How much can one Lodge without insitutions questioning source?

Filan

My mother is due a divorce settlement within the next few months...in the region of 60,000 Euro....and she is wondering whether banks would ask where she got the money?. She is trying to manage her accounts in such a way as to leave her non-contributory old age pension unaffected....which could include family members taking money so as not to have it in her name...and depositing smaller sums in a few accounts. If I accepted 20,000 from her would the banks ask where it arrived from? She is concerned.
Thanks, Alan

BuffyBot

How long is a piece of string?

On the other hand, an eyelid won't be batted in most cases. People lodge amounts of that amount and more every day (think house sales, inheritances, divedends etc)

bullrunner

BuffyBot wrote:

How long is a piece of string?

On the other hand, an eyelid won't be batted in most cases. People lodge amounts of that amount and more every day (think house sales, inheritances, divedends etc)

I'd say that the banks would be very interested to know where the 20k came from. Dont think that any cashier who is any way good at their job wont ask..and also once your account has a certain amount in it then they will automatically send you a letter 'advising' you that they have X products that will give you a good investment...probably also following it up with a phone call.

ANXIOUS

I know that there is a certain limit we're tellers must flag a transaction. I read about it in one of the books about CAB. I think its around 10,000

BendiBus

Are you saying your mother would not be entitled to the same pension after this settlement?

In other words, you're asking for a way to claim funds to which she is not entitled?

Apologies if I've misunderstood.

Filan

Yes...but try living on !35 Euro a week in your old age? Would you not try to maximise your income....the law is the law but that dosen't make it just.

parliament

If its more than 10k cash they ask if its more than 10k cheque or electronic transfer they dont seem to I presume because the electronic of cheque are almost immediately traceable whereas the cash is not.

galway008

Any transaction (lodge or withdrawl) over 10K in cash is reported to the Garda, they usually don't do anything aobut it.

stepbar

Filan wrote:

My mother is due a divorce settlement within the next few months...in the region of 60,000 Euro....and she is wondering whether banks would ask where she got the money?. She is trying to manage her accounts in such a way as to leave her non-contributory old age pension unaffected....which could include family members taking money so as not to have it in her name...and depositing smaller sums in a few accounts. If I accepted 20,000 from her would the banks ask where it arrived from? She is concerned.
Thanks, Alan

Might be eligible for gift tax or something?
http://www.revenue.ie/leaflets/ca25.pdf

Banks are legally obliged to ask where money comes from and report suspicious transactions of over 10k to the revenue for investigation.

RainyDay

Filan wrote:

Yes...but try living on !35 Euro a week in your old age? Would you not try to maximise your income....the law is the law but that dosen't make it just.

Would you feel equally sympathetic towards somebody on the same income level robbing your mother's handbag, or is it just white-collar crime that you facilitate?

pigeonbutler

That 60,000 would be assessed as a means of €50 per week. If she has no other income or capital the current rate of pension would be €177.50. Trying to "arrange her accounts" so as to leave the pension unnaffected and to squeeze out the full €200 (pretty fecking mean isn't it, hiding 60k away for an extra 22.50 per week) is out and out Fraud.

Pity I don't work for the Dept of Social Affairs.