The number of customers opening current accounts with Bank of Ireland this year has more than double compared to the first five months of 2021 as Ulster Bank and KBC Bank Ireland customers begin their exodus ahead of the banks' imminent closures.
Bank of Ireland said personal current account openings had increased almost 120% year-on-year during the year to 22 May, with 70% of accounts being opened online and the remainder in branches.
"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%," said Henry Drummer, director of everyday banking at Bank of Ireland
“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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The bank has added an additional 50 staff to handle account openings on top of the 500 it had already announced in April, 400 of whom are in place.
The lender also warned that the most common issue in setting up an account is the documentation required for anti-money laundering compliance, with applicants urged to ensure they have an acceptable Photo ID and proof of address.
A current passport or an Irish or British driver's licence is valid as ID while statements from financial institutions, utility bills and connection letters, motor tax documents, property tax documents, home or health insurance renewal documents or mortgage statements will serve as proof of address.
PPS cards, and international driver's licence are unacceptable forms of photo ID, and PPSN letters, mobile phone bills, insurance quotes, tenancy agreements, Pay Slips, P60 / P45, invoices, motor insurance documents will not serve as proof of address.
Customers opening an account online will need to take a selfie in order to complete the application. Customer deposits at Bank of Ireland rose €4.2bn to €92.8bn in 2021.
(Pic: RollingNews.ie)
