The Central Bank of Ireland (CBI) introduced its Code of Conduct on the Switching of Current Accounts with Credit Institutions in October 2010. The CBI Code built on the voluntary Code that was drafted and operated by Banking and Payments Federation Ireland (BPFI), following a recommendation in a Competition Authority report in 2005. Members of BPFI were not required to adopt the voluntary Code; however, the Code is now statutory under the Central Bank Act, 1989 and 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.
The Code sets out the steps that each credit institution must take, within a defined timeframe, to ensure that the consumer’s new account is set up correctly.
For more information on switching your current account, visit the Competition and Consumer Protection Commission website.