Document background
The Account Transfer Letter is a crucial document in the Irish banking system, used when an account holder wishes to transfer their banking relationship from one institution to another. This document becomes necessary during bank switches, account consolidations, or when changing banking providers for better services or terms. The letter must comply with Irish banking regulations, including the Central Bank Act and Consumer Protection Code 2012, while also adhering to GDPR requirements for personal data handling. It typically includes complete account details, explicit transfer authorization, and instructions for handling existing banking services such as direct debits and standing orders. The Account Transfer Letter serves as official documentation of the customer's request and provides protection for all parties involved in the transfer process.
