How to make alternative payment arrangements on your Business Demand Deposit Account
If we’ve written to you to let you know that ATM and payment services are being removed from your Business Demand Deposit account, you now need to make alternative arrangements.
A standing order is an instruction set up by Bank of Ireland on your behalf to send money to a specified account on a regular basis. You can set the amount, how often and for how long you want the payment to be made.
A direct debit is an agreement between you and a business (e.g. Gas Bill) where you give the permission for the business to collect payments from your Bank of Ireland bank account on a regular basis.
- Managing Standing Orders using 365 Online
First, cancel all the existing standing orders on your account and then set up new instructions on your Bank of Ireland Current account.
Log in to 365 online and select ‘Manage accounts’ – ‘Manage Standing Orders’
Looking at your list of Standing orders:
Review all active standing orders and record the details. You’ll need these details to set up new instructions on your current account.
Here’s what to write down:
- The account to be credited – note the BIC and IBAN
- The frequency of the payment and the date(s) when the payments are to be made
- The amount
When you have these details, select all the standing orders and ‘cancel’ to delete them from the demand deposit account.
Remember: when you delete the standing orders they are removed for good.
You can see a short video detailing these steps at How to videos.
When you’ve cancelled the existing standing orders on the deposit account, you will need to use 365 online to set them up as new standing order(s) on a current account.
Select ‘Money Transfer’ & ‘Set up a Standing Order’
Select the security code delivery method & continue.
We’ll send a security code to your registered mobile phone number by SMS or to your address by post. The standing order will only be activated when you type in the security code in the setup screens.
Select an eligible payment account (for example, a current account) from the dropdown list and complete the payee details, then click ’Continue’.
Review and confirm the request using your 365 PIN and click ‘Continue’.
Setup is confirmed, proceed to ‘Activate Standing Order’ when you get the security code.
Enter the 6 digit security code, confirm the start date and click ‘Activate Standing Order’.
To set up another standing order; repeat steps 3 to 8, above.
- Managing Direct Debits using 365 Online
If you have any direct debits set up on your Business Demand Deposit account, you will need to contact each direct debit originator (the company you have the direct debit set up with) and let them know your new Bank of Ireland current account details so they can debit that account instead.
You can find your current account IBAN by clicking on your current account on the homepage of 365 online or by looking at a statement.
Alternatively, you cancel the direct debit on your Business Demand Deposit account if you no longer want to pay the Direct Debit. You can see direct debits on your demand Deposit account by reviewing transactions in your transaction listing on 365 online. Cancelling a mandate is a permanent instruction and means it cannot be reactivated. Once the mandate is cancelled any incoming collections will be rejected back to the originator. Cancelling a direct debit in 365 online does not stop the originator from presenting the collection request, it just means that the payment will not be made from your account.
Reviewing Direct Debit payments on 365 online
Review existing direct debits on your account
Select ‘Statement’ from the left-hand menu and select the ‘Business Demand Deposit account’ you want to review from the dropdown list.
Expand each direct debit entry to get full details
You can refine the transaction list by clicking the advanced search option and selecting show Direct Debits/Credits from the dropdown.
Direct Debits are denoted by ‘DD’ on your statement.
Record the Unique Mandate Reference (UMR) – see above – you can use this when contacting the originator to amend the current instruction.
To set up a new direct debit, please contact the originator, for example a utility provider, and ask them to change your payment details. Use the Unique Mandate Reference (UMR) to help the originator identify each payment you need to amend on their systems. To enable future payments, you must provide the originator with a suitable Bank of Ireland current account number.
Cancelling a Direct Debit Instruction on 365 Online
This is a permanent instruction and a cancelled mandate cannot be reactivated. Once the mandate is cancelled any incoming collections will be rejected back to the originator.
Dedicated Support Team
If you would like to speak to our dedicated support team, please call us on lo-call 01-8589499. The support team are available from Monday – Friday between 9:30am and 4:30pm.
- View your Standing Orders and Direct Debits using Business On Line
Log on to Business On Line using: www.businessonline-boi.com
Enter your User Name and Password
After you log on you will see the ‘Dashboard’. Click the eye icon (circled in red below) to view your account transactions.
After clicking on the ‘eye’ icon, circled above, for the relevant account you will see your account transactions listed. Circled below is a sample standing order transaction.
To cancel existing standing orders and set up new instructions, please contact the dedicated support team on lo-call 01-8589499 from 9:30am – 4:30pm, Monday to Friday.
We’ve circled a Direct Debit transaction, below.
If you have any direct debits set up on your Business Demand Deposit account, you will need to contact each direct debit originator (the company you have the direct debit set up with) and let them know your new Bank of Ireland current account details which you now want debited.
Alternatively, you can cancel the direct debit on your Business Demand Deposit account if you no longer want to pay it. Cancelling a mandate is a permanent instruction and means it cannot be reactivated. Once the mandate is cancelled any incoming collections will be rejected back to the originator.
To cancel existing Direct Debits, please contact the dedicated support team on lo-call 01-8589499, from 9:30am – 4:30pm Monday to Friday.
Dedicated Support Team
If you would like to speak to our dedicated support team, please call us on lo-call 01-8589499, Monday – Friday between 9:30am and 4:30pm