Switch Business Bank Account

Steps to Switching

• Step 1:

  • Sole traders can apply for a current account online today. All other business types can arrange a meeting with us.

• Step 2: Choose the best options for your business

  • We will help to ensure you choose the most suitable products and services for your business. For example, whether you need online banking, cash handling and commercial cards.
  • You must complete a separate application in your new bank if you wish to apply for an overdraft. If you have an overdraft on your old account, it must be cleared/approved before you can switch to Bank of Ireland.
  • If you have special arrangements (for example automatic daily transfer of credit balances from one account to another) with your old bank remember to let your new bank know if you wish similar arrangements to continue on your new account(s).

• Step 3: Let your old bank know you are moving your account

  • Once your new account has been opened and is fully operational and you have received your new cheque book(s) and bank card(s) you should complete the Account Transfer Form in full (included at the back of the Switching Application pack). The Account Transfer Form gives you two options:
  • Option A– Close your existing account(s) and switch your balance and all of your active standing orders and direct debits to your new bank.
  • Option B– Leave your existing account(s) open but switch all of your active standing orders and direct debits to your new bank.
  Note: Ensure that you fill in the date you want us to send your switch request to your old bank. We recommend that you pick the first day of a period when there is least activity on your account. In other words, avoid payroll day or dates when standing orders or direct debits are paid out.

• Step 4: Make sure all bills will be paid on time

  • You should ensure that you have sufficient funds in your account(s) to meet any standing orders, direct debits or cheques presented to your account(s) during the switching process.
  • Your old bank will send us a list of your existing direct debits¹ and/or standing orders and a copy will also be sent to you. You should check this list and let us know immediately if there are any changes you want to make to your standing orders. We will set up your standing orders on your new account using this list.
  • Your old bank will inform your direct debit originator(s)² of your new account details on your behalf. Your direct debit originators will change your account details immediately after they receive them and will present the next direct debit, when due, on your new account.
  • You can request your old bank to provide you with statements on your account for the previous 12 months, if necessary, free of charge.
  • You should notify any direct debit originator(s)¹ abroad of your new account details yourself, if you have SEPA direct debits.

• Step 5: Let customers and suppliers know you’re switching bank accounts

  • You should let your customers and suppliers know you’re switching bank accounts.
  • Check your payroll system and change the relevant account number(s).
  • Re-direct any other regular incoming payments to your new account(s), e.g. customer direct credits
  • Change the details on your invoice documentation to include your account number, sort code, new Bank Identifier Code (BIC) and International Bank Account Number (IBAN). (A sample letter is available for you to send to your direct credit originators).
  • If you are the recipient of standing orders, you should notify your customers and suppliers of your new account details.  However, if you are in receipt of standing orders from more than twenty sources, you should notify us so that we can facilitate the switch.
  • If you are a direct debit originator, you should arrange to change your sponsoring bank and join the SEPA scheme, if applicable.

• Step 6: Close your existing account (if applicable)

  The following will also need to happen…

  • Your old bank will close your account and send any balance to your new account.
  • Your old bank will issue you with a statement showing your account closing details.
  • You should return your old bank card(s) and cheque book(s) to your old bank to receive a refund of any Government Duty that might be owed to you. Details of any debit card, ATM transactions or cheques presented on your old bank account(s) after it has been closed will be returned to the presenting bank(s), advising that your account(s) has been switched, transferred or closed.

More Useful Information

Online Services

If you plan on switching your online services, don’t forget to:

• Retain details of all domestic and international bills and/or beneficiaries for payment online from your existing online service
• Download / retain any employee salary details from your online service for uploading to your new service
• If you are the originator of direct credits or direct debits, ensure that you download all files from your existing online services

• Business Planning/Date of Switch
  
  It is important you plan carefully for the switch, for example to ensure you notify customers who make payments directly into your bank account(s). Think carefully about when you want to switch your bank account(s) (ie from which date). You should try to avoid days when there is a lot of activity on your account(s), for example payroll day, when direct debits are paid out, etc. This will minimise any potential risk to your business. If you require credit facilities you must agree these with us in advance, as credit facilities are not covered by the Business Banking Switching Code.
  


• Funds
  
  Always make sure that there are enough funds available in both your old and new accounts during the switching period, particularly if you have requested your old bank to close your old account(s) as there may be fees and charges due on it. If you have opted to keep your old account(s) open, please remember that both old and new accounts may be liable for bank charges. Both old and new accounts will be liable for Government Duty on debit cards and chequebooks used with the relevant accounts.
  


• Standing Orders and Direct Debits
  
  Take note of your standing orders and direct debits and their due dates so payments are not missed in the switching process.
  


• Cards and Chequebooks
  
  If you have selected to close your old account(s), avoid using your old debit cards and chequebooks once you have received your new ones. This will avoid items being re-directed from your old bank after your account(s) has been closed.