Switching your
personal current
account made easy
Introduction
Summary of the Key Features
of the Account Switching Code
Bank of Ireland (“New Bank”) can facilitate all of the steps
required in order to switch your account to us. Outlined below
are the key features of the Account Switching Code which
a member of our staff will take you through. We strongly
recommend that you read the detailed information relating to
account switching included in this pack.
The Code of Conduct on the Switching of Current Accounts with Credit Institutions, effective 1 October 2010 (the “Account Switching Code”) applies to Current Accounts 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. (See Frequently Asked Questions for further details.)
If you wish to switch you have two options in relation to your old account:
Option A:
Close your old account and switch the balance and your active standing orders and direct debits to the new bank/ branch
Option B:
Switch only your active standing orders and direct debits to the new bank/branch while keeping your old account open
Account Opening Phase:
Your account will be opened provided all of your account opening documentation is in order and your application has been approved
ATM/Debit Card(s) and chequebook, will be ordered for you, where required
You will receive details of our Terms of Business and the Terms and Conditions; Fees and Charges and Interest Rates that apply to your new account
You must complete a separate application in your new branch/bank if you wish to apply for an Overdraft. If you have an Overdraft on your old account, it must be cleared before you can switch to Bank of Ireland
Account Switching Phase: (10 Working Days)
During this timeframe:
Your new bank will send your completed ‘Account
Transfer Form’ to your old bank
Your old bank will close your old account (only if you
selected Option A) and send you a list of your direct debits
and standing orders (if you selected Option A or Option B)
Your old bank will send us your closing balance (only if
you selected Option A), direct debit1 and standing order
details (if you selected Option A or Option B) and will notify
the Direct Debit Originators1 of your new account details
Your new bank will lodge the balance to your new account
(only if you selected Option A) and set up your standing
orders/direct debits (Option A & B) on your new account
Please let us know if you wish to change or cancel any
standing order(s). If you wish to change or cancel any
direct debit(s) please let both us and the relevant Direct
Debit Originator know.
Select the date in the month that you wish to start the
Account Switching phase. We recommend that you pick
the first day of a period when there is least activity on
your account i.e. avoid pay day or dates when your
mortgage/rent, standing orders or direct debits are paid
out. We will send your ‘Account Transfer Form’ to your old
bank on the date you have selected.
If you are closing your old account (Option A), please
refrain from using your old cards or old chequebook once
the account switching phase has started. You should
return these old cards and old chequebook to your old
bank and they will refund the Government Duty on any
unused cheques to you.
This pack contains some sample letters that you may wish
to use to redirect payroll or other credit payments and
also contains an ‘Account Transfer Form’
Additional items enclosed with this pack are:
Terms of Business
Terms & Conditions Personal Current Account
Fees & Charges for Personal Customers brochure
Personal Current Account Application Form with details
of interest rates
Personal Current Account brochure with details of the
accounts available to you
If you have any queries in relation to opening your
new account or wish to make an appointment
please contact us:
Branch Name:
Contact Name:
Branch Phone No:
Once your new account is opened our Switching Unit
will also be happy to assist you with any queries on
switching. You may contact our Switching Unit by
phoning 076 62 47518 or 076 6247516 (LoCall rates
apply).
1. If you have a SEPA direct debit(s) on your old account with a Direct Debit Originator(s) who is operating outside of the Republic
of Ireland you will have to notify them of the change to your bank details (your old Bank will not do this). When you advise them,
the SEPA Direct Debit Originator(s) will then send the details of the direct debit(s) that they have for you to your new bank.
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37.769RU.8(07/12)
Switching your
current account
Step 4
If appropriate, let people know you are moving
Switching can occur in two ways – into or out of Bank of
Ireland or between Bank of Ireland branches. The following
steps assume that you are switching into Bank of Ireland, but,
if you are switching out of Bank of Ireland you should consult
your new bank who will follow a similar process.
To ensure that payments you receive are lodged
to the correct account(s):
Inform your employer of your new bank account details
Re-direct any other regular payments into your new account(s) e.g.child benefits or share dividends etc.
You will find two sample letters at the back of this pack that
will help you with this.This way you can be certain that any
payments you receive will be lodged into your new account(s).
Easy steps to switching (tick box when complete)
Step 5
Step 1
Come and talk to us
Let us know you want to switch accounts and when you want
to do this. Our staff at your local branch will help you choose
the right package and take you through the application to
open your new current account(s).
Step 2
Choose the services that are right for you
Consider which current account fee option you would like.
Our staff will be happy to advise you to ensure you get
the best value. We will also set you up for phone or online
banking, if you wish. Your new account cannot be opened
until the application to open an account has been approved.
Please note if you require a credit facility on your new account,
a separate Overdraft application must be completed.
Step 3
Let your old bank know your plans
Complete an ‘account transfer form’ (included at the back of
this pack). The ‘account transfer form’ offers you the option to:
A. Close your existing account (s) and transfer your balance and all of your active standing orders and direct debits1 to your new bank
B. Only transfer all of your active standing orders and direct debits1 from your old bank account(s) to your new bank account(s), while leaving your existing account(s) open
A staff member will be happy to help you to complete the
form, but please remember to choose the option you require
by ticking either A or B and to include the preferred date you
want the switching process to commence.
Ensure that bills or savings still get paid on time
Most of us have direct debits set up to pay our
telephone, electricity or gas bills. Your old bank will inform
these companies (the direct debit originators) of your new
account details on your behalf2. 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 account3.
You will receive a list of any existing standing orders or direct
debits from your old bank. Check these immediately and let
us know if there are any changes you want to make to your
standing orders.
If you want to cancel any direct debits, please advise both
ourselves and the relevant direct debit originator.
If you have a SEPA direct debit set up with a direct debit
originator(s) abroad, you will need to contact this particular
direct debit originator(s) yourself to advise them of your new
account details. You will find a sample letter at the back of this
pack to help you with this.
Step 6
Ensure you have sufficient funds in both your new
and old account(s)
During the switching period, you should ensure there are
sufficient funds in both your new and old account(s), to cover
any standing orders, direct debits, cheques, ATM or debit
card transactions, plus any fees, charges or interest that may
be due on either account.
We will send the completed ‘account transfer form’ to your
existing branch or bank on your behalf.
1.Details of direct debits that operate under the Single Euro Payments Area (SEPA – see page 5) scheme will be sent
to your new bank by the direct debit originator, not by your old bank. 2.Direct debits that operate under the Single
Euro Payments Area (SEPA – see page 5) scheme will be sent to your new bank by the Direct Debit Originator,
not by your old bank. 3.Please note: Direct Debit Originators are obliged to update their records at the earliest
opportunity to ensure your future direct debits are presented promptly on your new bank account(s).
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37.769RU.8(07/12)
Step 7
If you have opted to close your old bank account(s)
Any cheques presented on your old account(s) will not be
forwarded to your new bank account(s) after the account(s)
has closed. They will be returned to the presenting bank
unpaid, marked “Account Closed” or “Account Switched” or
“Account Transferred”.
Therefore, you should check your cheque stubs against your
old bank account(s) to identify any cheques that have not
yet been presented for payment. We recommend that you
contact the payees of these cheques in order to make other
arrangements to pay them and that you retrieve these old
cheques from the payees.
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
transferred4. If you have requested your old bank to close
your account(s) the balance will be transferred and the old
account(s) will be closed during the same ten working days4.
Do I need identification?
By law5, we must obtain certain documentation from all
new customers. At a minimum, we will need the following
documents from you (and from the second applicant if it is a
joint account) if you wish to open a new bank account with us:
Step 8
True Name Verification:
Tidy up your wallet
Any one of:
If you have opted to close your old account(s), you should
return your old ATM or debit card(s) to your old bank as soon
as you receive your new bank card(s).
Return any unused cheques to your old bank, as you will be
due a refund of Government Duty. You have now successfully
switched your account(s). Welcome to Bank of Ireland.
Frequently asked
questions
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) a natural person acting outside their business, trade or
profession;
b) a person or group of persons, but not an incorporated
body with an annual turnover in excess of €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
c) incorporated bodies having an annual turnover of €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 €3 million).
Current Passport*
Current Driving Licence (Full or Provisional)
EU National ID Card*
Age Card issued by the Gardaí
ML10 (Confirmation of ID) issued by the Gardaí
If you are not a resident of the Republic of Ireland, only the documents marked with an * above can be accepted.
and
Current Permanent Address Verification
Any one of the following items of correspondence that you
received recently:
Utility bill (gas/electricity/landline/mobile phone) that is less than three months old
Statement from a financial institution
Tax Free Allowance Certificate
Revenue Commissioners Balancing Statement
Social Insurance document
Household/motor insurance documents
Some other options may be available to you if you do not have
these documents. Please phone us before calling in or ask
a staff member and we can answer any questions you may
have.
Will I be required to sign anything?
Our staff will take you through the application for your new
account(s). All other forms needed to complete the switch are
at the back of this brochure. Each will require your signature.
Remember if your account(s) is in joint names we will need
everyone’s signature to switch.
4.Your new and old bank will aim to meet these deadlines but in exceptional circumstances delays
may arise which are outside the control of either bank. 5.The Criminal Justice (Money Laundering
and Terrorist Financing) Act 2010 and The Taxes Consolidation Act 1997 as amended.
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37.769RU.8(07/12)
What happens to my existing account?
The ‘account transfer form’ offers you two options. You can:
A. Close your existing account(s) and transfer your balance and all of your active standing orders and direct debits to your new bank
B. Only transfer all of your active standing orders and direct debits from your old bank account to your new bank account(s), while leaving your existing account(s) open
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 active standing orders and direct debits6
(you will get a copy of this too).
If you have chosen to close your old account(s), your old bank
will then close it on your behalf. Remember, an overdrawn
account will not be switched, so if you have an overdraft this
must be cleared before you switch. Make sure you leave
enough to cover any interest or fees as well as any standing
orders, direct debits, cheques, ATM or debit card transactions
that may be due. If your account(s) is in credit, this amount will
simply be transferred automatically.
Can I set up new standing orders and direct debits
on my old bank account after the existing standing
orders and direct debits have been moved to my
new bank account?
Yes you can, provided the old account allows new standing
orders and direct debits to be set up. You may find that, for
certain companies, a new direct debit cannot be set up in their
favour for two months after the switch date, if a previous direct
debit in their favour was transferred to a new bank. Should
this arise, please talk to the company in question for options
to address this issue.
Some Terms Explained
BIC: Bank Identifier Code
The BIC is the unique identification code of a particular bank
and is used in conjunction with an International Bank Account
Number (IBAN). These codes are used when transferring
money between banks. The BIC is printed on the top right
hand corner of your account statement.
IBAN: International Bank Account Number
If you have opted to keep your old account(s) open, it will
continue to operate in accordance with the terms and
conditions of that account.
The IBAN incorporates the account number and codes to
identify the country, bank and branch of a specific account.
Your IBAN is printed on the top right hand corner of your
account statement.
What else can I expect?
Standing Order:
In addition to this booklet, when you open your new account
with us you will receive:
A copy of our Terms of Business
A copy of the relevant Terms and Conditions for your new account (including the services provided with it)
A copy of our Fees and Charges for Personal Customers brochure, including details of the current account fee choices open to you
Details of any interest rates that apply to your new Personal Current Account
A copy of our Personal Current Account brochure with details of the accounts available to you
Details of your new account including the Sort Code and Account Number, 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 you have opened your new account in your new bank.)
You can also apply for an ATM or debit card or a cheque book
when you open your new account provided, of course, that
they are available with the account you have selected.
You may also use this opportunity to consider making
payments online or by phone. This can save you time and
money. Our telephone and online services give you the
confidence and flexibility to take care of your banking needs
when it suits you.
A Standing Order is an automatic payment of a fixed regular
amount from your account, for example, a payment to a
savings or loan account.
Direct Debit:
A Direct Debit is an automatic way of paying regular bills from
your account where the amount to be paid can vary from
one bill to another, for example, telephone, gas, electricity,
mortgage repayment and insurance payments.
The payer authorises the Direct Debit Originator to debit
their bank account when payments are due. The Direct
Debit Originator must advise the payer in advance of the first
payment of the amount that is due and the date(s) it will be
debited. The Direct Debit Originator must notify the payer
again in advance of any changes to either the amount to be
debited or the due dates.
Direct Debit Originator:
An Originator is a company or organisation that is authorised
by you to collect direct debits directly from your bank account.
Typically originators will be utilities such as electricity, gas and
telephone companies and also includes financial institutions,
clubs and associations.
If you are switching your current account(s) you can request
your old bank to provide you with statement(s) of your
account(s) for the previous twelve months. Where such
statement(s) is not available electronically, your bank will
provide one paper copy per account, free of charge.
6.Direct debits that operate under the Single Euro Payments Area (SEPA – see page 5) scheme will be
sent to your new bank by the Direct Debit Originator, not by your old bank.
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37.769RU.8(07/12)
The Single Euro Payment Area (SEPA)
SEPA is the next step towards European integration which
aims to make all electronic cross-border payments in euro
between the participating countries as easy, inexpensive and
secure as “national” payments within one member state are
today. In the SEPA world a customer can make electronic
payments to any beneficiary located anywhere in the euro
area using a single bank account and a single set of payment
instructions. This means that making a payment from Dublin
to Dusseldorf will cost the same as making a payment from
Dublin to Dingle and will be processed within the same
timeframe.
SEPA direct debits operate under the SEPA Scheme with a
common level of service within the participating countries.
Useful tips
Tell us the date you would like the switching process to
start. You should select a date in the month to begin the
switch when there is least activity on your account(s). This
means you should avoid ‘pay day’ or the date when your
mortgage, or direct debits or standing orders are paid
out.
Always ensure 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 account(s), as there may be fees, charges
or interest due on it. If you have opted to keep your old
account(s) open, please remember, that both your new
and old accounts may be liable for bank charges. Both
accounts will be liable for any Government Duty on ATM
or debit cards or cheque books used with them.
Take note of your standing orders and direct debit dates
so payments are not missed in the switching process.
If you choose to close your old account(s), avoid using
your old cheque books and bank cards after you receive
your new ones. Return the old cheque books and bank
cards to your old bank and you will receive a refund of
Government Duty on the unused cheques.
Non-Domestic SEPA Direct Debit Originators
Under the SEPA Scheme, you will be able to pay bills due to
Direct Debit Originators throughout Europe from your current
account in the Republic of Ireland using the SEPA Direct Debit
Scheme. For instance, if you have a property in Spain, you
will be able to pay the bills owing to Spanish utility companies
directly from your Irish bank account.
However, these Direct Debit Originators are not within the
scope of the Account Switching Code because they operate
outside of Ireland, so you will need to notify them of the
changes to your account details yourself. See “Letter to NonDomestic SEPA Direct Debit Originators” later in this booklet
for a sample form that you can use to notify these Direct Debit
Originators.
Bank of Ireland is regulated by the Central Bank of Ireland.
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37.769RU.8(07/12)
Redirect Credit Payments to New Account
PLEASE COMPLETE IN BLOCK CAPITALS
To:
Company name:
(your home address)
Company Address:
Date:
D
D
M
M
2
0
Y
Y
Request to redirect my direct credit payments to my new bank account
My payment reference number:
Dear Sir/Madam,
I am writing to you to instruct that all payments due to me after (date)
following account:
Bank:
D D
M
M
Branch name:
Name of account:
BIC: (Bank Identifier Code)
IBAN (International Bank Account No.)
Branch NSC:
Thank you for your help.
Yours faithfully
(your signature)
(your name printed)
Account number:
2
0
Y
Y
be paid directly to the
Payroll Letter
PLEASE COMPLETE IN BLOCK CAPITALS
To: The Accounts/Payroll Department
Company name:
(your home address)
Company Address:
Date:
D
D
M
M
2
0
Y
Y
Request to credit my salary to my new bank account
My staff/employee number:
Dear Sir/Madam,
Please note from (date) D D
M
Bank:
M
2
0
Y
Y I wish to have my salary paid directly into the account detailed below:
Branch name:
Name of account:
BIC: (Bank Identifier Code)
IBAN (International Bank Account No.)
Branch NSC:
Thank you for your help.
Yours faithfully
(your signature)
(your name printed)
Account number:
Letter to Non-Domestic SEPA Direct Debit Originators
PLEASE COMPLETE IN BLOCK CAPITALS
To: The Accounts Department
Company name:
(your home address)
Company Address:
Date:
D
D
M
M
2
0
Y
Y
Dear Sir/Madam,
Please note that my/our bank account details have changed. Please debit payments from my new account from (date) D D M M 2 0 Y Y as per the details below.
Name of Account:
Reference number (if applicable):
Bank:
BIC: (Bank Identifier Code)
IBAN (International Bank Account No.)
Thank you for your help.
Yours faithfully
(your signature)
(your name printed)
Branch Name:
Request to transfer details of Phone/Online Banking
BANK OF IRELAND TO SEND COMPLETED FORM TO “OLD BANK” – ADDRESSES ON REVERSE
Customer Name:
Home Phone:
Email address:
Customer Address:
Date of birth:
D
D
M
M
1
9
Y
Y
Old Bank account(s) set up for Phone/Online
BIC: (Bank Identifier Code)
Branch NSC:
Account type:
Account number:
IBAN (International Bank Account No.)
Account type:
Account number:
IBAN (International Bank Account No.)
New Bank account number(s)
Register for 365 phone
365 online
(tick as required)
BIC: (Bank Identifier Code)
Branch NSC:
Account type:
Account number:
IBAN (International Bank Account No.)
Account number:
Account type:
IBAN (International Bank Account No.)
To (my “old Bank”)
Please arrange to send me/us details of all fund transfer beneficiaries and/or bills set up for payment by phone/online from the above account(s).
Please include the following for each item:
• Name of payee
• Payee account number/IBAN and branch code/BIC
• Payer’s reference
Please send a copy of the details on the back to Bank of Ireland 365, Registration Department, P.O. Box 365, FREEPOST, Dublin 14.
Note: For joint account customers separate forms are required for each customer.
Thank you
Customer signature
Date:
D
D
M
M
2
0
(In the absence of a customer signature - form can be signed / branded by Bank of Ireland staff member with customer consent.)
Terms and conditions apply to Bank of Ireland 365 phone and online services.
Bank of Ireland is regulated by the Central Bank of Ireland.
Y
Y
Bank Adresses
AIB Bank
AIB Phone/Internet Banking
AIB Bank , Time House, Naas, Co. Kildare
Permanent TSB Open 24
Permanent TSB
Carysfort Avenue, Blackrock, Co Dublin
Ulster Bank Team Leader Anytime Administration
Ulster Bank Ltd,
Danesfort, Stranmillis Road, Belfast BT9 5UB
Account Transfer Form - Personal
Customer Name(s)
Address:
Phone:
Branch:
Mobile:
Contact:
New account and bank details:
BIC
B O
F
I
I
E
2 D
N.S.C. 9
Phone no:
0
IBAN 1
Account No.1
IBAN 2
Account No.2
Bank of Ireland Branch - Send part 1 to Switching Unit. File Part 2
Old account and bank details:
BIC
N.S.C. 9
IBAN 1
Account No.1
IBAN 2
Account No.2
Option A: I would like my “Old” Account(s) to be closed
Option B: I would like my “Old” Account(s) to remain open
(Please tick one box)
To: The Manager, “Old” bank:
1. I/we hereby request and authorise you to prepare and supply to the “New” bank and to me/us a schedule of active direct debit
instruction details (excluding SEPA direct debits) and active standing order details (“the Schedule”) held by you in relation to each of
my/our account(s) at your branch as listed above (“the Account(s)”). Please send this list to: Account Switching Unit, BSC, Bank of
Ireland, Operations Centre, Cabinteely, Dublin 18 and send copy to me/us at the above address.
2. If I/we have indicated above by ticking the box that I/we would like my “Old” account(s) to be closed, then:
i) I/we further request and authorise you to please transfer the remaining balance of my/our account(s) to the new account(s) listed
above once all normal procedures for account transfer are completed. Once this transfer is completed I/we instruct you to close my/
our account(s) in your bank.
ii) Without responsibility on your part, I/we understand that you will redirect any debit card transactions presented on my/our account(s)
after it has been closed to my/our Bank of Ireland account(s).
iii) I/we acknowledge that cheques and other items which are presented for payment on my “Old” account(s) after the date of transfer will
be returned unpaid.
3. I/we acknowledge that direct debits presented for payment on my “Old” account(s) after the date of transfer will be returned unpaid.
4. Please notify the direct debit originators that are located within the Republic of Ireland of all my/our direct debits on my/our accounts
as soon as possible after you receive this request. I/we understand that I/we must personally contact SEPA originator(s) outside of the
Republic of Ireland and arrange to transfer the SEPA direct debit(s) to my new account.
5. Please indicate preferred date for switching process to commence ___/____/_______.
D D M M Y Y Y Y
Customer signature(s) in accordance with Old Bank Mandate
To: The Manager, Bank of Ireland __________________________________________
1. On receipt of the Schedule as described above, I/we authorise you to pay direct debits and standing orders as so listed in the
Schedule on and out of my/our account(s) with your branch as listed above (and in accordance with the bank mandate(s) applicable to
that account(s)). I/we will inform you in writing if I/we wish to amend or cancel any part of this instruction.
2. If I/we have indicated above by ticking the box that I/we would like my “Old” account(s) to be closed, then I/we further request and
authorise you to apply and pay any debit card transactions redirected to you from my/our “Old” bank, to my/our new account(s) in accordance with the Terms and Conditions applying to my/our account(s).
3. On receipt of the schedule of my/our phone/online banking details from my/our “Old” bank, please set up the same details on my/our
behalf. I/we will contact the phone/online banking unit of Bank of Ireland if I /we wish to make any changes.
D D M M Y Y Y Y
Customer signature(s) in accordance with New Bank Mandate
1
The customer(s) must return cards, and chequebooks on the account(s) directly to the “Old” bank
Bank of Ireland is regulated by the Central Bank of Ireland.
37-769RU.8 (07/12)