Lump sum payment - will bank accept it?

A

AlastairSC

Registered User
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Hi all, my retirement lump sum will be around 110k. My credit union says that if this is sent to my current account with them, then together with existing savings that will exceed their max. I contacted pTSB, with whom I also have a current account, and they said it should be fine.

It's the "should" that concerns me. My employer says it's up to me to ensure that any nominated account can accept a single large payment. How can I ensure the process goes smoothly?

Thanks for any advice.
 
AlastairSC said:
I contacted pTSB, with whom I also have a current account, and they said it should be fine.
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They've answered your question.

You won't get a cast iron guarantee from any bank that they'll accept any given future lodgment as this might be seen as preempting their anti money laundering procedures.
 
It will be accepted by PTSB, as above poster says they are just cya as it will flag on their money laundering list, in your case obviously it will be fine but not always the case hence their qualification on their answer.
 
My retirement lump sum was in the region of 80-90k, and ptsb accepted the transfer without issue. The lump sum was included in my regular pension payment (civil service) rather than a separate transfer.
 
They may ask you for the source of funds but providing they currently have no issue with your bank account from an AML perspective, you should be fine
 
They will accept the money. You will probably get a call asking where the money came from but that is it.
 
They may also ask you to provide the usual id to update their records depending on how long ago it was updated last (e.g. passport or driving license, letter/utility bill confirming your address, something confirming your PPSN). I had to do this before making a large withdrawal last year. So just bring that stuff with you just in case they ask for it.
 
Interesting, I wasn't aware that you needed permission to lodge larger amounts in a bank account or that credit unions had account limits. Do banks routinely flag this kind of stuff and to whom?
 
Aladdin said:
Interesting, I wasn't aware that you needed permission to lodge larger amounts in a bank account or that credit unions had account limits. Do banks routinely flag this kind of stuff and to whom?
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I'd imagine it would get flagged to Revenue
 
Aladdin said:
Interesting, I wasn't aware that you needed permission to lodge larger amounts in a bank account or that credit unions had account limits. Do banks routinely flag this kind of stuff and to whom?
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You don't need permission per se.

Banks have own thresholds and flagging systems (which they can't tell you about) for transfers that could be money laundering.

Suspicious transactions are reported to An Garda Siochana, but again you won't be told about this.

In OP's case I would imagine nothing to worry about.
 
But what would be considered suspicious about the OP's situation for example? And who decides what's suspicious or needs to be reported, since I'd imagine 'proper' money launderers wouldn't go next nor near a bank in any case.
 
Aladdin said:
But what would be considered suspicious about the OP's situation for example? And who decides what's suspicious or needs to be reported, since I'd imagine 'proper' money launderers wouldn't go next nor near a bank in any case.
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Anything outside the normal operating pattern of the account is looked for, all staff would be on the lookout for that sort of thing, big lodgements generate a report, staff go through it and anything that can't be explained is referred to the designated Money Laundering officer who then if they can't satisfy themselves that it's explainable will report on it to relevant bodies.

Proper money launderers can and do use bank accounts, both their own and other peoples!
 
Aladdin said:
But what would be considered suspicious about the OP's situation for example?
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A transfer 50x larger than any other one in the last ten years for example!

Mitigating factors would be the fact that the customer warned them and that it's a regular payer, not a new one.
 
Aladdin said:
But what would be considered suspicious about the OP's situation for example? And who decides what's suspicious or needs to be reported, since I'd imagine 'proper' money launderers wouldn't go next nor near a bank in any case.
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Somebody whose account receives four grand a month for years and who then receives 120 grand. Unusual or out of the ordinary transactions.

Commonsense stuff basically.
 
Aladdin said:
But what would be considered suspicious about the OP's situation for example? And who decides what's suspicious or needs to be reported, since I'd imagine 'proper' money launderers wouldn't go next nor near a bank in any case.
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Why do you think all those people get charged and convicted all the time for allowing their accounts to be used for money laundering so?
 
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