Withdrawing savings from current account

firemansam1

Hi,

If someone had €50,000 or so in a current account and wanted to withdraw it(or a good portion of it), are the bank going to throw obstacles in your way or make things hard for you.

Lets just say you wanted to withdraw it in 5 lumps or something like that.

homer911

firemansam1 wrote: »

Hi,

If someone had €50,000 or so in a current account and wanted to withdraw it(or a good portion of it), are the bank going to throw obstacles in your way or make things hard for you.

Lets just say you wanted to withdraw it in 5 lumps or something like that.

You might need to give them advance notice, and if you are spending it in large sums, it might create some AML issues for you

Why cant you write a check if its in a current account? what are you going to do with 50k in cash??

who the fug

homer911 wrote: »

Why cant you write a check if its in a current account? what are you going to do with 50k in cash??

Reenact Gerry Ryans last night


Opening Post

as Homer911 said main issue is letting the bank know in advance so they have the cash to hand.

JTMan

firemansam1 wrote: »

Hi,

If someone had €50,000 or so in a current account and wanted to withdraw it(or a good portion of it), are the bank going to throw obstacles in your way or make things hard for you.

Lets just say you wanted to withdraw it in 5 lumps or something like that.

You should not have 50,000 EUR in your current account. You are not getting a good return by having such a large sum in your current account.

AIB limit withdrawals online to 5,000 EUR per day.

Toots

As others have said, it is possible but you will need to give 24 hours notice at the very least and your bank may insist that it's taken out in lumps instead of one lump (although anyone walking out of a bank with 50k cash in a bag is nuts IMO). They'll probably ask you what you're doing with it, both for anti money laundering purposes and for your own safety. You aren't obliged to give a reason for the withdrawal. They may also require that you sign a disclaimer saying that you have been advised of the risk of withdrawing that much cash and have been advised of alternative means of getting it out of your account. It's basically to cover them in case you walk out the front door and then get mugged.

noworries

Toots* wrote: »

As others have said, it is possible but you will need to give 24 hours notice at the very least and your bank may insist that it's taken out in lumps instead of one lump (although anyone walking out of a bank with 50k cash in a bag is nuts IMO). They'll probably ask you what you're doing with it, both for anti money laundering purposes and for your own safety. You aren't obliged to give a reason for the withdrawal. They may also require that you sign a disclaimer saying that you have been advised of the risk of withdrawing that much cash and have been advised of alternative means of getting it out of your account. It's basically to cover them in case you walk out the front door and then get mugged.

Errm ... rubbish!!!

True, you will need to give advance notice so that the cash can be available for you when you require it, but depending on the size of the branch and the day you might be able to get it there and then.

It's none of their business what you are doing with it - it is your cash.
AML is there when you LODGE cash. Not when you withdraw.

I have never heard of a disclaimer for withdrawing cash and the alternative
means of getting this out. Is there a limit at which this disclaimer comes into effect.. 50,000eur, 25,000eur, 20eur
Could you point me in the direction of this form?

Sound Bite

@no worries. Before you discredit someone post and dismiss it as rubbish, you should ensure you are correct.

My brother had to sign a disclaimer for €7,000 (xmas bonus for some staff) last week in a BOI branch in Dublin. Not sure if its standard in all branches but I'd imagine so. I didnt the disclaimer but he said they advised him of alternative options, e.g. draft etc & that he was advised of the security risks.

He thought it was crazy at the time but upon reflection it seems like a good idea to protect cusomers. He wasn't holding it for long but there is a risk in carrying large amounts of cash.

Toots

noworries wrote: »

Errm ... rubbish!!!

True, you will need to give advance notice so that the cash can be available for you when you require it, but depending on the size of the branch and the day you might be able to get it there and then.

It's none of their business what you are doing with it - it is your cash.
AML is there when you LODGE cash. Not when you withdraw.

I have never heard of a disclaimer for withdrawing cash and the alternative
means of getting this out. Is there a limit at which this disclaimer comes into effect.. 50,000eur, 25,000eur, 20eur
Could you point me in the direction of this form?

Dreadful advice from a Moderator - just delete it please. Or at the very least
add a disclaimer that you haven't a clue about banking operations.

Erm, actually no it's not rubbish. I work in cash in a branch and we have had several customers fill in this form in the last few weeks. There's not a set threshold, its at the manager's discretion. Withdrawing that amount in cast is an AML concern, for various reasons. The staff in the branch would be obliged to report it. I am not aware of any branches where €50k is available on demand. Most branches require 24 hours notice for withdrawals over the €5k mark or thereabouts.

I never said it was any of their business what you are doing with the cash, but they'll still ask why you want it. It's mostly because, for your own safety, they don't want you wandering off with that much cash. A draft or a transfer might
be a better option.

noworries

Sound Bite wrote: »

@no worries. Before you discredit someone post and dismiss it as rubbish, you should ensure you are correct.

My brother had to sign a disclaimer for €7,000 (xmas bonus for some staff) last week in a BOI branch in Dublin. Not sure if its standard in all branches but I'd imagine so. I didnt the disclaimer but he said they advised him of alternative options, e.g. draft etc & that he was advised of the security risks.

He thought it was crazy at the time but upon reflection it seems like a good idea to protect cusomers. He wasn't holding it for long but there is a risk in carrying large amounts of cash.

I no longer work for a financial institution but have personally handed out
75,000 euro in cash to a client, that was in Summer 2005. The client was accompanied by 3 of his employees - no forms were neccessary.

Last month, I withdrew 7,000 Euro in cash, 25,000 Stg and a bank draft
for a six figure sum with 3 days notice. The 3 days delay was to await
the delivery of Sterling from 'head-office'.

I have worked for 3 seperate financial institutions in Ireland over the last 17 years and I have never seen a "disclaimer saying that you have been advised of the risk of withdrawing that much cash and have been advised of alternative means of getting it out of your account."

What is the purpose of this alleged disclaimer. If I am mugged and the bank official has not told me about the risks of having cash on my person, am I entitled to seek recourse against the bank for the sum stolen.


I note my point with regard to AML were not covered in your critique of my post.

My request still stands. The 'advice' should be deleted unless it can be substantiated.

BuffyBot

It has been substantiated, by someone who has experience in this role. And yes, large cash withdrawals outside of your usual pattern can be flagged.

Also, the charter/boards.ie rules apply when addressing others here, be they users/Mods/Admins. Be respectful, and be polite. You can disagree, but it's about how you disagree.

noworries

'

KillerShamrock

I also work in a branch of a bank and yes what buffy and toots say is 100% correct large cash withdrawls over an amount (amount can vary from bank to bank) and one that arise suspicion to the staff involved can and according to legislation do have to be reported.
I'm just not sure if its EU or Irish legislation.
The bank involved also do have to ask the purpose of the funds to satisfy AML and its up to the customer what they say its for the bank dont need to ask anything further you could say your using it to fund drugs once the bank ask they are covered.
Sure you cant even leave the country without more than 10k without declaring it and even then they can stop you with 6500 if they want!

2005 was a long time ago in the banking sector rules and legislation have changed since then i was in the bank then too.
Back the you could walk into any bank and get a 1 million euro mortgage with little or no need to prove you could pay it back but now its a totally different story.

The waiver is also a very recent addition and is branch/bank dependent its to cover the bank in case the customer is robbed or looses the money or leaves it on top of their car and drive off and tries to claim it back from the bank.

Cash is pointless and risky in an electronic age IMO At least drafts, cheques and electronic payments can be cancelled cash cant!!!!

noworries

Sincere apologies to Toots for questioning and be-littleing sound advice.

I was not asked any questions in relation to relatively large financial transactions as to my intentions - in fact I was surprised as I thought the bank would have tried to hold onto the funds.

I was not offered a waiver or advised in relation to my personal safety on
the day I conducted my transactions.

I will obviously have to re-aquaint myself with current branch operations before I shoot from the hip in future.

Sound Bite

noworries wrote: »

I no longer work for a financial institution but have personally handed out
75,000 euro in cash to a client, that was in Summer 2005. The client was accompanied by 3 of his employees - no forms were neccessary.

Last month, I withdrew 7,000 Euro in cash, 25,000 Stg and a bank draft
for a six figure sum with 3 days notice. The 3 days delay was to await
the delivery of Sterling from 'head-office'.

I have worked for 3 seperate financial institutions in Ireland over the last 17 years and I have never seen a "disclaimer saying that you have been advised of the risk of withdrawing that much cash and have been advised of alternative means of getting it out of your account."

What is the purpose of this alleged disclaimer. If I am mugged and the bank official has not told me about the risks of having cash on my person, am I entitled to seek recourse against the bank for the sum stolen.


I note my point with regard to AML were not covered in your critique of my post.

My request still stands. The 'advice' should be deleted unless it can be substantiated.

I don't work in a bank so I don't know the purpose or it has any legal standing either, I was only commenting on what I knew to be true.

I didn't covered AML as I don't know enough about it.

But yes, it does appear to be relatively new as it didn't have to sign it before.

take everything

Richie6904 wrote: »

The waiver is also a very recent addition and is branch/bank dependent its to cover the bank in case the customer is robbed or looses the money or leaves it on top of their car and drive off and tries to claim it back from the bank.

This made me laugh.
Could you imagine coming back into the bank with that excuse. :P