Paying in cash

[chris52]

I tried paying in some cash into the Yorkshire Bank today as I had sold my car a few days ago. Only to be told that they cannot accept it as I didn't have a reciept of sale. Now I could understand if I was trying to pay in £10k+ but it was only £3200 and it was to pay off the outstanding ballance of the loan I took out when I bought the car.Is this common practice with banks today that you can't pay in cash or is it just the Yorkshire bank thats being awkward I have been with them for 30 years, I have my salary paid in direct to them.

When I returned Home I contacted them to try make sense, they told me it was money laundering regulations.So I asked well how much can you pay in the reply was sorry thats confidential. So how the hell are you supposed to know all this, what a waste of time. I then asked how I can get this cash into my account so I can pay off this loan and they replied without a reciept you can't.

What would you do??

Chris

[pokethepope]

chris52 said:

What would you do??

Chris

Change bank.

[Eric Mc]

I thought that the legal limit was in the region of £9,000. Perhaps they have set a much lower limit for themselves.

[Phooey]

was it in 1p pieces


I am surprised they wouldn't accept £3200. Did they not even offer to bank some of the money!!??

[Gareth79]

Eric Mc said:

I thought that the legal limit was in the region of £9,000. Perhaps they have set a much lower limit for themselves.

There is no legal limit to how much you can pay in to any bank, however above a certain limit they need to report it to some central location (I'm sure it's all automated though), but perhaps they have a company policy of wanting proof of the source for their own protection, although clearly it would be easy to print out a fake sale receipt or something.

There is a separate procedure for businesses which accept cash over a certain amount (£10k I think).

Edited by Gareth79 on Friday 17th December 17:41

[Eric Mc]

Gareth79 said:

Eric Mc said:

I thought that the legal limit was in the region of £9,000. Perhaps they have set a much lower limit for themselves.

There is no legal limit to how much you can pay in to any bank, however above a certain limit they need to report it to some central location (I'm sure it's all automated though), but perhaps they have a company policy of wanting proof of the source for their own protection, although clearly it would be easy to print out a fake sale receipt or something.

There is a separate procedure for businesses which accept cash over a certain amount (£10k I think).

Edited by Gareth79 on Friday 17th December 17:41

Yes, it was the legal REPORTING limit I was thinking of. It was set at €11,000 which was translated in UK law to £9,000.

[Austin.J]

I can't think why they didn't accept it, like others have said, time to change banks.

[matthewg]

Write a receipt out. Problem solved.

[tank slapper]

Gareth79 said:

There is no legal limit to how much you can pay in to any bank, however above a certain limit they need to report it to some central location (I'm sure it's all automated though), but perhaps they have a company policy of wanting proof of the source for their own protection, although clearly it would be easy to print out a fake sale receipt or something.

It is worth noting that the penalties for not following the money laundering regs are personal - it is the cashier who would get in trouble if it later turned out that specific transactions that were not queried when paid in, were discovered to be dodgy at a later date, not the company.

[chris52]

What got to me was the fact that if this is there policy then why not tell their customers. There was a queue of people behind me who could hear what was going on and to be rufused to be able to pay in cash made me feel like a criminal. Not only that but everyone in the bank new I had (as she called it) a large amount of cash that I would have to carry back out of the bank. What would they have done if I had been bashed on the back of the head?

Just to add to this when I was later speaking to the branch manger on the phone she also said that if I wanted to withdraw that amount of cash she would need proof of what I was spending it on or she would refuse that aswell. This really is madness.

I have made the decision to move my account to another bank. Not sure wich one yet but will look into it.

Chris

[luke66]

make up a receipt

[Phooey]

chris52 said:

Just to add to this when I was later speaking to the branch manger on the phone she also said that if I wanted to withdraw that amount of cash she would need proof of what I was spending it on or she would refuse that aswell

are you making this up!?

tell the nosy cow to fk off and mind her own business and you are spending it on coke and hookers for the weekend (in a loud voice so the queue of people behind can hear that too)

Edited by Phooey on Friday 17th December 19:57

[Sarnie]

chris52 said:

Just to add to this when I was later speaking to the branch manger on the phone she also said that if I wanted to withdraw that amount of cash she would need proof of what I was spending it on or she would refuse that aswell. This really is madness.

What!?!?!?!?!!??!

Tell her it's for hookers and drugs.

I can fully understand the money laundering regulations for banks recieving money, but what the fk has it got to do with them what your doing with it when you withdraw it?????

[Piersman2]

I paid in £5.6k when I sold my last car. Cash, in twenties.

Took forever as they counted it , and they found a duff note amongst it, but didn't bat an eyelid.

Natwest... is sounding a more grown up bank everytime I hear one of these tales of the unexpected.

Change bank.

[chris52]

Phooey said:

chris52 said:

Just to add to this when I was later speaking to the branch manger on the phone she also said that if I wanted to withdraw that amount of cash she would need proof of what I was spending it on or she would refuse that aswell

are you making this up!?

tell the nosy cow to fk off and mind her own business and you are spending it on coke and hookers for the weekend (in a loud voice so the queue of people behind can hear that too)

Edited by Phooey on Friday 17th December 19:57

Not making this up although it does seem ridiculous.

I will be sending them a nice letter and changing probably to the Nat-West

Chris

[Burrito]

chris52 said:

Phooey said:

chris52 said:

Just to add to this when I was later speaking to the branch manger on the phone she also said that if I wanted to withdraw that amount of cash she would need proof of what I was spending it on or she would refuse that aswell

are you making this up!?

tell the nosy cow to fk off and mind her own business and you are spending it on coke and hookers for the weekend (in a loud voice so the queue of people behind can hear that too)

Edited by Phooey on Friday 17th December 19:57

Not making this up although it does seem ridiculous.

I will be sending them a nice letter and changing probably to the Nat-West

Chris

Incredible! Definitely time to change banks. I've paid in and taken out over £10k without more than a cursory "buying/sold a car Mr Burrito?" with HSBC.

[Robin Hood]

I paid £16,500 in £50 notes into my Halifax personal account in August, she asked if I'd sold something and I said yes, a car. That was it, no problem at all.

[y282]

stuck 25k in about a year ago, left it in current account for a few months. every time i paid anything in i got the standard lecture "what are you going to do with it, etc, etc".

in the end i did start saying it was for hookers.

[Haighermeister]

Due to money laundering stuff.

Do you live in a large city? Somewhere that money laundering may take place new than normal?

When I worked for lloyds, we always questioned anyone paying in more than 5k (to cover our backs as well as for funds attraction points purposes)

Asking for proof of where the cash is from is well out of order though, change banks....

[Cotty]

Haighermeister said:

When I worked for lloyds, we always questioned anyone paying in more than 5k (to cover our backs as well as for funds attraction points purposes)

Where the money comes from is non of your buisness. If you don't want it ill take it somewhere else