alternative repayment arrangement in place, it will remain in place in line with the contractual terms agreed previously with Ulster Bank.
Where a loan is subject to a variable interest rate and the repayment amount does not change as a result of an interest rate increase (i.e. you have a fixed repayment schedule), a residual loan balance (or ‘shortfall’) may remain outstanding on the date of expiry of the loan. In addition, a shortfall can occur due to late/missed repayment as well as variances in the date of your repayments.
Therefore it is important that you closely monitor your repayments, particularly where your interest rate is variable but your repayments are fixed, and adjust your repayments if required. This will reduce your risk of a shortfall occurring on expiry of your loan.
Depending on your circumstances and loan / product type, there may be different options available to you to avoid having a residual balance at the end of your loan term, including one, some or all of the following;
Where a loan is subject to a variable interest rate and the repayment amount does not change as a result of an interest rate increase, a residual loan balance (or ‘shortfall’) may remain outstanding on the date of expiry of the loan. Should a shortfall occur, you have three options in relation to repayment of the shortfall:
To discuss what option(s) might work best for you, please contact our Business Banking Team on 0818 200 100 or +353 1215 1363. Lines are open 9am - 5pm, Monday - Friday (excluding Public Holidays).
Prior to the transfer date, the interest charge for your loan was debited directly from your Ulster Bank current account on a quarterly basis. From the transfer date onwards, this option will no longer be available and the interest charge for your loan will be applied directly to your loan account, rather than to your current account.
As you currently make repayments to your loan (e.g. by direct debit or standing order) in addition to the interest posted to your Ulster Bank current account, you will need to take action to set up a new payment instruction to PTSB, to ensure both your full capital and interest is repaid when due. In order to ensure that the most suitable approach is taken to align your capital and interest payments over the remaining term of your loan, a member of our team will contact you to discuss this with you and agree next steps.
Alternatively, should you wish to discuss this with us in advance of our call, please contact our Business Banking Team on 0818 200 100 or +353 1 215 1363. Lines are open 9am to 5pm Monday to Friday (excluding Public Holidays).
Prior to the transfer date, the interest charge for your loan was debited directly from your Ulster Bank current account on a quarterly basis. From the transfer date onwards, this option will no longer be available and the interest charge for your loan will be applied directly to your loan account, rather than to your current account.
As your regular payments only cover interest, you will need to take action immediately and set up a payment instruction to PTSB that nominates the account from which you wish to make your future payments. Setting up a repayment method such as direct debit or internal repayment order is the best option to ensure your loan automatically calls the correct amount due from your nominated account and avoids the potential for unpaid interest accumulating on your account. Please refer to the FAQ regarding setting up new payment instructions for more information.
Yes. Your payment instruction has been impacted as a result of the loan transfer to PTSB. It is important to take action immediately to redirect your payment instruction for your loan to PTSB as otherwise, you may miss scheduled payments and this may impact your credit record.
Ulster Bank wrote to you previously with instructions on how to set up your direct debit and included a direct debit mandate enclosed within the communication. If you have not yet taken action on this instruction, please complete a new mandate form labelled ‘Former Ulster Bank SME Direct Debit Mandate’ which can be found here and return it to us at the following address: SME Business Direct, PTSB, 1st Floor, Eyre Square, Galway.
Alternatively, you can obtain a direct debit mandate by visiting any PTSB branch or contacting us on 0818 200 100 or +353 1 2151363. Lines are open Monday to Friday 9am to 5pm (excluding Public Holidays) and we will post one to you.
Yes. Your payment instruction has been impacted as a result of the loan transfer to PTSB. It is important to take action immediately to redirect your payment instruction for your loan to PTSB as otherwise, you may miss scheduled payments and this may impact your credit record.
Please complete the mandate form labelled ‘Internal Repayment Order Mandate’ which can be found here and return it to us at the following address: SME Business Direct, PTSB, 1st Floor, Eyre Square, Galway.
Alternatively, you can obtain a copy by visiting any PTSB branch or contacting us on 0818 200 100 or +353 1 2151363.Lines open Monday to Friday 9am to 5pm (excluding Public Holidays) and we will post one to you.
Yes. Your payment instruction has been impacted as a result of the loan transfer to PTSB. It is important to take action immediately to redirect your payment instruction for your loan to PTSB, as otherwise, you may miss scheduled payments and this may impact your credit record.
PTSB recommends customers to repay their loans via direct debit (if paying from a non-PTSB account) or via internal repayment order (if paying from a PTSB account), as these tend to be the most efficient and hassle free ways to make repayments, particularly where repayment instalments are variable in nature.
Alternatively, you can obtain a copy of either form by visiting any PTSB branch or contacting us on 0818 200 100 or +353 1 2151363. Lines are open Monday to Friday 9am to 5pm (excluding Public Holidays) and we will post one to you.
It is important to remember to cancel any existing Standing Order or EFT instructions that you have in place that is directing payment into your previous Ulster Bank loan account number, once you have set up the new payment instruction. This is to ensure your loan repayment is not debited twice. Also it is important to note, please ensure your new payment is set up within 7 days from when your next payment is due.
Any payments received by Ulster Bank on or immediately after the transfer date will be transferred to PTSB and we will apply it to your loan in a timely manner once received. If you are unsure whether or not a payment has been received, please contact our Business Banking Team on 0818 200 100 or +353 1215 1363. Lines are open 9am to 5pm (excluding Public Holidays).
Products and Services That Impact Your Loan
It is important to note that any Ulster Bank transactional accounts you may have (business or personal current, savings, deposit, and credit card accounts) have not transferred with your loan. Should you wish to open a Business Current Account with PTSB, more information on how to apply is available here.
If your interest is applied on a monthly basis, Ulster Bank will issue you a certificate of interest in the weeks following the transfer date which will cover any interest applied to your loan up to the transfer date. PTSB will then provide you with a separate certificate of interest after the transfer. These can also be generated upon request if required, please do not hesitate to contact us to request same.
If your interest is applied on a quarterly basis, PTSB will issue you with your 2023 interest certificate in January 2024.
Ulster Bank will issue you with a final closure statement 7 to 10 working days after the transfer date. Your new PTSB loan statement, covering transactions from the transfer date onwards, will be issued in line with your existing statement frequency, unless you request otherwise.
Please note that eStatements are not currently available to PTSB business customers. If you were receiving statements electronically from Ulster Bank, these will now be issued to you via post to the business address on your loan that Ulster Bank provided us with. Should your business address have changed, please contact our Business Banking Team on 0818 200 100 or +353 1 215 1363. Lines are open 9am to 5pm, Monday to Friday (excluding Public Holidays).
No, you will not be able to view any account transactions or history from prior to the transfer date via the Business24 online banking channel. It’s important to also note that from the transfer date, your loan will no longer be visible on Ulster Bank owned online banking services such as ‘Anytime Banking’ and ‘Bankline’.
Ulster Bank will issue you with a final closure statement, detailing transaction history up to and including the transfer date within 7-10 working days after the transfer completes.
Should you have any queries regarding your account relating to a period prior to the transfer date, you should contact Ulster Bank directly.
If you are an existing PTSB business customer with access to Business24 and cannot see your migrated loan account through that channel, please call us so we can link your account to your existing Business24 profile. You can contact us on 0818 200 100 or +353 1 215 1363. Lines are open 9am to 5pm, Monday to Friday (excluding Public Holidays).
While we don't currently offer a Private Banking service at this time, we regularly review our customer proposition to ensure we are meeting our customer’s needs.
Should you wish to make additional lodgements outside of your scheduled repayments to your loan by cash or cheque, you will need to visit your closest PTSB Branch with cash desk facilities from 10am to 3pm Monday – Friday. Details of branches that have cash lodgement facilities can be found here.
Cash can also be lodged through a self-service bank machine in any PTSB branch 10am to 5pm Monday to Friday (excluding Public Holidays).
