What is the most money I can deposit into my account pa without it becoming and issue

wherearewe45

Just a thought I had recently and been looking for an answer. I'm not doing anything illegal and trying to hide money, just asking

JTMan

There is no limit. Obviously the bigger the sum the more likely you will be asked to verify that the money can from a legitimate source.

wuffly

Depends what you define as an issue, i worked in a building society years ago and anything over 5k cash, we had to ask the source, we had a drop down list (car sale, house sale, loan draw down, inheritance etc... People obviously did refuse to answer. I think over 10k the system forced an answer or you couldn't complete the transaction. If you don't mind answering the source of funds question no issues. The amount of people that said 'i'd hardly tell you if i robbed it from the post office' or my favourite 'none of your business' believe me they would much prefer to lodge with no questions than deal with the abuse of asking the source. It's part of the anti money laundering requirements.
Although before I left we were all being pushed to sell savings and investment products so be prepared they will try to get you to put into a savings/investment or bank assurance product. These all legally require a financial review now to make sure you aren't actually sold an inappropriate product. Irish people hate them as they hate discussing their finances, in theory its a good idea as often people see a big interest rate and ignore the t&c's (even if they are explained to them at the time) on the other hand a review by someone with a vested interest in your money isn't exactly the best either! Anyway that's the gist of what might happen!

wuffly

Just to note the above refers to cash not cheques, can't remember exactly but there were some differences. Also tellers are less like to ask the source of funds on a cheque as it is often fairly obvious (not always) where it came from.

mcneil

wuffly wrote: »

Depends what you define as an issue, i worked in a building society years ago and anything over 5k cash, we had to ask the source, we had a drop down list (car sale, house sale, loan draw down, inheritance etc... People obviously did refuse to answer. I think over 10k the system forced an answer or you couldn't complete the transaction. If you don't mind answering the source of funds question no issues. The amount of people that said 'i'd hardly tell you if i robbed it from the post office' or my favourite 'none of your business' believe me they would much prefer to lodge with no questions than deal with the abuse of asking the source. It's part of the anti money laundering requirements.
Although before I left we were all being pushed to sell savings and investment products so be prepared they will try to get you to put into a savings/investment or bank assurance product. These all legally require a financial review now to make sure you aren't actually sold an inappropriate product. Irish people hate them as they hate discussing their finances, in theory its a good idea as often people see a big interest rate and ignore the t&c's (even if they are explained to them at the time) on the other hand a review by someone with a vested interest in your money isn't exactly the best either! Anyway that's the gist of what might happen!

I took 2k out on a fri years ago to pay for some work on my house, digger driver never turned up so i had to lodge it in on the monday because didnt want it lying about and was asked where i got it from! I told him, none of his business! HE then proceeded to tell me it was his business and we both got into a heated argument. I was really annoyed at this! Id have understood if it was 50k or even 20k i was lodging but 2k seemed very low. I always wondered thou, with such a small amount, would the guy in the bank have lodged it into the computer that he'd asked me whre i got it from and i refused to tell him or was it just a case of him being very nosey

wuffly

Sounds like the guy was taking his job too seriously! If it were me and I could see you had withdrawn it a few days before, I would have used my common sense and picked a suitable answer in the menu and lodged it. They may have gotten stricter with the requirements since I left. Some managers are also sticklers. A week or so before our annual audit we would get a list of transactions that were considered unusual that would would have to be explained during the audit. In my case they were generally odd transactions made by older customers moving money around (from bank to bank).  You'd be surprised what people do to launder money and how it gets spotted(this is why opening a kids account is so strict now) and the law has changed to make the person lodging the cash more responsible for tracing it. Saying that teller staff could be politer about it and explain better, and also people don't need to get so stressed about it... what difference did it really make to you if they teller knew the digger driver didn't show up?

mcneil

wuffly wrote: »

Sounds like the guy was taking his job too seriously! If it were me and I could see you had withdrawn it a few days before, I would have used my common sense and picked a suitable answer in the menu and lodged it. They may have gotten stricter with the requirements since I left. Some managers are also sticklers. A week or so before our annual audit we would get a list of transactions that were considered unusual that would would have to be explained during the audit. In my case they were generally odd transactions made by older customers moving money around (from bank to bank).  You'd be surprised what people do to launder money and how it gets spotted(this is why opening a kids account is so strict now) and the law has changed to make the person lodging the cash more responsible for tracing it. Saying that teller staff could be politer about it and explain better, and also people don't need to get so stressed about it... what difference did it really make to you if they teller knew the digger driver didn't show up?

What do you mean a suitable answer on the menu?

As for whats the difference did it really make if they teller knew the digger driver didnt turn up to me or not. I just didnt want people knowing my business because we all know what the irish are like with gossip. It was my own business that i was building a house, a really private matter and of no business to the teller behind the checkout!

HiGlo

I had €175K lodged into my account through a currency exchange service about 1yr ago.
To date i've never had any contact from the bank about where the money can from or offering me investment products....!
Struck me as v odd...

ED E

HiGlo wrote: »

I had €175K lodged into my account through a currency exchange service about 1yr ago.
To date i've never had any contact from the bank about where the money can from or offering me investment products....!
Struck me as v odd...

Thinly veiled...

wuffly

mcneil wrote: »

What do you mean a suitable answer on the menu?

As for whats the difference did it really make if they teller knew the digger driver didnt turn up to me or not. I just didnt want people knowing my business because we all know what the irish are like with gossip. It was my own business that i was building a house, a really private matter and of no business to the teller behind the checkout!

As i said before when lodging certain amounts of cash the system asks for a source of funds and there is a drop down list, if i could see you had withdrawn the money a few days previously i would have picked a suitable answer and not asked you as it would have been obvious where the money came from I can't remember all the options but I'm sure their was something that would have suited your situation. As I said the guy was taking his job too seriously when he argued with you. The teller is responsible if he launders money, it is his job to ask, whether you like it or not. If he is suspicious of your transaction he will talk to a manager and possibly forward it to the fraud department for investigation and you won't know a thing about it, and he will have every right as you won't have answered the question. He is not permitted to tell his buddies about your transactions or anyone elses. Honestly the staff generally(obviously not all) don't care. Its never the people that argue that are dodgy anyway.

wuffly

HiGlo wrote: »

I had €175K lodged into my account through a currency exchange service about 1yr ago.
To date i've never had any contact from the bank about where the money can from or offering me investment products....!
Struck me as v odd...

They might not have contacted you but it won't have gone unnoticed.

adam88

HiGlo wrote: »

I had €175K lodged into my account through a currency exchange service about 1yr ago.
To date i've never had any contact from the bank about where the money can from or offering me investment products....!
Struck me as v odd...

Don't worry. Revenue will be onto you in the next few years querying it

Merowig

adam88 wrote: »

Don't worry. Revenue will be onto you in the next few years querying it

How many years back can Revenue go?

HiGlo

adam88 wrote: »

Don't worry. Revenue will be onto you in the next few years querying it

Haha, I should hope not..... :P



I've already paid my tax on it.:)

adam88

Think I heard from an accountant friend of mine that they're just about finishing writing out to all those that bought houses during the boom with cash asking them where they got the money etc.

Not that anyone is avoiding paying tax or anything but I think they work off of the dirt returns and work backwards to see how much money you have in the bank. If your only on an average wage and you've 500k in the bank, we'll they'll be making some enquiries

kippy

adam88 wrote: »

Think I heard from an accountant friend of mine that they're just about finishing writing out to all those that bought houses during the boom with cash asking them where they got the money etc.

Not that anyone is avoiding paying tax or anything but I think they work off of the dirt returns and work backwards to see how much money you have in the bank. If your only on an average wage and you've 500k in the bank, we'll they'll be making some enquiries

And rightly so.

Victor

Merowig wrote: »

How many years back can Revenue go?

Normally 12 years, but unlimited if an actual crime occurred.

gordongekko

HiGlo wrote: »

I had €175K lodged into my account through a currency exchange service about 1yr ago.
To date i've never had any contact from the bank about where the money can from or offering me investment products....!
Struck me as v odd...

They are more interested in cash lodgements than anything else

mcneil

adam88 wrote: »

Think I heard from an accountant friend of mine that they're just about finishing writing out to all those that bought houses during the boom with cash asking them where they got the money etc.

Not that anyone is avoiding paying tax or anything but I think they work off of the dirt returns and work backwards to see how much money you have in the bank. If your only on an average wage and you've 500k in the bank, we'll they'll be making some enquiries

500k in cash in bank nd on an average wage. Of course one would think theyd ask questions, stevie wonder can see something wouldnt be right here!

adam88

mcneil wrote: »

500k in cash in bank nd on an average wage. Of course one would think theyd ask questions, stevie wonder can see something wouldnt be right here!

I'm not saying there's anything wrong about it