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Switching to Bank of Ireland

  • Who does the Account Switching Code apply to?

    The Account Switching Code applies to Current Accounts with Credit Institutions denominated in euros held by personal and business customers in the Republic of Ireland, who fall within the category of "Consumer", as defined by the Account Switching Code.

    A Consumer is defined by the Account Switching Code as:

    • a natural person acting outside their business, trade or profession;
    • a person or group of persons, but not an incorporated body with an annual turnover in excess of EUR 3 million (for the avoidance of doubt a group of persons includes partnerships and other unincorporated bodies such as clubs, charities and trusts, not consisting entirely of bodies corporate); or
    • incorporated bodies having an annual turnover of EUR 3 million or less in the previous financial year (provided that such body shall not be a member of a group of companies having a combined turnover greater than the said EUR 3 million).
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  • What is a Business Current Account?

    Our Business Current Account is an essential financial and management tool to support the smooth running of your day to day business. It allows you to make and receive payments, track transactions and closely monitor business cash flow.

    The key features of our standard Business Current account are as follows:

    • Easy access to your funds
    • Make or receive payments
    • Online banking through Business On Line
    • Electronic payment facilities
    • Free monthly statements

    Copies of our Terms of Business, Business Current Account Application pack, Business Current Account terms and conditions, Schedule of Fees and Charges brochure for business customers and Business Overdrafts - Standard overdraft interest rate leaflet can be obtained from any Bank of Ireland branch.

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  • How long will it take?

    When your new account is open and operational the Account Switching process can begin. The Switching process starts on the date you have indicated on your Account Transfer Form and takes ten working days to complete. During this period, your direct debits and standing orders will be transferred.

    If you have selected to close your old account(s), the balance(s) will be switched and the old account(s) will be closed during the same 10 working days.

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  • Do I need to sign anything?

    Yes. Our staff will take you through the application for your new account and the Account Transfer Form and will clearly explain all the required signatures.

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  • What happens to my existing account(s)?

    Bank of Ireland will inform your existing bank that you want to switch. Once they know you are switching, they will send us a list of all your current standing orders and direct debits (you’ll get a copy of this too). If you have selected to close your old account(s), your old bank will then close your account(s) on your behalf.

    If you wish to transfer a debit balance to your new account, this will have to be agreed with the new bank in advance. Don’t forget to leave enough funds to cover any interest or fees. If your account(s) is in credit, this amount will simply be transferred automatically.

    You can request your old bank to provide you with a statement of your account(s) for the previous 12 months. Where such a statement is not available electronically, your bank will provide one hard copy, free of charge.

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  • What documentation do I need to open my new Business Current Account(s)?

    Outlined below is the standard documentation required to open a business current account for different business types:

    Sole Traders and Partnerships will need to provide:

    • Minimum 6 months' bank statements (if available)
    • Your business plan (if available)
    • Original or certified copy of the Certificate of Registration of business name (if you are trading under a name other than your surname(s))
    • In the case of a partnership, a copy of the Partnership Agreement
    • Proof of identity and address verification for a minimum of two directors and two signatories (can be one in the same person(s)).

    Limited companies Irish Incorporated, will need to provide:

    • Original Certificate of Incorporation and Certificate of Change of Name (if applicable)
    • Copy of Memorandum & Articles of Association
    • Original or certified copy of the Certificate of Registration of Business Name (if you are trading under a name other than your company name)
    • Certified list of Directors and beneficial owners with greater than 25% ownership
    • Confirmation of ultimate beneficial owners, where corporate shareholders hold greater than or equal to 25% issued share capital
    • Proof of identity and addresses of (i) the directors and (ii) all of those signing on the account - 2 directors and 2 signatories.

    The Code does not apply to grouped accounts unless all accounts forming the group are being switched or accounts that carry guarantees/other similar obligations or any facilities that require a credit relationship between the business customer and the financial institution (note: a small amount to cover payment of residual debit balances, for example for fees, interest or charges, may be switched if agreed with Bank of Ireland in advance of the switch taking place). The code also excludes accounts that need advance warning of withdrawal.

    Bank of Ireland and your old bank will aim to meet this deadline but in exceptional circumstances, delays may arise which are outside the control of either bank.

    Limited Companies - Non-Irish Incorporated will need to provide:

    All of the documentation required for opening a current account for a Limited Company – Irish Incorporated plus:

    • A legal opinion from a lawyer practising in the relevant country as to the status and effect of the documentation, particularly in relation to incorporation.

    Limited Companies - Listed on an EU Stock Exchange will need to provide:

    • Original Certificate of Incorporation and Certificate of Change of Name (if applicable)
    • Copy of Memorandum & Articles of Association
    • Original or certified copy of the Certificate of Registration of Business Name (if you are trading under a name other than your company name)
    • Certified list of Directors and beneficial owners with greater than 25% ownership (either on company headed paper - must include name, address, date of birth and occupation for each).
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  • What documentation will I receive when I open my new account?
    • A copy of the Business Current Account terms and conditions
    • A copy of the Business Current Account terms of business
    • A copy of the Schedule of fees and charges for Business customers and the Schedule of International Transaction Charges and a Business Overdrafts - Standard overdraft interest rate showing the interest rate applicable to your new account
    • Details of your new account including the account number and sort code, the Bank Identifier Code (BIC) and the International Bank Account Number (IBAN) . (Details of your IBAN may not be available until the next working day after your have opened your account in your new bank).
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  • If I choose to leave my old bank account(s) open, can I set up new standing orders and direct debits on my old bank account(s) after the existing standing orders and direct debits have been switched to my new bank account(s)?

    Yes, you can. However, you may find that for certain companies, a new direct debit cannot be set up in their favour for 2 months after switch date if a previous direct debit in their favour was switched to a new bank. Should this arise, please talk to the company in question for options to address this issue.

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