The staff, who belong to the Unite trade union, say Bank of Ireland have withheld pay increases due in April under a 2001 Performance Pay Agreement.
Unite says employees are disappointed that the bank has not yet accepted a Labour Court ruling issued last month, which found that the pay increases were overdue.
Pickets will be placed in Dublin on New Ireland/Bank of Ireland Life offices at Dawson Street, Frederick Street and at Bank of Ireland Head Office in Baggot Street.
Unite says that if the issue remains unresolved, further more extensive industrial action will take place in September.
Unite official Colm Quinlan said incoming Chief Executive Richie Boucher appeared to have approved payment of severance terms to the outgoing CEO equivalent to three times the maximum salary allowable to a Bank CEO under Government guidelines.
Mr Quinlan said Mr Boucher had also dishonoured payments due to low paid staff who had already incurred pay cuts of over 12%.
A spokesperson for Bank of Ireland said that they had told the union last Friday that given the exceptionally challenging economic climate, it would not be in the interests of staff or the company to increase costs at this time.
She said given the disappointing results at the bank, with a loss of €31m, it would be inappropriate to pay bonuses.
She said the bank's position was that maintaining current pay rates was an appropriate application of the Labour Court recommendation.
