Bank of Ireland to introduce new banking methods and make changes in services
DUBLIN: Bank of Ireland, one of the largest commercial bank in Ireland, is introducing new banking methods and making some changes to its banking services. The bank aims to ensure that the terms and conditions of their products include future services that they offer to their customers.
Changes include updates to the terms and conditions of Bank of Ireland’s Personal Current accounts, Business Current accounts, Personal Deposit accounts, Business Deposit accounts and to their 365 Phone and Digital Banking service. According to the bank, at least one of these changes would apply to everyone and may have an impact on how customers bank with them.
Banking service at local An Post
Currently people can only do their everyday banking at Bank of Ireland branches, but from August 6 this year, it will be available at more than 900 An Post locations across the country, the bank said.
The BOI’s new agreement with An Post will allow people with Personal and Business Current accounts and Personal and Business Demand Deposit accounts to make cash lodgements. Customers who have an ATM card or a debit card will be able to withdraw cash as well, while those who do not have either of these two will only be able to make cash lodgements at An Post.
The bank asked customers to visit the ‘Service Changes’ section on the homepage of the Bank of Ireland website or their Mobile Banking App to find out when their local An Post will launch these services.
Negative as well as positive and zero interest rates
The Bank of Ireland is planning to change the terms and conditions of some Personal Current accounts and Personal Deposit accounts from August 6. The move is intended to reflect that it can apply negative interest rates as well as positive and zero interest rates to these accounts.
Meanwhile, the Bank of Ireland has revealed that it plans to apply negative interest to personal customers with more than €1 million (on average) on deposit across their Bank of Ireland Current and Deposit accounts by the end of this year.
Officials said they would contact the affected customers directly in advance. “If, at a point in the future, negative interest is to be applied to customers with smaller amounts on deposit we will make contact with all impacted customers in advance,” they added.
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