Bank of Ireland has confirmed a massive increase in the number of new applicants as thousands rush to move their accounts away from Ulster Bank and KBC.
Both banks will be leaving the Irish market by the end of the year and according to the BOI figures, this has seen new applicants jump by 120% - compared to 2021 - for the week ending May 22.
Their stats show that 70% of accounts are being opened online, with the remainder being prepared in branch, and while many are breezing through the process, a spokesperson has warned of a ‘common error' which is resulting in delays for some.
READ MORE: KBC issues warning as new applicants accepted with just six months left to switch
According to a statement released today: “Where customers experience delays, the most common issue is the documentation required for Anti Money Laundering (AML) compliance.
“To open a Personal Current Account online or at a branch, customers will need at least one form of photo ID and one proof of address document.”
Acceptable forms of photo ID and proof of address include:
- Current Passport, Current Driver’s Licence card (UK & Ireland).
- Proof of address: Statements from financial institutions, utility bills and connection letters, Motor Tax documents, Property Tax documents, home or health insurance renewal documents, mortgage statement.
Unacceptable forms of Photo ID and address include:
- Photo ID: PPS Cards, International Drivers Licence.
- Proof of address: PPSN letter, mobile phone bills insurance quotes, tenancy agreements, Pay Slips, P60 / P45, invoices, motor insurance documents.
Bank of Ireland has asked that all customers make sure they have the correct documents to hand before they start the application process.
Meanwhile, those opening an account online will need to take a ‘selfie’ (photo of themselves) to complete the online application successfully.
Speaking about the changes made to facilitate an influx of customers, Henry Dummer, Director, Everyday Banking at Bank of Ireland said: “We’re seeing unprecedented account openings, with the volume higher than any record previously seen.
“At the end of April, we reported an 80% increase on the same period last year and this figure is now almost 120%.
“We have put a range of supports in place for consumers, and will continue to do all we can to make the process as smooth as possible. We are recruiting, training and onboarding personnel on a continuous basis to handle increasing volume.
“We are opening more accounts than ever in our history, but we do anticipate increasing pressure over the rest of 2022 and into 2023 so we are encouraging customers not to leave this until the last minute.”
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