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Bank of Ireland hires 500 additional staff to cope with surge in turnover

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BANK of Ireland provides additional staff and a range of support services to help people switch bank accounts.

It comes as more than a million Ulster Bank and KBC Bank customers are faced with chaos trying to switch accounts as the two banks leave Ireland.

People looking for a new bank are prevented from opening a credit card account and getting an overdraft.

Bank of Ireland is hiring 500 additional bank staff to process new account openings.

The two exiting banks are selling their mortgages and other loans, but the checking and deposit accounts are not part of the sale and will be closed.

Ulster Bank and KBC have started writing to their customers warning them not to switch accounts.

The Bank of Ireland is also establishing a dedicated phone line, an online hub and a range of tools and templates to make the switch easier for consumers.

The bank said that of the 500 additional staff will be hired to help open new current accounts, 420 of which are fixed-term contract positions and the remaining 80 will be redeployed from other parts of the bank.

To date, over 350 of these resources exist and activities to fill the remaining roles are ongoing.

A new dedicated online hub has been developed to help customers close their existing checking account, open a new account, make changes to recurring payments and apply for credit products such as bank overdrafts.

Templates for letters to Single Euro Payments Area (SEPA) direct debit issuers, salary change instruction letters to employers and loan payment rerouting forms have also been developed to help consumers navigate the process, Bank of Ireland said.

An appointment form is available to allow customers to schedule an account opening appointment if required at a branch.

A dedicated phone line has also been set up on 0818 200 374 to assist with account opening.

There has been strong criticism of the central bank and Treasury Department, which have been accused of being hands-on with the massive account closures and urged to do more to prevent the closures from becoming a “disaster”.

Henry Dummer, director of everyday banking at Bank of Ireland, said the bank had opened 81 per cent more current accounts so far this year than in the same period last year.

“We expect this trend to continue for the remainder of this year and into 2023 as exiting banks roll out their phased approach to customer outreach.”

He warned that with the introduction of new EU payments rules, direct debit originators (including utilities, telecom providers and other service providers) are now responsible for updating their customer account details for existing direct debit mandates.

This means that some direct debit providers do not accept instructions from third parties, such as B. withdrawing banks, and only accept instructions to change the customer’s bank account details.

“Therefore, to minimize consumer inconvenience, managing the switching of large numbers of accounts requires continued engagement from the broader business community as their customers prepare to switch their bank account provider,” said Mr. Dummer.

https://www.independent.ie/business/personal-finance/bank-of-ireland-to-deploy-500-extra-staff-to-cope-with-switching-surge-41584833.html Bank of Ireland hires 500 additional staff to cope with surge in turnover

Fry Electronics Team

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