The IBOA was founded in 1918 when 350 officials dared defy their banks' directors. Soon it had a membership of more than 80 per cent of all bank officials. Initially ignored, the IBOA threatened strike and the banks agreed to arbitration in March 1920.

The arbitration report gives a remarkable insight into the expectations of what a bank official should be, who they should marry, where they should live, and much else. Most of all, it reveals a certain elitism amongst bank officials. Work in a bank was tedious and led to a great focus on the social life of the Association.

Broadcasters such as Terry Wogan and Bunny Carr began their working lives as bank officials, while Christy Moore took up singing during a bank strike.