Notification by bank re transfer of funds

Are banks legally obliged to notify customers if large sums of money are transferred electonically from their accounts to other accounts? Is there a threshold amount of money and within a certain time, e.g. X thousand euro in 24 hours?

I know that if I make an electronic transfer of money, the log-in details, passwords etc should prevent fraud, but it's still not the same as going into a bank, presenting your ID and signing off on a transfer.

Any help much appreciated.

The bank is not obliged to inform you. The transactions on your account are your own responsibility. Some people may transfer thousands in and out on a daily basis and would not want to be annoyed with notifications every time. The bank issues you bank statements to show all your transactions, it is up to you to inform them if there are an unwanted or unauthorised transaction on your account.

As you say, online banking systems have login procedures which verify that you are the person authorised to use the account. There are transfer limits on the online systems. These are different from bank to bank, for instance KBC will let you transfer a maximum of 15K online in one day whereas most others won't allow you to transfer more than 5K.

Many of the online systems allow you to set up text alerts on your account so that you receive a text message if a large amount is deposited or a large amount is withdrawn or your balance falls below a certain amount. This is particularly handy if you are waiting for your salary to arrive or want to make sure you always have a minimum in your account for emergencies.

Ulster bank always insist on sending a snail mail letter every time you receive a transfer from abroad.

This has caused problems where said letters were received by the wrong parties.

That reminds me. KBC only launched internet banking in the last year or so. Previous to that, you had to do everything by post. Back then they would always send you a confirmation letter after every transaction.

When they launched their internet banking, this procedure was still in place for a few months. If you moved €5 online from account A to account B, you would receive a letter confirming the withdrawal from account A and another letter confirming the lodgement to account B. In the first month I received 20 separate letters from them.

They seem to have since resolved this issue, now I only receive quarterly bank statements. Mind you, it is still a separate statement and posting for every account I have.

Time said:

Ulster bank always insist on sending a snail mail letter every time you receive a transfer from abroad.

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I do a monthly transfer into Ulster and get a letter every month, no idea why. Also if I transfer from Ireland out they send me a letter, even for amounts that are only a couple of hundred.