How much money can I have in an 11Onze account?
El Canut, our super app, continues to grow and add functionalities that can sometimes raise questions among our customers. We spoke to Iu Alemany, back office manager at 11Onze, to clarify why there is a limit of 15,000 euros in 7 calendar days on deposits to 11Onze accounts.
“This doubt about the limitation on the amount that can be transferred is a great sign of the trust that our customers place in us,” says Iu Alemany. At 11Onze we want all financial services to be 100% secure. And that is precisely why, Alemany explains, our financial services provider needs to validate that all transactions exceeding 15,000 euros within 7 calendar days comply fully with the Law 10/2010.
“Law 10/2010 compels us to justify the origin of the money when it comes to income of more than €15,000. The Back Office team can help us to speed up the procedures”.
Why is the amount that can be transferred limited? What exactly does Law 10/2010 foresee?
In fact, it is possible to transfer more than 15,000 euros in 7 calendar days, whether it is €15,001 or €25,000, the whole amount will be blocked, not just the figure above €15,000. This amount will be withheld, because our financial provider, due to the money laundering regulations, this Law 10/2010, needs to validate the origins of this money with a series of documents. Once the documents presented by the client are validated by our provider, the money is no longer withheld and is immediately available to the client.
In the event that a client needs to make transfers of large amounts to the 11Onze account, what are the procedures to be followed?
If a customer plans to deposit more than 15,000 euros in less than 7 calendar days, they can do two things. First, make a deposit of just under 15,000 euros, wait 7 calendar days, and then deposit the amount you want again, thus avoiding the procedures explained above and the temporary retention of the money. You can make as many deposits as you wish following these rules, up to a maximum account balance of €50,000. If a customer with a balance of €50,000 on the account makes a new deposit, which exceeds the balance, this deposit will be returned to the account of origin once the relevant validations have been carried out.
And the second one?
If you notify the 11Onze Back Office team of your wishes by sending an email to [email protected], we can move forward with the procedures for each specific case, and therefore speed up the waiting time for the unblocking of the balance that is withheld. Or, if we have the documentation ready before the transfer, we can even inform our supplier in advance and justify the transfer that is about to be made. In this way, we will certainly be able to avoid withholding part of the incoming payment.
Do you think this limitation will be removed in the near future?
These deposit limits of €15,000, and a maximum balance of €50,000, are under review, and when changes are made we will inform you promptly. For now, we are improving the process to make it as painless as possible for the customer, and faster approval by our provider.
Did you expect people to transfer so much money to their 11Onze accounts?
We didn’t expect the response we’ve had in the short time we’ve been operational. The fact that our customers have had this doubt is a great sign of the trust they place in us, and of the desire they have to be part of a new way of doing finance. It is a clear sign that most people are tired of traditional banking and want to be part of something different. We have no doubt that all this passion in the Catalan financial sector translates into doubts, such as this limitation of 15,000 euros. That is why we want to make the path as easy, agile, and transparent as possible for our customers.
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