With an exceptional number of consumers in Ireland currently moving banks, Bank of Ireland has introduced a unique Multi-Product Application Form to further support those making the move.
For many people, moving banks means more than switching their current account. Credit products such as credit cards and overdrafts, also have to be arranged. Now, for the first time in ROI, consumers can apply for a personal current account, an overdraft and credit card in one single online application process.
Previously, in order to apply for a credit product, such as an overdraft, customers had to have their salary paid into the current account for six months and make a separate credit application. Customers can now simply apply for an overdraft when they open the current account and validate proof of income via a payslip.
Overdraft applications are then subject to Central Credit Register check, credit scoring and income validation. In the case of credit card applications, proof of income will be required via current account information or three months’ bank statements.
Henry Dummer, Director, Everyday Banking, Bank of Ireland said: “We are opening more personal accounts during any period in our history. In the first half of 2022 we have opened the same number of current accounts as we did for the whole of 2021, and we continue to look for ways we can make the process better.
“That’s why we have developed our new Multi-Product Application Form. Many current account customers will also want to apply for an overdraft or credit card at the same time. Creating a simple and convenient online process for these customers has been a top priority for us.
“The migration of this number of consumers is a major operational undertaking and there will be challenges along the way. However, we want to make it as easy as possible for customers to set up their accounts with us, and to also apply for products like credit cards and overdrafts at the same time.”
Customers opening a bank account or applying for a credit product are required to verify their identity and address, in line with Anti Money Laundering (AML) Regulation.
To begin the Multi-Product application process customers will need to take a photograph of the following:
- Passport or valid ROI or UK Driving license.
- Most recent payslip, if applying for an overdraft.
- A photograph of themselves.
- Proof of address, for example a utility bill, like a gas bill or electricity bill, or a bank statement.
- Proof of PPSN, or if self-employed, latest Notice of Assessment/Chapter 4.
A new dedicated online hub “The Big Move” includes a guide for customers how to close their current account, open a new account and make changes to regular payments.
The Multi-Product Application form is now available at: Features & Benefits – Personal Current Account – Bank of Ireland