Cash Lump Sum 20k- any limitations?

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Hi

haven't been in a position to save for a long time (so no clue) .

now have a cash lump sum . will look at "Best Buys" for guidance on where to put same .

my question might be a stupid one - my cash lump sum is actually cash , can I walk into a bank and physically lodge that amount or are there limitations as to amounts of cash that can be transacted lodged at any one time , or into a savings account as a lump sum?


Thanks a mill
 
I regularly lodge this amount or more , most times they will say " can i ask where you got the money the computer is asking for a note as its over a certain amount " . You don't really have to give an answer, when I say I won it in the bookies they look at me like yeah ok drug dealer ! So now I just say " just savings I have at home ."
 
You need to give a reason for the origin for the funds.

Even after you give a reason, the bank are obliged to report any suspicious transactions to the Gardai.

Unlikely that 20k cash will raise a suspicious transaction report.
 
CiaranT said:
You need to give a reason for the origin for the funds.

Even after you give a reason, the bank are obliged to report any suspicious transactions to the Gardai.

Unlikely that 20k cash will raise a suspicious transaction report.
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In PTSB I've asked do I have to give a reason and was told no , if you don't we just put down lodgement on the note , it's just the computer asking when it sees an amount over a certain figure going in. But yeah it's unlikely an amount like 20k will cause a problem.
I've a friend that works in AIB that told me some customers are marked as high volume customers not sure if that's true or not and activities that are normally seen as unusual aren't queried , I used to get my card locked for heavy use but that has stopped since I rang bank so maybe there is some truth.
 
Whether you give a reason or not if the lodgement is considered by the cashier to be out of character with your usual transactions there is a chance of it being flagged, that is what their money laundering training will have them looking for. Someone who regularly lodges larges amounts of cash may not be questioned as the bank will already have looked at the reasons and decided if it was within the norms of their account and business to have large cash amounts. Giving no good reason increases that chance. I would have thought 20k was well above the amount that would trigger interest in the transaction if no suitable reason was given.
 
The banks have a legal responsibility to report suspicious lodgements to the Gardaí under Anti-money laundering
Monbretia said:
Whether you give a reason or not if the lodgement is considered by the cashier to be out of character with your usual transactions there is a chance of it being flagged, that is what their money laundering training will have them looking for. Someone who regularly lodges larges amounts of cash may not be questioned as the bank will already have looked at the reasons and decided if it was within the norms of their account and business to have large cash amounts. Giving no good reason increases that chance. I would have thought 20k was well above the amount that would trigger interest in the transaction if no suitable reason was given.
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The banks have a legal responsibily under the various Criminal Justice acts to report suspicious transactions to the Gardaí. Walking in with 20k in notes is potentially going to be flagged as suspicious. However on the basis that is was savings, then you shouldn't have an issue. However check with your branch when you can lodge it, some branches are putting restrictions in place for when personal customers can lodge cash
 
Exactly, if it's all above board then it doesn't matter whether they flag it or not. Lots of transactions are investigated in the background and passed on further that the customers know nothing about.
 
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