On 20th December 2022, AIB will be closing all their UK SME business current accounts. To avoid any unnecessary problems, you should make sure you have an alternative current account set up before this time.
Many banks can take weeks just to open an account for you. At Allica, though, we aim to get you set up with your Allica Bank Business Rewards Account in just three to five days from when you make an application. We can even match your AIB overdraft, as well.
To make the switch easy for you, here’s what you’ll need to remember to do.
1. Tell your customers your new bank details
Your customers need to know how they can pay you! Make sure you send your new payment details to your customers as soon as possible. You can easily find your new account number and sort code by logging into your account on the web or the Allica Bank mobile app. Your new account details will also have been emailed to you when you opened your account.
You may find some customers are understandably suspicious of emails telling people about a change of bank details, concerned about the possibility of fraud. As such, we recommend following up with your customers to make sure they’re comfortable they know it really is you.
Bear in mind, too, that when your customers make a payment to your new account, their bank may say they don’t recognise Allica Bank, even when the payment details are correct. This is nothing to be worried about. It’s because of something called ‘Confirmation of Payee’, which is a security measure to help you avoid sending money to the wrong place. Allica Bank is still in the process of joining the scheme, but providing your customer is confident they have input the correct payment details, they can safely proceed.
2. Move your standing orders and Direct Debits
Your existing standing orders and Direct Debits will need to be moved to your new account so you can continue to make these payments after your AIB account closes on 20th December 2022.
Bear in mind, it can take between 5 to 10 days for a Direct Debit to become active, so we recommend setting these up as soon as possible if you have bill payments coming up.
3. Top up your account
To be able to make payments from your account, it needs to have money in it! You can top up your account by bank transfer, either from your existing AIB account or another bank account you have.
You can find your new account number and sort code by logging into your account on the web or the Allica Bank mobile app.
4. Update your recurring debit card payments
When your AIB current account closes, your debit card will become inactive, too. Make sure you update any recurring payments to avoid missing payments (common examples include your Google or Facebook advertising or subscriptions). And remember, any eligible card spend will earn you cashback, too!*
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