Business Banking

Where a business customer wishes to move their banking services from Bank of Ireland UK, as part of our switching service, we undertake to complete the following tasks within a set timeframe*.

Task	Timeframe
Provision of Direct Debit and/or Standing Order details	Following receipt of your written request by close of business on Day 3 or as agreed
Cancellation of a Direct Debit and/or Standing Order	Following receipt of your written request by close of business on Day 3 or as agreed
Transfer of Credit Funds	Following receipt of your written request by close of business on Day 4† - For account closure one extra day is allowed - An agreed date may be advised for completion
Application of Funds for Overdrawn Account	Within four days following receipt of funds from your new bank or from you - For account closure one extra day is allowed

Compensation

Where we fail to meet any one or more of the timeframes specified for moving accounts from Bank of Ireland UK, a customer may apply for compensation through our complaint scheme. A payment of £50.00 will be paid for each task completed outside the agreed timeframe where the Bank is shown to have failed. Additional compensation may be paid as appropriate.

* Timeframes indicated as per standards laid down by the Office of Fair Trading.
† Timeframes for "Transfer of Credit Funds" and "Application of Funds for Overdrawn Account" do not apply where the Bank is reasonably entitled to withhold monies to meet uncleared items and any contingent liabilities or any other form of unmet/future exposures to the Bank. In addition, the customer must return all items belonging to the Bank including unused cheques, lodgement books and cards.

Please read our Guide to Banking for Business Customers - 148KB PDF Document.

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