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BoI streamlines switching process with one application

Previously, in order to apply for a credit product customers had to have their salary paid into the current account for six months and make a separate credit application.
Previously, in order to apply for a credit product customers had to have their salary paid into the current account for six months and make a separate credit application.

Bank of Ireland will now allow new customers to apply for a current account, credit card and an overdraft facility in one online application.

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.

The bank said customers can now apply for an overdraft when they open the current account and validate proof of income via a payslip.

It said overdraft applications are then subject to Central Credit Register check, credit scoring and income validation.

In the case of credit card applications, the bank said proof of income will be required via current account information or three months' bank statements.

"We are opening more personal accounts during any period in our history," said Henry Dummer, Director of Everyday Banking at Bank of Ireland.

"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," he added.

Mr Dummer said the migration of this number of consumers is a major operational undertaking and he said 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," he added.

Figures published earlier this week by Banking and Payments Federation Ireland show the main retail banks, An Post Money and Credit Unions have opened 365,000 personal current accounts so far this year.

It comes as customers of Ulster Bank and KBC Bank Ireland continue switching providers ahead of the exit of the two banks from the Irish market.