Bank of Ireland sets out range of supports for customers moving current accounts

Approximately 500 additional resources will be dedicated to current account opening
Range of additional supports including templates, guides, and online hubs to be provided to customers moving accounts
Number of current accounts opened so far in 2022 up more than 80% on same period last year

Bank of Ireland has set out a range of supports for customers moving current accounts as Ulster Bank and KBC prepare to leave the Irish market. This includes approximately 500 additional resources to support account opening, a dedicated phone line, an online hub, and a range of tools and templates to help consumers make the move.

Approximately 500 additional personnel will be put in place to support the opening of new current accounts, 420 of which are temporary contract positions with the remaining 80 being redeployed from other parts of the Bank. So far, over 350 of these resources are in place with activity underway to fill the remaining roles.
A new dedicated online hub has been developed (Online Hub) to guide customers as to how to close their existing current account, open a new account, make changes to regular payments, and apply for credit products such as overdrafts.
Templates for letters to SEPA Direct Debit originators, payroll change instruction letters to employers, and credit payment redirection forms have also been developed to help consumers navigate the process.
An Appointment Form is available so customers can make an appointment to open an account, for those who need to do so in a branch.
An Appointment Form is available so customers can make an appointment to open an account, for those who need to do so in a branch.

Henry Dummer, Director, Everyday Banking at Bank of Ireland said: “So far this year we’ve opened 81% more current accounts than the same period last year. We expect that trend to continue over the remainder of this year and into 2023 as the exiting banks roll out their phased approach of contacting customers.

“As customers receive letters from their departing bank and consider where to move, I would encourage them to review the practical guides on our website. These include details as to what information you need to open an account, and templates for letters to SEPA Direct Debit originators, payroll change instruction letters to employers, and credit payment redirection forms. These are all designed to help consumers navigate the process of changing accounts.

“The level of change we are seeing is unprecedented in Irish banking. We know that this will be a priority for consumers and businesses over the coming months. It will be a priority for us too, and we will work hard to support new customers as best we can as they choose where to bank into the future.”

Since the introduction of new EU regulations concerning payments, direct debit originators (including utility companies, telecommunications providers, and other service providers) are now responsible for updating their customer account details on existing direct debit mandates. This means that some direct debit originators will not accept instruction from third parties, such as exiting banks, and will only accept instructions to change bank account details from the customer. In order to minimise consumer inconvenience, managing the changing of large numbers of accounts will therefore require the ongoing engagement of the wider business community as their customers prepare to change their bank account provider.