closing INBS accounts, bank giving grief, what questions are they entitled to ask?

B

Bigmc

Registered User
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60
Hi all,
I have been closing INBS accounts as they mature after reading about the problems its facing on this site.

I have closed 3 accounts so far & moved the money into my current account while i look for a safer home for my cash.

After each deposit i receive a call from the bank asking where the money has come from. The last call really got my back up, it was the manager no less & basically accused me of getting this money illegally,even after i explained & told him exactly what i was doing.

I felt like i was being harassed. Im expecting the guards at the door next!

This money is totally above board & i have noting to hide.

can a bank harass a customer like this?

Is there no privacy any more?
 
I know how you feel! Its all got to do with our reputation for doing illicit things, the banks are compelled by law to disclose to the revenue amounts over 500 euro and have an explanation so they will note your reply but you may still get a call or letter. I know its intrusive but at least your reasons are true.

noah

ps INBS is rok solid as it is guaranteed by the state
 
helloooooo think your a way bit under the mark there....afaik the figure is sums in excess of 10k
 
If the bank sees large sums of money being deposited suddenly into an account they can ask where the money is from and they are obliged to notify the Garda bureau of fraud investigation. IF you have lodged 3 large sums of money in close succession recently and normally there is only usually every day activity it is going to raise suspicion.
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I dont mind them asking but i just feel they dont believe a word i say & the manager was on the verge of harasment! ive been with the same bank all my life, have a morgage,credit card & savings with same. so what happens next will the guards be at the door?? I have 2 more accounts to close!
 
Look you are dammed if you do and dammed if you don't. It is a matter of law that the Banks ask the questions. I bet if you knew the legalities of these matters and weren't asked, you would have another post criticising the Banks concerned.

Loosen up and count yourself very lucky to have the money in the first place.
 
I do count myself lucky, but this is cash i worked dam hard for 7 days a week, payed my tax on & am only movin it around to try make the most of it & make sure it safe. as i said i have no problem with them asking but the manager went beyond asking. I just feel it a sad day when you have to account for every penny thay you have, but yes i no thats the times we live in
 
Money Laundering Legislation requires that bank employees are obliged to ask questions if they have ANY suspicions regarding ANY value of funds they receive.
If the official reports it up the line, the person to whom it is reported is obliged to satisfy themselves as to the source of funds. If they have ANY suspicions regarding ANY value of funds then they MUST report onwards and upwards until it is eventually passed to the Gardai Money Laundering section...
It is nothing personal, it is just people doing their job and covering their rears!
 
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Why didn't you just ask him to look at the cheque you had lodged? It was surely a INBS cheque or did you withdraw cash?
 
No wasnt cash, the money was transfered in online, so he could see exactly where the money had come from. I can understand wher all the questions would be coming from if i had walked in with a load of cash to lodge. alarm bells would & should go off!!
 
Bigmc - I wouldnt worry too much about it, once you can prove where the money came from, you will be fine. I know it is a bit of a pain when you are being questioned and made feel somewhat like a criminal when of course you not.

Your bank manager should be more courteous to you especially as you have been banking with them for years. You probably feel like moving away from them now but in the circumstances you find yourself in it maybe not a good idea right now
 
I know it is a bit of a pain when you are being questioned and made feel somewhat like a criminal when of course you not.
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Thank you Marietta, this is exactly how i feel. Does anyone know what happens next can i expect a call from the guards?
 
Bigmc said:
Thank you Marietta, this is exactly how i feel. Does anyone know what happens next can i expect a call from the guards?
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I would imagine the worst that will happen is they might notify revenue who in turn may decide to look over your records.

You say you can vouch for all the funds so in that case I wouldn't be worried.

Your banks attitude left a lot to be desired.
 

This kind of carry on by a bank manager gets up my nose also. Tell the bank in question that if the money is in their way, you will move it elsewhere as other institutions appreciate funds coming into them.
 
Bigmc you have my sympathies - you will just have to put up with it. I was going to suggest you report the Manager but you would only be waisting your time.
 
Just tell him it came from the INBS and nothing else. When the INBS got the money from you in the first place they were required to make sure that it was lodged under money laundering legislation. Is your manager suggesting that the INBS did not do their job properly?
 
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