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    • scrooge2008
    • By scrooge2008 12th Jul 17, 7:15 PM
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    scrooge2008
    Locating the source of funds
    • #1
    • 12th Jul 17, 7:15 PM
    Locating the source of funds 12th Jul 17 at 7:15 PM
    I am assisting a friend who is managing his mother's finances (POA - she has dementia).

    There is a bank giro credit coming in to a TSB bank account which averages £1,000.00 a month, source unknown.

    We asked the bank to locate where it was coming from and they have just phoned to say that it originates from Citibank Ireland and the reference is Federal Reserve Bank Account. The bank was unable to give us anymore information or to advise us on how to proceed.

    What should we do next?

    Thank you for your help.
    I learned that courage was not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear.
Page 1
    • Browntoa
    • By Browntoa 12th Jul 17, 7:23 PM
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    • #2
    • 12th Jul 17, 7:23 PM
    • #2
    • 12th Jul 17, 7:23 PM
    Monthly payment is likely to be a pension ?

    Shares dividends would be quarterly or annual
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    • scrooge2008
    • By scrooge2008 12th Jul 17, 7:34 PM
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    • #3
    • 12th Jul 17, 7:34 PM
    • #3
    • 12th Jul 17, 7:34 PM
    Thanks - her second husband was American, so that would make sense.

    Is it just a case then of letting it continue until she dies? She is 90 now and it would be useful to know who we should get in contact with when she passes away.

    There is no record in her paperwork of this pension, but she does get regular, monthly, dollar cheques from Prudential America with whom her late husband had a pension.
    I learned that courage was not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear.
    • agrinnall
    • By agrinnall 12th Jul 17, 8:22 PM
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    agrinnall
    • #4
    • 12th Jul 17, 8:22 PM
    • #4
    • 12th Jul 17, 8:22 PM

    There is a bank giro credit coming in to a TSB bank account which averages £1,000.00 a month, source unknown.

    We asked the bank to locate where it was coming from and they have just phoned to say that it originates from Citibank Ireland and the reference is Federal Reserve Bank Account. The bank was unable to give us anymore information or to advise us on how to proceed.
    Originally posted by scrooge2008
    I think that TSB would need to request Citibank to provide more information - it's very unlikely that the SWIFT transactions won't have additional information about the originator that you haven't been given yet. That might then require further communication with the bank that sent the payment - I'm not competely convinced it actually was the Federal Reserve Bank, which is the US equivalent of the Bank of England, although if the second husband was a government employee it's possible that the pension would have come from the Fed.
    • Geoff1963
    • By Geoff1963 12th Jul 17, 8:37 PM
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    Geoff1963
    • #5
    • 12th Jul 17, 8:37 PM
    • #5
    • 12th Jul 17, 8:37 PM
    averages £1,000.00 a month
    How far back do the records go ? There might be some mathematical clues :
    1) Are the amounts larger, when there is a longer gap ( weekends, bank holidays ) so it is actually so much / day ?
    2) Do the amounts fluctuate with the exchange rate to US dollars, Euros etc. ?
    3) Do the amounts step up at the same month each year, as if they are tracking inflation ?

    it would be useful to know who we should get in contact with when she passes away.
    Do accounts automatically close on the account holder's passing ? Probably.
    I'd suggest making sure Citibank Ireland have your contact details with authority to pass them on if whoever is paying, asks. It may be a person, rather than a business, and they are wanting to remain anonymous ; at least for now.
    • xylophone
    • By xylophone 12th Jul 17, 9:01 PM
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    • #6
    • 12th Jul 17, 9:01 PM
    • #6
    • 12th Jul 17, 9:01 PM
    How long have the payments from this source been made into the account?

    Was the late husband an employee of the US Government?

    https://en.wikipedia.org/wiki/Federal_Reserve_Bank
    • scrooge2008
    • By scrooge2008 12th Jul 17, 9:36 PM
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    • #7
    • 12th Jul 17, 9:36 PM
    • #7
    • 12th Jul 17, 9:36 PM
    I have just been speaking to elderly lady's niece and she believes that the American husband was in the military for a period of time.

    She is going to speak to her aunt tomorrow and see if the information gleaned so far will prompt her to remember the source of income.

    It is difficult to track account online because there is just a total as bank says it is a passbook account, with the passbook missing, but were able to look up transactions on an internal system. The last payment came in on 3rd July for £1,131.98. We should have asked the bank for a printout of transactions - will do that next.

    Thanks for the replies.
    I learned that courage was not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear.
    • antrobus
    • By antrobus 12th Jul 17, 9:43 PM
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    • #8
    • 12th Jul 17, 9:43 PM
    • #8
    • 12th Jul 17, 9:43 PM
    The Federal Reserve banks does not do bank accounts for individuals. You have to be bank or some kind of financial institution to have an account with them.

    It would be odds on that the payment is in USD and so the GBP equivalent will fluctuate in accordance with cable.
    • agrinnall
    • By agrinnall 13th Jul 17, 9:25 AM
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    agrinnall
    • #9
    • 13th Jul 17, 9:25 AM
    • #9
    • 13th Jul 17, 9:25 AM
    The Federal Reserve banks does not do bank accounts for individuals. You have to be bank or some kind of financial institution to have an account with them.
    Originally posted by antrobus
    But as I suggested, the US Government may be able to bank with them, and as it now seems possible that the person was in the military that's another pointer to the Fed being the source of the funds.
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