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've moved six figures about and not been asked questions. Shame it was only virtual money between houses :(

You can have more than one bank account, you know ;)

£5k, I think.

I know ;)

But what if its a big cheque ??

That was accountable for though.

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.

:Suspiciou is it an Irish bank ?

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....

I didnt think there was a limit!!! Ive had 13k in my current account for the last twelve months!!

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 !:eek:

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 :lol1:

most accounts have a min and max limit, it'll be in the small print. Paying in more than 10k in cash kicks off other procedures.

Try and put 5k in cash and see what happens.

Very interesting. I could account fot it any way.

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

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

Miss Speye91 deposited 18k in her account and was taken into a room and asked questions about ,where she got it (cheeky feckers)and if she was intrested in "investing it "

mick

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. :p

Thats just plain stoooopid!! :rolleyes:

Pete

i put 38k in an halifax account last year with no problems at all.
mind you i spent it within 8 months:(

A mate of mine was asked where 20k came from whenb he deposited it from a car sale. In his words... "Mind your own ****ing business" :lol1:

:thumb:


Andy

Spreading it among accounts/investments is even more suspicious as this is more comparable with money laundering activities. Someone sticking a large amount in one account is either not a money launderer or a very stupid money launderer.

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!

I would prefer that you keep my details private .... thanks!!

Pete

;)

It also depends on whether or not you are known by your bank, if you have a few quid then any amount isn't a problem. :thumb:

lol pslewis..

all that cash saved from getting good mpg out of yer impreza? :P

Indeed, and replacing Brake Pads and Discs only once in 130,000miles helps too!

Driving like a prick COSTS!!!! :eek:

Pete

Ok I may not be making the most of it but Ive been tucking in all year and may need 2,3,4 grand a time so didnt want it tied up in any accouont where I couldnt get to it!! (new suspension, engine rebuild etc)

Any suggestions then?

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....

I had 9k in my account 3 years ago plus 10k's worth of cars, how things change

I put £13.5K in when I sold my Mini and that went un-noticed