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Business Current Account Closure FAQ

What will happen to my Business Current Account?

Your Business Current Account with Bank of Scotland plc ('the Bank') was closed on 15th December 2010. You can no longer transact on the account and any debit transactions presented, including cheques, direct debits and standing orders, can no longer be honoured. Online facilities are no longer available.

How do I retrieve my credit balance?

All credit balances (unless your Business Current Account is pledged to us, for example if the Bank has security over the account or if we are legally prevented from doing so e.g. if a revenue attachment has been served) will be returned to you on written request.

  • To request any remaining credit balance the bank requires written confirmation either by letter or by completing an Account Closure Form which was sent to you with the closure notification letter. The monies will then be transferred to your chosen account. The Account Closure Form can also be downloaded here.
  • Post the completed form to:
    Certus Business Current Accounts
    124-127 St. Stephens Green
    Dublin 2

Note: all unused cheques must be returned to avoid Stamp Duty (50c per cheque) being charged to your account prior to closure.

Will I still continue to receive the credit interest on my account?

From the 15th December 2010 credit interest reduced to 0% and will no longer be applied to your account.

What happened to my account on 15 December 2010?

  • On 15th December 2010, your Business Current Account was deactivated and your overdraft facility was withdrawn.
  • You can no longer transact on your account any direct debits or third party payment authorities you may have on your account will be returned unpaid and any cheques presented to your account will not be honoured.
  • The credit interest rate was reduced to 0%
  • If you have an overdraft with us, you can continue to repay into the account from 15th December 2010. Debit interest rates will continue to apply until you have repaid the debt in full or obtained a term loan from us with has been used to repay your overdraft.

Will I be charged stamp duty for unused cheque books?

If you do not return any unused cheques or cheque books, stamp duty of 50cent per cheque will be applied to your account before any credit balance is returned to you.

Can you recommend or introduce me to another bank that can provide the same facilities?

Bank of Scotland plc cannot recommend alternative banks as this could constitute investment advice which we are not in a position to provide.

However, we can provide you with contact details which other banks have provided to us:

AIB - Brian O'Grady
Phone: (01) 772 1500
E-mail: Brian.P.O'Grady@aib.ie

Bank of Ireland - Denis Bergin
Phone: (01) 665 3411
E-mail: denis_m.bergin@boimail.com

Ulster Bank - Orna Stokes
Phone: (01) 608 4392
E-mail: Orna.stokes@ulsterbank.com

Please note that Bank of Scotland plc does not offer any recommendation in relation to the providers listed above and is providing these for information purposes only.

Bank of Scotland plc. Registered in Scotland No. SC327000. Registered office: The Mound, Edinburgh EH 1YZ. Bank of Scotland plc is authorised and regulated by the Financial Services Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. Bank of Scotland plc is entered in the FSA’s Register and its Register No is 169628.

Telephone calls may be recorded to confirm instructions given and for quality control and training purposes.
Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised and regulated by the Financial Services Authority in the United Kingdom. Bank of Scotland plc is entered in the FSA's Register and its Register No. is 169628.