Current account surge with applications now more than double normal levels
- Additional 50 resources being put in place to support switching, bringing total to 550
- Extra resources will double Bank of Ireland’s Branch Mobile Support Squad
- Current accounts opened so far in 2022 running at c120% growth on same period last year
- Seven out of 10 accounts being opened online, with remainder in branch
7 June 2022: Bank of Ireland has opened more than double the number of current accounts this year than during the same period last year. According to the Bank’s figures for the week ending 22nd May, the number Personal Current Accounts opened so far in 2022 is running at almost 120% growth on the same period last year.
At present 70% of accounts are being opened online, with the remainder being opened in branch. Digital account opening – from application to receipt of your account number and your card ordered – takes less than three days while account opening in branches is taking less than five days. During the week ending 22nd May, a customer opening an account digitally or in a Bank of Ireland branch could do so in approximately one day. This means, from the time a customer begins their application in a branch or applies on our website, to when they receive a Bank of Ireland account number.
To support the increasing number of applications, the Bank has increased the number of dedicated resources available for account opening by 50 to 550. The additional 50 roles will double the Branch Mobile Support Squad, which visits customers at locations and times convenient to them. 400 of the total additional resources are already in place, with activity underway to fill the remaining roles.
Henry Dummer, Director, Everyday Banking at Bank of Ireland said: “We’re seeing unprecedented account openings, with the volume higher than any record previously seen. At the end of April, we reported an 80% increase on the same period last year and this figure is now almost 120%.
“We have put a range of supports in place for consumers, and will continue to do all we can to make the process as smooth as possible. We are recruiting, training and onboarding personnel on a continuous basis to handle increasing volume. We are opening more accounts than ever in our history, but we do anticipate increasing pressure over the rest of 2022 and into 2023 so we are encouraging customers not to leave this until the last minute.”
Where customers experience delays, the most common issue is the documentation required for Anti Money Laundering (AML) compliance. To open a Personal Current Account online or a branch, customers will need at least one form of photo ID and one proof of address document.
Acceptable
- Photo ID: Current Passport, Current Driver’s Licence card (UK & Ireland).
- Proof of address: Statements from financial institutions, utility bills and connection letters, Motor Tax documents, Property Tax documents, home or health insurance renewal documents, mortgage statement.
Unacceptable
- Photo ID: PPS Cards, International Drivers Licence.
- Proof of address: PPSN letter, mobile phone bills insurance quotes, tenancy agreements, Pay Slips, P60 / P45, invoices, motor insurance documents.
Bank of Ireland strongly advises customers to make sure they have the correct documents to hand, before they start the application process.
Customers opening an account online will need to take a ‘selfie’ (photo of themselves) to complete the online application.
Bank of Ireland Account Opening supports and resources available:
- A new dedicated online hub “The Big Move” 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.
- Bank of Ireland’s Vulnerable Customer Unit is customers is currently prioritising engagements with groups representing those in nursing home care, psychiatric care, and with a learning disability to advise on support services, who need additional support to change account provider.