How much cash can you put into your bank account ?
03 June 2006, 06:14 PM
#1
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How much cash can you put into your bank account ?
Before you get asked questions ???
I reckon its about 8k
When i deposited my bankers draft for my convertible i got asked a few questions by the clerk & asked if i wanted to see someone about savings. That was 31k & it went straight into my savings.
This was all accountable ......... but what if its not ???
Your opinions please
I reckon its about 8k
When i deposited my bankers draft for my convertible i got asked a few questions by the clerk & asked if i wanted to see someone about savings. That was 31k & it went straight into my savings.
This was all accountable ......... but what if its not ???
Your opinions please
03 June 2006, 06:28 PM
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Originally Posted by Scooby-Doo
I've moved six figures about and not been asked questions. Shame it was only virtual money between houses 
03 June 2006, 07:43 PM
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Im sure they would start asking questions if you starting putting in large amounts in cash over the counter on a regular basis, but lots of people must sell cars and get paid in cash, so would go and pay in say £20k over the counter, so I doubt it really raises eyebrows of bank staff.
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is it an Irish bank ?
03 June 2006, 07:51 PM
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actually, they are doubtful to ask too many questions if you pay a large amount into the bank as this may be seen as 'tipping off' by the financial authorities and can actually mean prison time for that cashier if you're really a money launderer...
they are more likely to take the money and send the details to a money laundering team to investigate behind the scenes...
There may well be a limit to how much you can have in your account but this would be quite a large amount i would imagine....
they are more likely to take the money and send the details to a money laundering team to investigate behind the scenes...
There may well be a limit to how much you can have in your account but this would be quite a large amount i would imagine....
03 June 2006, 08:03 PM
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I think the bank clerks express an interest when you deposit a large sum of money into a current account....and it's absolutely doing nothing !
It's in their interest to encourage you to put it in some other high interest savings account...and they get commission if they persuade you to do this
Of course, if you deposit large sums of money frequently...the bank clerks will shop you to the tax man
It's in their interest to encourage you to put it in some other high interest savings account...and they get commission if they persuade you to do this
Of course, if you deposit large sums of money frequently...the bank clerks will shop you to the tax man
03 June 2006, 08:12 PM
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Anyone working for a financial organisation (even the IT staff, with no customer contact) takes a course (though usually a self-taught one) on the FSA regulations of money laundering.
Its not about absolute value - and there's certainly no 'reasonable' limit to your account level (I wouldn't worry about 13K
)
Its more about patterns and suspicion of laundering. Anyone not reporting a suspected transaction is liable, as well as the person doing the transaction. Most cashiers have access to a system to allow reporting of these transactions to a fraud department within the organisation.
Also, the organisations feed these to a central system (all the finance houses I've worked for use the same one, but I'm sure that there must be several), so that transactions can be tracked, if under suspicion.
The other thing to bear in mind is that, though 10K might seem a lot to an individual, a single payment of this amount is pretty small-fry. I've deposited this kind of amount occasionally and I've used 'switch' to transact more than this in the past - don't forget that some company directors (IT Contractors for example) pay themselves this sort of money each month (And I'm not one of these !!)
Mark
Its not about absolute value - and there's certainly no 'reasonable' limit to your account level (I wouldn't worry about 13K
)Its more about patterns and suspicion of laundering. Anyone not reporting a suspected transaction is liable, as well as the person doing the transaction. Most cashiers have access to a system to allow reporting of these transactions to a fraud department within the organisation.
Also, the organisations feed these to a central system (all the finance houses I've worked for use the same one, but I'm sure that there must be several), so that transactions can be tracked, if under suspicion.
The other thing to bear in mind is that, though 10K might seem a lot to an individual, a single payment of this amount is pretty small-fry. I've deposited this kind of amount occasionally and I've used 'switch' to transact more than this in the past - don't forget that some company directors (IT Contractors for example) pay themselves this sort of money each month (And I'm not one of these !!)
Mark
03 June 2006, 08:40 PM
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i keep all my money in the safe at home..............its alot to deal with...........always wondering if i get burgled then ill lose all my money when they break into the safe...........ill lose all of my life savings which is about 26p
03 June 2006, 08:43 PM
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Miss Speye91 deposited 18k in her account and was taken into a room and asked questions about ,where she got it (cheeky *******)and if she was intrested in "investing it "
mick
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03 June 2006, 09:49 PM
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Ok so the way to go is to get the money split & move it around in sums of 12k.
Anyone got an idea as to how long it takes to open bank accounts ??
Ps this has nothing at all to do with me Mr Tax Man. Its all hypothetically (sp?) speaking.
Anyone got an idea as to how long it takes to open bank accounts ??
Ps this has nothing at all to do with me Mr Tax Man. Its all hypothetically (sp?) speaking.
03 June 2006, 09:54 PM
#18
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Originally Posted by falkster
I didnt think there was a limit!!! Ive had 13k in my current account for the last twelve months!!
Pete
03 June 2006, 10:11 PM
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I work in mortgage underwriting...
Had an application where the guy said he was on £330,000 per annum.. this is on a 'self cert' where we dont ask for proof.. so i'm like 'hhm yeah right'
Equifax Credit search showed he had £249k in a current account, and £73k in another... (aswell as about 20 mortgages lol) + 6 different savings accounts.
Could have been just a temp amount after a house sale.. but you can have it!
Had an application where the guy said he was on £330,000 per annum.. this is on a 'self cert' where we dont ask for proof.. so i'm like 'hhm yeah right'
Equifax Credit search showed he had £249k in a current account, and £73k in another... (aswell as about 20 mortgages lol) + 6 different savings accounts.
Could have been just a temp amount after a house sale.. but you can have it!
03 June 2006, 10:12 PM
#23
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Originally Posted by chrisola
I work in mortgage underwriting...
Had an application where the guy said he was on £330,000 per annum.. this is on a 'self cert' where we dont ask for proof.. so i'm like 'hhm yeah right'
Equifax Credit search showed he had £249k in a current account, and £73k in another... (aswell as about 20 mortgages lol) + 6 different savings accounts.
Could have been just a temp amount after a house sale.. but you can have it!
Had an application where the guy said he was on £330,000 per annum.. this is on a 'self cert' where we dont ask for proof.. so i'm like 'hhm yeah right'
Equifax Credit search showed he had £249k in a current account, and £73k in another... (aswell as about 20 mortgages lol) + 6 different savings accounts.
Could have been just a temp amount after a house sale.. but you can have it!
Pete
03 June 2006, 10:23 PM
#26
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Originally Posted by chrisola
lol pslewis..
all that cash saved from getting good mpg out of yer impreza? :P
all that cash saved from getting good mpg out of yer impreza? :P
Driving like a ***** COSTS!!!!
Pete
03 June 2006, 11:37 PM
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Originally Posted by pslewis
Thats just plain stoooopid!!
Pete
Pete
Any suggestions then?
04 June 2006, 12:50 AM
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an account with high interest will be fine...many online savings accounts are instant access (as in a 3 day bacs transfer instant or £25 fee CHAPS) if you want ure brass
my current account pays well for a current account if you want to keep a few quid in for truly instant access....
easiest thing i find is use a credit card with cashback and make an additional payment - an extra 1% cashback for using a different card...
anyone who asks where u got ure money u can tell them to do one....altho the banks look at ure monthly income into the account and if it reaches a set limit, they try and flog you other things...like accounts with extras etc etc but necessitate you speaking to someone etc etc....
my current account pays well for a current account if you want to keep a few quid in for truly instant access....
easiest thing i find is use a credit card with cashback and make an additional payment - an extra 1% cashback for using a different card...
anyone who asks where u got ure money u can tell them to do one....altho the banks look at ure monthly income into the account and if it reaches a set limit, they try and flog you other things...like accounts with extras etc etc but necessitate you speaking to someone etc etc....
