Money Mentor: what you need to know about Bank of Ireland branch closures

Bank of Ireland (BOI) is to close 103 branches (88 in Republic of Ireland and 15 in Northern Ireland) commencing the end of September 2021.

This will, in effect, reduce the bank branch network by about a third overall. BOI says the decision is due to the growing demand for digital banking and fewer people using the branch network.

BOI will continue to operate 182 branches in total across the island of Ireland – 169 in Republic of Ireland and 13 in Northern Ireland.

The bank also confirmed that €12m will be invested in the remaining branch network by the end of 2022.

BOI reported losses of €374m before tax for the year end December 2021. This also takes account of the €1.1bn BOI set aside to deal with potential bad loans due to the COVID-19 pandemic.

Its net interest income of €2.1bn was 2% lower than 2019, due to lower new lending volumes and the ongoing impact of lower interest rates.

‘Where will I do my BOI farm business banking now that my local branch is closing?

The bank has announced it has formed a partnership with An Post to provide a range of banking services such as cash, coin and cheque lodgements.

An Post has more than 900 locations across Ireland. At these locations, you will be able to avail of over the counter cash, cheque lodgements and cash withdrawals.

An Post have longer opening hours and also Saturday opening.

You can also do your online banking using the BOI mobile app, which is used by over one million customers. This app has been updated recently so it is much safer to use.

The commencement of the branch closures will not start until the end of September 2021 to allow time for the An Post service to bed down.

‘With Ulster Bank closing 88 branches, and BOI closing my branch, my nearest town will have no bank’

BOI confirmed that there are only nine locations where the closures coincide with Ulster Bank closures. Of these, two are in colleges – four in Dublin and three in areas where there are other banks available.

The bank has confirmed that if there is no alternative ATM available in a particular location, the BOI will maintain an ATM service.

‘How do I switch my banking to An Post?’

There will no need to switch. Once your branch closes, you can use the An Post network to operate the bank services you currently avail of at your branch such as withdrawing money, paying bills, lodging cheques or cash etc.

‘Should I switch to AIB instead?’

There is no need to switch your bank account unless you prefer to.

The day-to-day services you need can be availed of at your local An Post, once your BOI branch has closed.

You can use the AIB ATMs or other banks’ ATMs regardless of where your account is held.

What about the staff?

The bank has confirmed there will be about 200 staff impacted by the closures but there will be no compulsory redundancies.

The staff directly affected will have options to work in a different branch or another part of the business or avail of voluntary redundancy.

Which branches are closing?

Bank of Ireland confirmed the branches closing are predominately self-service locations which do not offer a counter service currently. Most counties are losing two to three branches.

The worst impacted counties are Cork which will see nine branches close.

Donegal will lose five; Dublin will lose eight branches; Kildare five; Kilkenny four; Limerick seven; and Westmeath will lose four branches.

The majority of BOI branches closing are the same as the ones that were temporarily closed during the first lockdown in March last year.

With Ulster Bank leaving the market, and BOI closing branches, the financial services industry in Ireland is definitely contracting.

Read more

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