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banking large amounts of cash
Posted: Mon Dec 17, 2007 10:00 pm
by pat624
I have quite a significant amount of cash to bank, the accumulation of a few months winnings.
How much can you deposit cash before the bank starts asking awkward questions?
I dont want them to think I am a drug dealer or something!
Pat
Posted: Mon Dec 17, 2007 10:10 pm
by bowie
Ten Grand.
Posted: Mon Dec 17, 2007 10:49 pm
by harry 3
Re: banking large amounts of cash
Posted: Tue Dec 18, 2007 8:32 am
by pokerpete
pat624 wrote:I have quite a significant amount of cash to bank, the accumulation of a few months winnings.
How much can you deposit cash before the bank starts asking awkward questions?
I dont want them to think I am a drug dealer or something!
Pat
Then when they ask you, tell them you won it on fruit machines.
Seriously, banks don't care. They have to sometimes ask questions for money laundering detection, but you're not laundering money, or doing anything illegal so you'll be fine. Bag it up in the right amounts.
Posted: Tue Dec 18, 2007 8:44 am
by PMK
Barclays, or certainly most barclays have these new machines inside that takes ALL coinage(uk of course).
You just bung your card in, chuck it all in the tray watch on the screen as it counts it up and then prints you a receipt and its credited within 24 hrs. No charge, no que no hassle!!!
Posted: Tue Dec 18, 2007 2:25 pm
by geegee-11
banks shouldn't ask questions like that anyway. its personal you don't have to answer even if they did
Posted: Tue Dec 18, 2007 2:34 pm
by harry 3
The government has powers of seizure, though. Can take years to get it back. The banks are guided by the Ombudsman and the FSA.
Posted: Tue Dec 18, 2007 3:07 pm
by Stevie S
Ive always wondered about this. As i have this trouble everyday. What to do, what to do.
.
Posted: Tue Dec 18, 2007 3:37 pm
by milk monitor
Bingo halls don't seem to care.
Posted: Tue Dec 18, 2007 4:27 pm
by pokerpete
geegee-11 wrote:banks shouldn't ask questions like that anyway. its personal you don't have to answer even if they did
If the bank has reason to believe you are laundering money, the HAVE to ask questions. If you choose not to answer, they are obliged to submit a Money Laundering Suspicion form and the fraud squad will take it from there.
You're better off answering the question honestly and that will be the end of the matter.
Posted: Wed Dec 19, 2007 10:42 pm
by CrosbyRules
Tried to bank 800 pound coins today, they said no!
Posted: Wed Dec 19, 2007 11:51 pm
by quizard
Did they give any reason?
If you have an account and present the money properly bagged up in £20s they can hardly refuse.
Posted: Thu Dec 20, 2007 12:20 am
by bigpokercouk
quizard wrote:If you have an account they can hardly refuse.
Damn.. An account, knew there was something I forgot!
Posted: Thu Dec 20, 2007 12:24 am
by bigv038
quizard wrote:Did they give any reason?
If you have an account and present the money properly bagged up in £20s they can hardly refuse.
5 bags a day is the limit at my bank
Posted: Thu Dec 20, 2007 12:33 am
by Mattb
I can't believe people keep getting turned away! I've been banking coins in their hundreds the last few years and never been refused once.