The Central Bank of Ireland (CBI) introduced its Code of Conduct on the Switching of Current Accounts with Credit Institutions in October 2010. The Code must be complied with by credit institutions (banks and building societies) providing current accounts in Ireland
The Code applies when a consumer wants to switch his/her current account, including any direct debits and standing orders, to another current account in a different credit institution. The two credit institutions involved must be in Ireland.
Access more information on switching your current account.
Access the Competition and Consumer Protection Commission website for more information on switching your current account.
If you want to switch your current account from one branch to another, but you want to stay with your current bank or building society, you should contact your bank or building society directly.
It normally takes three to five business days to clear a cheque if it is drawn and payable on a member bank of the Irish Paper Clearing Company Limited (IPCC).
The cheque is lodged on Day One. It is exchanged with the bank on which it is drawn on Day Two. The customer on whose account the cheque is drawn is debited on Day Two or Three. In the event that the cheque is to be returned unpaid for any reason, it will be returned by close of business on Day Four to the payee’s bank. It will therefore be Day Five before the payee’s bank knows that the cheque is being unpaid.
While the clearing cycle normally takes three days, certainty of payment can actually take up to five or six days. Depending on a particular bank’s policy in relation to risk control, customers are not always permitted to draw down the funds ahead of this timeframe, in order that the bank may be certain that the cheque will not be returned unpaid.
If your bank or building society is not a member of IPCC, you should contact it directly to confirm its clearing cycle.
A stop can be placed on a cheque provided it has not already been paid. The bank should be contacted with details of the particular cheque, i.e. the date of issue, cheque number, the amount and the payee.
It is the practice of banks in the Republic of Ireland to decline cheques which are presented for payment six months or later than the date the cheque is written.
A cheque which is crossed with “a/c payee only” must be lodged directly into the bank account of the named payee. However, if a cheque is crossed with ‘not negotiable’ or ‘& co’ it may be endorsed by the payee, which means it can be signed over to the benefit of a third party on the reverse of the cheque. It can then be lodged to the bank account of that third party.
There is no centrally managed cross-border clearing system in operation for cheques and so it is strongly recommended to use electronic payments for accepting or making cross-border payments. Cheques drawn on foreign countries lodged in a bank in the Republic of Ireland may take a considerable time to clear (check with your bank) and may be returned unpaid in accordance with the legislation and/or clearing rules in place in the country in which the cheque is drawn. For some countries this can be at any time in the future. If the cheque is denominated in another currency, the beneficiary will be exposed to exchange rate fluctuations until the value for the cheque is received.
A bank draft is similar to a cheque, with the primary difference being that it is drawn on a bank rather than a customer account. Because of this, bank drafts have a certainty of fate in that they will not be returned unpaid unless they have been counterfeited, fraudulently altered or stolen. It is for this reason that it can be a preferred method of payment instead of a cheque. However, it should be noted that the value clearing cycle for a bank draft is usually the same as that for a cheque.
Banking and Payments Federation Ireland provides a guide to dormant accounts. Download BPFI’s Guide to Dormant Accounts.
You can get dormant account application forms from banks or from An Post. Please ensure that you send the completed application form to the institution that you believe holds the dormant account, not Banking and Payments Federation Ireland. For further information on dormant accounts see our Dormant Accounts section here.
It is wise to take precautions when dealing with your money and to be aware of and alert to possible frauds or scams. The National Consumer Agency provides information and advice on how to protect yourself against fraud on its website. Access the Competition and Consumer Protection Commission website for more information.
Banking and Payments Ireland (BPFI) has developed a Guide to Fraud Prevention which provides simple tips to consumers on avoiding identity theft, staying secure when shopping online, banking on the move, protecting payment card details, identifying counterfeit cash and how to spot fraudsters.
SafeCard.ie is a website developed by Banking and Payments Federation Ireland (BPFI) and provides a range of information on payment card fraud and its prevention. The site has a specific section on Identify Fraud which you can access here
makeITsecure is a public-private partnership aimed at raising awareness of IT security amongst Irish internet users that is spearheaded by the Department of Communications, Energy and Natural Resources in the Republic and the Department of Finance and Personnel in Northern Ireland. BPFI is a key partner in the campaign. To access the makeITsecure website click here
Access additional information on how to avoid identity theft from the SafeCard website.
Information on the range of loan products currently offered is available from each financial services provider by visiting your local branch, calling the telephone line and on their website. The Competition and Consumer Protection Commission provides information on the type of credit available across a range of financial services providers. Access the Competition and Consumer Protection Commission website.
To apply for a loan you should contact the financial services provider directly. Before you do so you may want to have your up to date financial information available including details of your current income. The Competition and Consumer Protection Commission provides information and advice on how to apply for loans, including personal loans and car loans. Access the Competition and Consumer Protection Commission website.