There was major shock this morning when one of the countries largest banks announced that they would be closing a number of branches in Ireland.
Bank of Ireland will be shutting down 88 of their branches in the Republic of Ireland as well as 15 in Northern Ireland as the popularity of digital banking has 'reached a tipping point'.
It has left many people with questions - particularly those in rural areas or with elder relatives who are accountholders with Bank of Ireland.
Here, we'll try and answer some of those questions.
First things first
When will they close?
Not for another six months at least.
The branches will begin shutting in September, so there is plenty of time to get your affairs in order in those branches.
Where will my nearest branch be now?
Bank of Ireland has agreed a new partnership with An Post which will offer customers a range of banking services at over 900 locations.
Crucially, all of the closed branches are roughly within 500 metres of a Post Office where the services will be available.
These services will include the withdrawal of cash and lodgement of both cash and cheques.
Banking at An Post will be available before branches close.
In a small number of locations where there is no alternative ATM available, Bank of Ireland will maintain an ATM.
What about my money?
Bank of Ireland has said there is no change to day-to-day banking or to any customer’s products (accounts, loans, mortgages etc).
Before the branch closes, the bank has said they will write to impacted customers at least two months ahead of the closure date either by email or letter.
This correspondence will let the customer know when the branch will be closed and what branch their accounts will be transferred to – as well as information about accessing their accounts in this new branch.
Bank of Ireland has said there will be no change to existing account numbers, sort codes or IBANs.
Any direct debits or standing orders people have set up will remain in place.
If you have submitted an application for a mortgage the bank will continue to assess your application and these closures will not affect the drawing down of mortgages.
