Drawing large sums of money from bank
 

I've read several reports on banks now questioning customers if requests for substantional amounts of cash withdrawals are made.

Does anyone know what the limit of cash request is before a customer is questioned?

I kind of get it from both sides but as a customer I would just want my money and not necessarily want to share reasons behind the request to the cashier.. Most people are private after all

So I guess a most common answer would be 'I want the money to gamble with'..
Are there any other standard answers which could be used?

Otherwise the other method would be to use a cashpoint and take out £250 a day until the required amount is reached.

Nick

I'm sending my money to my Nigerian solicitor.

Yes - there was a right hoohah about it last week on R4's MoneyBox program.....

mainly HSBC.... just tell them beer & hookers;)

edited to add: I think the main gist of it was that they are trying to encourage other 'safer' forms of payment - eg Bank Transfer, BAC's for large sums.
(not straight in a builders back skyrocket ;))

I doubt I'll ever be in a position to worry about that. Nice pub chat info though.

I've bought plenty of cars in cash ..

Just tell them you're buying a car but you need to ring them to give them a heads up. That's what I did and no issues.

I find that if you go in wearing a balaclava and holding a sawn off they don't seem to ask too many questions!!

Being serious just give em 24 hrs notice and you can take out what you like.

The magic number seems to be 10K, ( lloyds bank ), paying in or withdrawing.

Yep, I've had it whilst paying IN to the bank too. Sold the cossie and went to the bank to pay in 10 grand.

when i bourght my blob sti had to draw £2500 each day then rest out cash point = £5250 that was from the halifax . otherwise they wanted notice and i needed money asap .

HSBC are horrendous at this, you ask for a sum of money to say buy a car they repeatedly shout has anyone got xxx wad of cash to make up this gentleman's withdrawal (whilst a big queue forms behind you planning how they are going to mug you on the way out) then the systems go down and they have to try another terminal then they have to reboot the system then they finally count out all your money infront of the whole queue then when you ask for an envelope they give you one with a see through window on the front, that's after confirming several times over how much you are withdrawing, how many notes and what its for.

Pure calamity that place.

Its all to do with money laundering, Banks have an obligation today to ask their customers the source of their funds / reason for withdrawal above a certain amount.
Tell them the truth and you will be fine!

It's all about big brother and the cashless society. ;)

I suppose the next question is, why do people bother having their money in banks any more, certainly not worth it for savings accounts.
I only keep enough in a current account to cover any bills etc.

They have no right to question a withdrawal as long as it is fully covered by the account!

Les

Maybe back in the day Les.
But not any more.

I paid for the car and camper on an HSBC debit card. No issues at all.
Nor with drawing out a fair wad of cash.

I belive anything over £5k and then they have the right to ask, feck knows why as I never see them logging it down anywhere.
Just give/take the cash and done, but yes most banks like notice of this too to top up their flow.

I had the same today,

Mind you i had no id on me other than my debit card,

As none of the staff recognised me (lol) they had to do a questions and answer session to verify the account ...

one it was done, the cashier approached and very apologetically asked what was the money for ...

I told him it was for a car purchase,

As he was counting the cash, i told him i was contemplating saying "coke & hookers"

He saw the funny side, but mentioned some of his colleagues may not have done lol


Mart

I paid for my hawk in cash had to withdraw 3500 every day never asked me anything that was from Halifax

There was a story somewhere recently where a guy went into the bank (HSBC) and asked for some cash for a car and they asked which garage he was getting it from - told them - next minute they are on the garages website looking at the stock and asking which car it was.... :sleep:

I see the story in the mail about a guy who wanted £7k to pay his mum back for a loan and they refused to pay out the cash unless he had a note from his mum!!! :freak3::freak3::freak3:

Yep I withdrew 4 grand last month, well tried. Seems my credit and debit cards weren't enough ID. And the wanted to be told in advance so they could makes sure they have enough.

FFS ITS 4k Not 400k !

Anyhoo I come back with my passport and I was given 4k in tenners as they didn't have enough twenties, all unbounded and shoved in a envelope :mad: And they still wanted my debit card and for me to enter my PIN ... Passport not enough? :facepalm:

So if you want to use the profits from your (cash only/ no Amex) illicit drugs business to sponsor the PLO or your local Dave Spart type insurrectionist, which is the best bank to use?

http://www.thisismoney.co.uk/money/e...draw-HSBC.html

What if I go in and shut down my account. Can they refuse?

Tell them you are withdrawing it so your mistress can have a private abortion.
Its not unfeasible and should make them nice and uncomfortable.

It used to be £10k before they started asking questions, a couple of years ago my account was frozen 'for security reasons' because £3k had gone in.

Boils my blood this. :mad:

That was my thinking.... Can't have £4k of my own money...?.... I'll close my account then and take the lot....:freak:

Pretty disgracefull you need to tell them what you are spending your money on before they will give you it.

You are not telling them, you are telling the government.
Why would a bank care what you do with your money?