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What would happen if you tried to transfer 100M into a Credit Union account?

  • 30-06-2022 11:14am
    Registered Users Posts: 5,994 ✭✭✭

    I don't have 100m but since the CU gave me an IBAN number I have wondered what would happen if you transferred an insane amount of money into it, either in one go or lots of small transactions of a few k each.

    My credit union will start flapping its wings with fear and anxiety once you touch the 40k mark. So what happens if an attempt is made to pump many millions into it? Do the transfers eventually fail or get rejected?


  • Registered Users Posts: 548 ✭✭✭POBox19

    A red light would start flashing inside the CU and you'd wake up some morning soon to a bang on the door a blue light flashing outside.


  • Moderators, Business & Finance Moderators Posts: 9,426 Mod ✭✭✭✭Jim2007

    I'm not going to answer nonsense questions on a professional forum. You would not be able to figure out how to get the money into the banking system in the first place, so the question does not arise.

    To find out what happens in the normal sequence of events if you go over their deposit limits you need to read the terms and conditions of your account and business relationship. Each CU is independent, so the rules and penalties if any, may vary from one union to another. There are three possible outcomes, only your CU can tell you what will happen:

    • The amount is credited to your account and you may be penalised in some some way
    • It is returned to the sending bank
    • It is placed in suspension and left there until you sort it out

    It is worth pointing out that doing stupid things have consequences. Lending institutions including CUs like to lend to people, with a good record and an ability to pay back the borrowings. If you build up a reputation for failing to operate your accounts within the terms and conditions you agreed to, you may find that they are unwilling to trust you with their money.