We reserve the right to require verification of identity and address from you where your Account is designated as an ‘Inactive’ Account, that is to say where no transactions have been effected on the Account for a continuous period of 3 years and for the purposes of this Condition, a transaction is a lodgement or transfer to or a withdrawal or transfer from the Account.
Fair point Freelance, and they did mention that to me. But still very customer-unfriendly IMO. I'm going to drop into their head office myself (it's not too far from me) and insist they write the letter themselves, if only to make a point and make me feel better.
When where banks ever customer friendly?
But still very customer-unfriendly IMO.
Why would having an inactive account make you suspected of being a money launderer?It's not a question of being customer friendly, it's a question of compliance with the law. The account has not been used for three years, should it go pear shaped, the bank could face serious legal consequences.
And playing silly buggers is not advisable, because if they become suspicious of you, the next step is to report you as a potential money launderer... and the people you will have to deal with then don't even have customer friendliness at the bottom of their list.
That's what I'll be doing. And letting them know of my displeasure.Can't you just bring the documents to a branch? Then they could make their own copies.
My understanding is that a legally dormant account is one that had no transactions for 15 years. This seems to be PTSB's own definition of "inactive", which is just 3 years.It's not a question of being customer friendly, it's a question of compliance with the law. The account has not been used for three years, should it go pear shaped, the bank could face serious legal consequences.
And playing silly buggers is not advisable, because if they become suspicious of you, the next step is to report you as a potential money launderer... and the people you will have to deal with then don't even have customer friendliness at the bottom of their list.
My credit union also quoted 3 year rule. I now transfer a small amount from my shares account to my deposit account every January.That's what I'll be doing. And letting them know of my displeasure.
My understanding is that a legally dormant account is one that had no transactions for 15 years. This seems to be PTSB's own definition of "inactive", which is just 3 years.
Why would having an inactive account make you suspected of being a money launderer?
Stick the documents they want in an envelope and post it off to satisfy their silly little outdated in-house procedure and save your blood pressure.
My understanding is that a legally dormant account is one that had no transactions for 15 years. This seems to be PTSB's own definition of "inactive", which is just 3 years.
OK fair enough if that's the purpose - but I already proved my identity to them when setting up the account. And now I have a full online setup available to me where I can transfer up to €5000 per day to any account I like. So they must be satisfied with my identity. They can see that I login regularly, and have regular transactions on other accounts. Is that not enough security for them to just add a button online for this account to say "reactivate account"? Instead of asking me to write a letter?Their procedure is not out of date, in fact it is right up to date and is intended to prevent a common money laundering tactic that relies on using dormant and in active accounts.
OK fair enough if that's the purpose - but I already proved my identity to them when setting up the account.
Banks have to set up internal money laundering controls on a risk basis. Maybe they have some internal analysis showing that inactive accounts are regularly used for suspicious transactions. I don't know.
Set up an annual standing order of a euro or something so that it doesn't happen again.I dropped by my bank branch today and to be fair they sorted it immediately with very little fuss. I just had to show ID, they did the rest.
Interestingly they mentioned that anytime from 18 months without activity, an account can be deemed inactive. With PTSB.
Their procedure is not out of date, in fact it is right up to date
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