Sella Bank (Ireland) Ltd.
Georges Court, 54-62 Townsend Street
Dublin 2, Ireland.
Our ref: SBK-IE/WLD-47/4392/17 Date: 30th March, 2017
NOTICE OF ACCOUNT CLOSURE IN SUMMARY:
This notice is to implement the 2001 law relating to the management of abandoned property that puts an
obligation on the central bank to provide the Ministry of Justice with information on the abandoned money on accounts
held in banks and other financial institutions.
"Unclaimed funds and balances on account that have been inactive shall be transferred to the Central Bank by a
deposit taking institution, within a period not exceeding thirty (30) days" according to the regulation.
Since the regulation obliges us to notify you as the owner of the account/fund before handing over your unclaimed
balances to the Central Bank, we are therefore reaching out to you to make known of this decision that at next month
end, we shall turn your funds to the Central Bank Under Section 20 of the Dormant/Inactive Accounts Act 2001.
You have the opportunity to urgently respond to reclaim your funds before the fund is turned over to the Central
Bank. Reluctance on us to transfer the concerned funds, the central bank's regulation provides a penalty on our bank.
If your fund is finally turned to the central bank, the central bank will hold your funds for one year, in keeping with
the central bank Act before the funds finally goes to the general reserves.
Unfortunately, we cannot continue with the proposed ATM Debit Card Payment System. Investigations through
the Card Issuer Services indicate that you cannot use foreign bank issued credit cards and debit cards from Ireland in your
country. Except when the bank issuing the cards operate branches in your country, that is the only time you can use such
credit and debit cards issued by Ireland banks. Based on these findings, we dont want a situation that you will be barred
from using these ATM Debit Cards for drawing through this source.
However, in our capacity as the holding bank, we have the capacity to save your funds for the future, instead of to
allow your fund to be turned to the central bank. There is a new arrangement where you can receive this money by Secure
Money Transfer System (SMTS) through a Non Resident Deposit Account. Paying you through Secure Money Transfer
system is guaranteed, it is incredibly well regulated and affords individuals who bank, insure, incorporate or invest on the
island excellent levels of protection and security.
In case you don't know, Secure Money Transfer system can suit many individual and corporate requirements and
for those who wish to avoid paying local taxes on interest earned on their account balance for example, and opening an
offshore bank account with us can help a company director avoid this taxation in a perfectly legal way. For expatriates or
international business travelers, this type of account can offer greater flexibility and a cost effective central account for
international financial transactions. An online bank account can provide you with international access to funds, it can offer
you the ability to transact in multiple currencies, have credit or debit card, issue and receive cheques, check your balance
Even if you have banked with a given institution for many years, if you are suddenly about to come into a large
sum of money – in the form of an inheritance pay out, contract, royalties, commissions for a book sold or just a lump sum
from an investment or a deal for example which runs into millions of dollars – the vast majority of banks will treat the
money and you with suspicion.
And even if the bank accepts the money – and many banks won't – they will hold it for as long as they need to
while they conduct investigations into the legitimacy of the source. During this period, you will have no access to funds in
your account, you will be subject to financial scrutiny and you will have to provide information required of you to prove
the legitimacy of the money.
At times like this, Secure Money Transfer system account is the best – but only if you have a strong backing and
directive of a fiduciary agent who has personal strong connections with a reputable bank and who can introduce you, get
such account opened without fuss.
MORE GOOD THINGS ABOUT SECURE MONEY TRANSFER SYSTEM:
The SMTS banking advantage nowadays is not so much about saving tax on earnings and savings but on having
your fund well secured, not having the financial services commission investigating the source of the money, having instant
access to your money and the ability to easily conduct international transactions; this is a guide to the main advantages of
There are many people nowadays who have homes and financial commitments in more than one geographic
location and who require the ability to receive and move money around the world. For these types of people a basic
domestic bank account is not sufficient. Those who have tried to receive international payments into an onshore current
account for example will know that the fees charged if the payment currency differs from the account currency are
People who live or regularly travel abroad either for work or leisure purposes can find themselves in the situation
where they need access to funds or the ability to check an account balance or make a transfer but they are away from
their domestic bank and outside the time zone of the bank's operations centre - this is an occurrence all too familiar with
expatriates and international business persons. With your secure online offshore bank account, you do not need to travel
down to the bank to make your transactions, all you need is your computer, connected to the internet, you stay at home,
access your account online with your USER NAME and PASSWORD, check your account balance, transfer funds to any
other account anywhere in the world, 24hrs, 7 days of the week. Increased levels of customer and transaction privacy,
potential tax saving advantages, to be able to transact in different currencies and higher interest payable on savings are
additional benefits of having an offshore online account. International credit and debit cards that give the online bank
account holder the ability to physically access his money anywhere in the world at any time of the day or night can also be
managed online with an offshore bank account and lump sums paid off with the click of a mouse.
After your account is activated, your access password will be sent to you to enable you access your account to
transfer funds to any destination account, in any part of the world. You will be the only person to access and operate this
secure SMTS account. You can transfer funds to any other account of your choice and can also leave funds in your online
account, it will always be safe and secure.
Please find attached copy of your account statement indicating the current status of your fund, under
"DORMANT/INACTIVE SUSPENSE STATUS".
A suspense account is an account in which items are entered temporarily before allocation to the correct or final
account. Because your fund is currently under suspense Dormant/Inactive status, you must apply for the reactivation and
conversion to a non resident deposit account, so that the fund can be allocated to you as the verified and eligible
If you are interested in this new arrangement, and on your request, I will send the account reactivation forms and
other requirements to complete the reactivation and conversion process.