A row has erupted over exactly how customers can switch to another bank.
The Central Bank and the banks' lobby group - the Banking and Payments Federation - are at odds about how the process for switching current accounts works.
It comes as thousands are looking for a new banking provider due to the exit of Ulster Bank and KBC from the Irish market.
Charlie Weston, personal finance editor with the Irish Independent, told Pat Kenny what's happening.
"We're back to the old pen and paper - given how most of us are digitally enabled and use our mobile phones to do almost everything, it seems extraordinary that there's confusion out there between the banks and the Central Bank about switching bank accounts.
"Whether it can be done by electronic means... or whether, if they're switching you from one bank to another, whether they have to stuff forms into envelopes, send them out [and] get the forms back.
"There's a row about this, it is extraordinary".
He says the issue is whether the bank the customer is switching from can move direct debits, or other payment arrangements, to the new bank.
"The banks are saying 'Our information is we have to do that manually with letters'... and the Central Bank are saying 'Actually lads no, it doesn't need to be paper-based'.
"The law doesn't prescribe the channels or methods of communication - you can do this electronically - which would be far more efficient, far faster.
"At this point, with 500,000 people looking for new current accounts, for that sort of confusion to be out there at the moment... seems extraordinary.
"We've known for a long time that Ulster Bank and KBC were leaving".
And he believes the banks will ultimately suffer for this.
"Isn't it mad, especially when their lunch is being eaten by digital banking apps like Revolut and N26 - and Bunq coming in as well with Irish IBANs.
"Even the old, traditional operators - like the Credit Unions - they're pretty sharp now: about 250 of them have a current account, which is an app-enabled current account.
"An Post has a good current account, and again an app-enabled one.
"So for the banks to be harking back to the old paper-based systems at this stage, when they're under pressure from digital operators, seems extraordinary".
