Switching Your Business Account to AIB

Here's why you should be with AIB

Your own dedicated Relationship Manager

Every business customer of AIB has a dedicated Relationship Manager whose role is to look after all your business banking requirements.

Over 280 outlets

With over 280 outlets nationwide, no matter where you are in Ireland you're never far from a local outlet of AIB.

AIB's Business Current Account

A current account that offers your business credit interest if you use our online services.

Online Banking that is both secure and convenient

AIB's iBusiness Banking (iBB) service offers your business secure Internet Banking, which can provide up to date account information and the ability to make payments to anywhere in Ireland and abroad.

Products and Services

AIB offers a range of products and services for business customers across loans, deposits, domestic and international payments as well as pensions and insurance.

A step by step guide to switching your Business account to AIB.

Customers have two options available through the Switching Code:

Option A: Switch your business account(s) to a 'New Bank' and close your account(s) with your 'Old Bank'.

Or

Option B: Switch all your direct debits and standing orders to your new account while your old account(s) remains open with your 'Old Bank'.

Option A - Switching your account(s) and closing your old account(s)

Step 1 - Plan Your Switch

• We will negotiate and agree in advance with you any credit facilities you may require, subject to our usual assessment criteria, as these matters are not covered by the Code.

Source and prepare documentation that AIB requires to open a Business Account. This may include:

• Memorandum and Articles of Association
• Certificate of Incorporation / Registration of Trade Names
• Anti-money Laundering Identification requirements, i.e. proof of identity (e.g. passport, driver's license) and proof of address (e.g. utility bill)
• Details of Directors and Company Secretary
• Identification for Directors / Signatories
• Mandate
• Copies of bank statement(s) with your 'Old Bank'
• Your most recent set of audited business figures
• Copy of your business plan

Check your payroll system and prepare for the changes required.

Identify customers / debtors who make payments directly into your Business Account (either electronically and / or through bank branch networks).

Think about changes that may be required to your stationery, invoices, etc. to reflect your new AIB account details, such as Bank Identifier Code (BIC) and International Bank Account Number (IBAN) when the account is opened.

Identify the preferred date that may be most suitable for you to switch your Business Account to minimise any risk or disruption to your business. AIB will try to accommodate your preferred switching date, but we may be unable to do so.

Step 2 - Opening your Business Account

You will need to discuss your Business Account requirements with us before submitting the relevant documentation for account opening (see above under Step 1) and also in respect of:

• Cheque and lodgement books
• Online Services
• Any credit facilities you may require
• Your new account(s) with AIB will be opened within 10 business days following confirmation from us that your request to open an AIB account has been approved and your documentation has been validated.

Once the account is opened you will receive the following from us:

• A copy of our booklet ‘Terms and Conditions for Current Accounts and Demand Deposit Accounts’
• A copy of our booklet 'Business Fees & Charges'
• A copy of our Terms of Business
• Information on interest rates that apply, if appropriate
• A point of contact to help you with any queries

You will be asked to complete the Account Switching Form. This form authorises AIB and your 'Old Bank' to complete the account switching process.

When your new AIB account is open and you have completed the Account Switching Form we are now ready to proceed with 'The Switch'.

Check your cheque stubs against your 'Old Bank' account. Cheques which you have issued but which have not yet been presented on your 'Old Bank' account will not be paid after switching but returned marked 'Account Switched' or 'Account Closed' or 'Account Transferred'. You may wish to contact the payees and make other arrangements to pay them.

If you have any unused cheques you may be entitled to a refund of medallion stamp duty. You will need to send them back to your 'Old Bank'. You should destroy your old cards by cutting them in two.

If you are switching your current account through the Switching Code you can request your 'Old Bank' to provide you with duplicate statements of your account for the previous twelve months. Where such a statement is not available electronically, your bank will provide one hard copy, free of charge.

We will have your account fully operational within 10 business days, once your application has been approved with us.

Step 3 - 'The Switch'

We will provide you with your new AIB account details and other relevant information. On receiving this you should:

• Make the necessary changes to your payroll system
• Notify customers / debtors you identified that pay directly into your account of your new account details
• Put your new account details on your business stationery / invoices including your Bank Identifier Code (BIC) and International Bank Account Number (IBAN)

We will then send the Account Switching Form you have completed, to your 'Old Bank' to arrange for the closing of your Business Account with them.

Your 'Old Bank' will then make sure that they do the following:

• Send a list of your standing orders and direct debits to AIB - a copy will also be sent to you which you should check for accuracy and completeness
• Inform your direct debit originators of your new account details
• Refund stamp duty on unused cheques which can only be triggered when you return your old chequebook to your old bank
• Add any charges and / or interest due within agreed limits to your account
• Transfer the balance on your account to your new AIB account (s)
• Close your 'Old Bank' account(s)

• Send you an account closing statement(s)

We will set up your standing orders on your new account once we receive this list from your 'Old Bank'.

Your direct debit originators will change your account details immediately after they receive them and present the next direct debit (as it falls due) on your new AIB account.

'The Switch' should take no longer than 7 business days.

Step 4 - Up and Running

• Your new account with AIB is now fully operative.
• Your old account with your previous bank is now closed.

Thank you for joining AIB - we look forward to supporting your business.

Option B - Switch all your direct debits and standing orders to your new account while your old account(s) remains open with your 'Old Bank'

Your account balance remains in the account(s) held by your 'Old Bank' and only your direct debits and standing orders switch to your 'New Account'. The majority of the steps outlined in Option A remain applicable, except for the following:

Step 1 Plan Your Switch

• Make arrangements to notify your customers who make payments directly into your account, if you wish them to credit your new account.
• If you are a direct debit originator, arrange to change your sponsoring bank if applicable.

Step 2 Opening your Business Account

• You will be asked to complete the Account Switching Form (enclosed) and select Option B. This form authorises AIB and your old bank to complete the direct debits and standing orders switching process.
• Your account(s) will remain open in your 'Old Bank' with your account balance remaining in the account(s). The Terms and Conditions of your account(s) in your 'Old Bank' will still be applicable.

Step 3 'The Switch'

• Update your business stationery/invoices with your new account details, including your Bank Identifier Code (BIC) and International Bank Account Number (IBAN) if applicable.
• We will then send your completed Account Switching Form to your 'Old Bank' to arrange for the switching of all the direct debits and standing orders. Your account(s) will remain open in your 'Old Bank' with your account balance remaining in the account(s).
• The cards on your old account(s) will remain active unless you decide to return them to your 'Old Bank'.

Step 4 Up and Running

• All switched direct debits and standing orders are now payable out of your account(s) with AIB.
• Your account with your 'Old Bank' remains active.
  

Important / Regulatory Notice

Terms and Conditions apply.

• Terms and Conditions for Current Accounts and Demand Deposit Accounts

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