Transferring to Bank of Ireland can apply for a credit card when opening a current account

The BANK of Ireland has announced an innovation for those looking for a new current account and credit card provider.

The bank said consumers switching accounts can now apply for a checking account, credit card and overdraft in one online application.

The move comes as thousands of people are yet to find a new current account provider in light of the imminent closure of Ulster and KBC banks.

And the Bank of Ireland said it opened the same number of personal current accounts in the first six months of 2022 as it did all of last year.

The multi-product application form aims to make switching to the Bank of Ireland more attractive to forced switchers than choosing AIB, Permanent TSB, the credit unions, An Post or a digital payment app provider.

Anyone who switched to the Bank of Ireland and wanted to apply for a loan product such as an overdraft facility previously had to have their salary paid into the current account for six months and submit a separate loan application.

Customers can now simply apply for an overdraft facility when opening the current account and validate the proof of income via payslip, the bank said.

Overdraft applications are then subjected to a central Schufa check, credit check and income check.

For credit card applications, proof of income via current account data or three-month account statements is required, the bank said.

Henry Dummer, director for what the bank calls everyday banking, said: “We are opening more personal accounts at any time in our history. In the first half of 2022, we opened the same number of current accounts as we did all of 2021, and we continue to look at ways to improve the process.

“Migrating this number of consumers is a major operational undertaking and there will be challenges along the way.

“But we want to make it as easy as possible for customers to set up their account with us and at the same time apply for products such as credit cards and overdraft facilities.”

Customers opening a bank account or applying for a credit product are required to verify their identity and address under Anti-Money Laundering (AML) Regulations.

A new dedicated online hub, The Big Move, guides customers on how to close their checking account, open a new account and make changes to recurring payments.

Earlier this week, the Banking and Payments Federation announced that major retail banks, An Post Money and credit unions have opened 365,000 personal checking accounts so far this year.

Figures show that 68,000 personal checking accounts were opened by these financial institutions in the four weeks ended Aug. 5.

https://www.independent.ie/business/personal-finance/banking/switchers-to-bank-of-ireland-will-be-able-to-apply-for-credit-card-as-they-open-current-account-41936190.html Transferring to Bank of Ireland can apply for a credit card when opening a current account

Fry Electronics Team

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