Does anyone know what the transaction limit is, over which banks are required to seek details of the transaction purpose for the revenue commissioners?
I generally try to give companies (not just banks) only the information they require for the task at hand. Too often, they try to gather additional information to profile their customers - occupation, 20 different contact numbers etc. - where it's not relevant.
Today, I was transferring money from one account to another, and the staff member in the bank from which I was withdrawing it was really quite insistent that they wanted to know the reason. I know that above a certain limit, transactions have to be reported to revenue, but I doubt this was anywhere close to that limit, and it really just seemed like nosiness.
I generally try to give companies (not just banks) only the information they require for the task at hand. Too often, they try to gather additional information to profile their customers - occupation, 20 different contact numbers etc. - where it's not relevant.
Today, I was transferring money from one account to another, and the staff member in the bank from which I was withdrawing it was really quite insistent that they wanted to know the reason. I know that above a certain limit, transactions have to be reported to revenue, but I doubt this was anywhere close to that limit, and it really just seemed like nosiness.