Business Banking Terms and Conditions Liquidity ... - Ulster Bank

Business Banking 

Terms and Conditions 

Liquidity Manager 

Notice Account 

Please read these Terms and Conditions carefully and retain them for future reference. 

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Liquidity Manager 

Notice Account – Terms and Conditions 

These terms and conditions apply to the following Accounts provided by Ulster Bank Ireland Limited: 

• Liquidity Manager 7 Day Notice Account 

• Liquidity Manager 30 Day Notice Account. 

Our dealings with you 

Please read these Terms and Conditions carefully and retain them for future reference. They will tell you important 

information about your Liquidity Manager Notice Account and together with the related application form represent 

the Terms of the contract between you and Ulster Bank Ireland Limited. 

Definitions 

‘You’ and ‘the customer’ means the account holder(s) set out in the separate account operating instructions you 

provide us from time to time covering the Account and (if applicable) any other of your accounts with us, and 

includes, in particular: 

a) in the case of a partnership, the firm and the individual partners of the firm (in their separate capacities of 

partners and individuals); or 

b) a sole trader or professional practitioner; or 

c) in the case of a limited liability partnership, the limited liability partnership; or 

d) in the case of a company, the company; or 

e) in the case of a trust, the individual trustees. 

‘Account’ means the Liquidity Manager Notice Account in your name. 

‘Authorised Signatory’ means any person(s) authorised by you (in the case of a sole practitioner, that includes the 

sole practitioner; in the case of a firm, that includes those partners nominated to act as signatories on the Account; 

and in the case of a trust, that includes those trustees nominated to act as signatories on the Account) to operate 

the Account in accordance with the separate account operating instructions you provide us from time to time 

covering the Account and (if applicable) any other of your accounts with us. 

‘the Bank’ means Ulster Bank Ireland Limited. 

‘Business Day’ means a day on which banks in the Republic of Ireland are generally open for business, other than 

weekends and local Bank Holidays. 

1 Use of Accounts 

1.1 An Account is for savings only. 

1.2 The Customer may only have one of each type of Account, unless the Bank agrees otherwise. 

1.3 Cheques, standing orders and Direct Debits are not available on the Account. 

1.4 An overdraft is not permitted on an Account. If a transaction causes an Account to go overdrawn: 

1.4.1 the Bank will treat the overdraft as unarranged borrowing; 

1.4.2 the Customer will repay the overdrawn amount on demand; 

1.4.3 the Customer will pay interest on the overdrawn amount at the Bank’s unarranged borrowing rate, which is 

available from the Bank on request. 

1.5 The account is not available to private individuals. 

2 Withdrawals 

2.1 Instructions on an Account must be given in accordance with the authority held by the Bank. 

2.2 The Customer may make a withdrawal from an Account by sending to the Bank a completed Notice Account 

Withdrawal Form. 

2.3 A withdrawal can be made without payment of the early withdrawal fee during the 10 Business Days 

following the expiry of the Notice Period for the Account. The Notice Period for an Account is: 

2.3.1 7 days for the 7 Day Notice Account; 

2.3.2 30 days for the 30 Day Notice Account. A Notice Period starts on the Business Day 

on which the Bank receives the Notice Account Withdrawal Form. 

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2.4 The Customer must complete a new Notice Account Withdrawal Form if a withdrawal is not made during 

the 10 Business Days following the expiry of the Notice Period. 

2.5 The Customer must pay an early withdrawal fee if: 

2.5.1 a withdrawal is made before the expiry of the Notice Period for an Account; 

2.5.2 a withdrawal is conducted via Bankline without appropriate notice being provided in accordance with 

Condition 2.2. Notice cannot be provided via Bankline. 

2.5.3 a withdrawal is not made in accordance with Condition 2.3; 

2.5.4 the Account is closed by the Bank pursuant to Condition 6.4. 

2.6 The early withdrawal fee for an Account is an amount equal to: 

2.6.1 7 days’ interest, for the 7 Day Notice Account; 

2.6.2 30 days’ interest, for the 30 Day Notice Account, calculated at the interest rate payable on the Account 

immediately prior to the withdrawal. 

2.7 The early withdrawal fee will be deducted from the Account after the withdrawal is made. If the amount 

of this fee is more than the outstanding balance on the Account at the time the fee is applied it may result 

in the Account going overdrawn. 

2.8 The Customer can not make a withdrawal from an Account: 

2.8.1 by making a transfer from the Account using the Bank’s telephone banking system; 

2.8.2 by transferring money to a third party using the Bank’s online banking service. 

3 Paying into an Account 

3.1 Cash deposited with the Bank on a Business Day will be available on an Account on the same day. 

3.2 Payments (other than cash) to an Account will be credited to the Account on the Business Day on which the 

Bank receives the payment once the payment is received within the cut-off time. Details of the cut-off times 

are set out in the Bank’s Schedule of Services – Payment and International Charges Brochure which is available 

on the Bank’s website. 

3.3 Cheques and other paper-based payments paid to an Account have to be cleared. The Customer’s Relationship 

Manager will, on request, provide details of how the clearing system works and the Bank’s internal lodgement 

process. The Bank will ignore uncleared credits to calculate balances and interest. 

3.4 All payments into an Account must be in euro. 

4 Interest paid by the Bank 

4.1 The Bank will pay interest monthly on the cleared Account balance (after deduction of tax if required) at the 

rate set by the Bank. 

4.2 Interest paid will be applied on the last Business Day of each month and calculated on the Business Day 

before application. 

4.3 The current interest rate for an Account is available from the Bank. Interest rates are also available at 

www.ulsterbank.ie 

5 Statements 

Information on payments into and out of an Account will appear in the Customer’s statement, which the Bank will 

provide to the Customer on a regular basis (as agreed between the Bank and the Customer), and may also be made 

available at least once a month at the request of the Customer. 

6 Termination and Refusal of Deposits 

6.1 The Customer may instruct the Bank in writing to close an Account. 

6.2 The Bank may, without giving a reason: 

6.2.1 refuse a deposit; or 

6.2.2 close an Account. 

6.3 The Bank will give the Customer 60 days’ written notice where the Bank intends to close an Account, unless 

the Bank considers there are exceptional circumstances. No early withdrawal fee will be payable if an Account 

is closed by the Bank by the Bank providing 60 days’ notice pursuant to this Condition 6.3. 

6.4 The Bank may close the Account without notice, and deduct the early withdrawal fee if: 

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6.4.1 it suspects that the Customer has given it false information or is using the Account for an illegal purpose; 

6.4.2 the Customer or anyone connected with the Customer behaves in a threatening or violent manner towards 

the Bank’s staff; 

6.4.3 the Customer was not entitled to open the Account. 

6.5 On closure, and subject to the deduction of any applicable outstanding early withdrawal fee the Bank will 

return any remaining credit balance on the Account to the Customer. 

7 Changes to the Terms 

7.1 If the Bank has a valid reason, the Bank may change any of these Terms. If the Bank considers the change 

is to the Customer’s advantage, the Bank may make the change immediately and notify the Customer up 

to 60 days after making the change. 

7.2 In other cases, the Bank will give 60 days’ written advance notice of the changes to be made. The Customer 

may within 60 days of the date of an advance notice, switch or close their Account without paying extra 

charges or losing interest (other than any fees or charges accrued as at such date). 

However, the early withdrawal fee will be payable if the Customer makes a withdrawal during that period 

without giving the required Notice Period. 

7.3 Revised Terms and Conditions will be available online and from the Bank on request. 

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8 Law and Jurisdiction 

Irish law applies to the Agreement and the Irish Courts have exclusive jurisdiction. 

9 Your Information 

Who we are 

9.1 Your account is with Ulster Bank Ireland Limited. 

9.2 We are a member of The Royal Bank of Scotland Group (the Group). For information about our group 

of companies please visit www.rbs.com and click on ‘About Us’, or for similar enquiries please telephone 

+44 131 556 8555 or Textphone +44 845 900 5960. 

9.3 How we use your information and who we share it with 

Your information comprises all the details we hold about you and your transactions, and includes 

information obtained from third parties. 

9.4 We may use and share your information with other members of the Group to help us and them: 

9.4.1 assess financial and insurance risks; 

9.4.2 recover debt; 

9.4.3 prevent and detect crime; 

9.4.4 understand our customers’ requirements; or 

9.4.5 develop and test products and services. 

9.5 We do not disclose your information to anyone outside the Group except: 

9.5.1 where we have your permission; or 

9.5.2 where we are required or permitted to do so by law; or 

9.5.3 to credit reference and fraud prevention agencies and other companies that provide a service to us 

or you; or 

9.5.4 where we may transfer rights and obligations under this agreement; or 

9.5.5 as set out in 9.6. 

9.6 We may disclose your information to Irish or UK government entities or regulatory bodies in order that 

those entities may discharge their responsibilities and obligations or exercise their powers or functions. 

9.7 We may transfer your information to other countries on the basis that anyone to whom we pass it provides 

an adequate level of protection. However, such information may be accessed by law enforcement agencies 

and other authorities to prevent and detect crime and comply with legal obligations. 

9.8 From time to time we may change the way we use your information. Where we believe you may not 

reasonably expect such a change we shall write to you. If you do not object to the change within 60 days, 

you consent to that change. 

9.9 If you would like a copy of the information we hold about you, please contact your branch. A fee may 

be payable.

10 Fraud Prevention Agencies 

10.1 If false or inaccurate information is provided and fraud is identified or suspected, details may be passed 

to fraud prevention agencies. 

10.2 Law enforcement agencies may access and use this information. 

10.3 We and other organisations may also access and use this information to prevent fraud and money 

laundering, for example when: 

• checking applications for, and managing credit or other facilities and recovering debt; 

• checking insurance proposals and claims; 

• checking details of job applicants and employees. 

10.4 We, and other organisations that may access and use information recorded by fraud prevention agencies, 

may do so from other countries. 

10.5 We can provide the names and addresses of the credit reference and fraud prevention agencies we use 

if you would like a copy of your information held by them. Please contact your branch. The agencies may 

charge a fee. 

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To find out more: 

Call into your local branch 

ulsterbank.ie 

Braille, large print and audio 

This brochure is also available in Braille, large print, audio or on disk. 

Please contact your local branch for details or Textphone 1800 924 615. 

Ulster Bank Ireland Limited. A private company limited by shares, trading as Ulster Bank, Ulster Bank Group and Banc Uladh. 

Registered in Republic of Ireland. Registration No 25766. Registered Office: Ulster Bank Group Centre, George’s Quay, Dublin 2. 

Member of The Royal Bank of Scotland Group. Ulster Bank Ireland Limited is regulated by the Central Bank of Ireland. 

Calls may be recorded. 

ULST761RI April 2012

Business Banking Terms and Conditions Liquidity ... - Ulster Bank

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