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Money laundering!!

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By *ex-a-frolics OP   Couple
over a year ago

Brizzle

Just been to my local bank & wanted to pay some money into somebody else’s account, it’s a gift for the OH & I don’t want the money to go through the bank, that way she won’t know what it costs.

Apparently without the bank card of the payee I can’t, as they’re trying to prevent money laundering, even if I did have the card (obviously I shouldn’t) you just offer it to the machine & they don’t check it.

Anybody else experienced this with their bank, it’s less than £50 for heavens sake!!

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By (user no longer on site)
over a year ago

My neighbour often puts cheques into Nationwide for me, she doesn't even have an account there.

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By *layfullsamMan
over a year ago

Solihull

Even if you transfer it with online banking they say they do security checks.

I've heard that there's a limit as to what amount of cash you can pay into your own account as well without thorough checks

A friend sold a car and was paid cash, I don't think the bank liked it being done that way and they wanted to see a receipt etc

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By *layfullsamMan
over a year ago

Solihull


"My neighbour often puts cheques into Nationwide for me, she doesn't even have an account there."

I don't think it's cheques they're concerned about as it's visible where it's coming from, it's more cash transactions

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By (user no longer on site)
over a year ago


"My neighbour often puts cheques into Nationwide for me, she doesn't even have an account there.

I don't think it's cheques they're concerned about as it's visible where it's coming from, it's more cash transactions "

Ah right

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By (user no longer on site)
over a year ago

Banks have a right to question cash transfers. Depends upon the individual.

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By (user no longer on site)
over a year ago


"Banks have a right to question cash transfers. Depends upon the individual."

On how dodgy you look

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By *innie The MinxWoman
over a year ago

Under the Duvet

I've transferred money to friends via telephone banking.

I ring the bank with the friends account no/sort code and they set up the payment.

I've done it a few times with no questions, for amounts from 50 quid to a couple of hundred.

Apparently you can transfer up to 25 grand this way, I know because I asked what the maximum was last week.

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By (user no longer on site)
over a year ago

I tried to pay some cash into my wife's account with her card. The bank refused but said if I have her bank details written on a piece of paper they can process it????????

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By (user no longer on site)
over a year ago

Next time OP turn down the trench coat collar, remove hat and sunglasses before going into the bank

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By *amissCouple
over a year ago

chelmsford

Banks are at liberty to question unusual deposits of cash. If it's not in keeping with the normal running of the account, money laundering can be the reason, but very rarely. Sometimes these deposits start small, to test the water.

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By *akeheelsTV/TS
over a year ago

dalkeith

70 pound cash refused to stop money laundering....i pointed out it was a local account, a lass who ran......puppy and dog training classes!! With vigilance like this organised crime must be terrified.

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By *layfullsamMan
over a year ago

Solihull


"Next time OP turn down the trench coat collar, remove hat and sunglasses before going into the bank

"

And put away the gun and balaclava

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By *ilkenWoman
over a year ago

Manchester

It was introduced to cut down on people funding terrorism as well but they don't highlight this.

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By *layfullsamMan
over a year ago

Solihull


"I've transferred money to friends via telephone banking.

I ring the bank with the friends account no/sort code and they set up the payment.

I've done it a few times with no questions, for amounts from 50 quid to a couple of hundred.

Apparently you can transfer up to 25 grand this way, I know because I asked what the maximum was last week.

"

They do this but I think they so some checks before actioning the actual transfer.

And it's not cash if that makes sense so I'm assuming the checks aren't anywhere near as tough as the money's already in the system through wages etc

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By *amissCouple
over a year ago

chelmsford


"70 pound cash refused to stop money laundering....i pointed out it was a local account, a lass who ran......puppy and dog training classes!! With vigilance like this organised crime must be terrified."

Unfortunately these are the stipulations given to staff who accept cash and yes it does seem harsh sometimes, banks will even put stops on accounts, until they talk to the account holder. Thems the rules I'm afraid

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By *amissCouple
over a year ago

chelmsford


"It was introduced to cut down on people funding terrorism as well but they don't highlight this."

Yes quite right

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By *amissCouple
over a year ago

chelmsford


"I've transferred money to friends via telephone banking.

I ring the bank with the friends account no/sort code and they set up the payment.

I've done it a few times with no questions, for amounts from 50 quid to a couple of hundred.

Apparently you can transfer up to 25 grand this way, I know because I asked what the maximum was last week.

They do this but I think they so some checks before actioning the actual transfer.

And it's not cash if that makes sense so I'm assuming the checks aren't anywhere near as tough as the money's already in the system through wages etc"

Yes there will be automated internal checks

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By (user no longer on site)
over a year ago

I occasionally run a craft fair stall when the mood takes me, despite taking cards most people pay cash, and I often have £2 - 3000 when I go home, it isn't usually a problem to pay it into my own account, but if I try to pay a supplier with it they don't like that.

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By *elma and ShaggyCouple
over a year ago

Bedworth

Hubby’s parents wanted to make a substantial gift to us to pay a lump off our mortgage. The banks made it so hard! Transferring the cash gift to our bank account was the easy part, paying it off the mortgage was anything but! He had to get his step dad to email our mortgage company to verify that he had sent the money as a gift and to consent to them doing certain checks on hubby’s mum and stepdad. The mortgage company then permitted the payment to be made towards our mortgage.

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By *amissCouple
over a year ago

chelmsford


"It was introduced to cut down on people funding terrorism as well but they don't highlight this."

Yes proceeds of crime help to finance terrorism and they will have many people over the country paying in £50 here and there, it all adds up

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By *amissCouple
over a year ago

chelmsford


"I occasionally run a craft fair stall when the mood takes me, despite taking cards most people pay cash, and I often have £2 - 3000 when I go home, it isn't usually a problem to pay it into my own account, but if I try to pay a supplier with it they don't like that."

Your bank would recognise that this is something you do occasionally, it's the irregular activity they question

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By *amissCouple
over a year ago

chelmsford


"Hubby’s parents wanted to make a substantial gift to us to pay a lump off our mortgage. The banks made it so hard! Transferring the cash gift to our bank account was the easy part, paying it off the mortgage was anything but! He had to get his step dad to email our mortgage company to verify that he had sent the money as a gift and to consent to them doing certain checks on hubby’s mum and stepdad. The mortgage company then permitted the payment to be made towards our mortgage."

Sounds crazy doesn't it. Having recently lost my brothers wife, I have been dealing with the estate and you wouldn't believe the security checks we've had to go through, but I understand why all these rules are put in place, albeit as frustrating as they are

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By *ex-a-frolics OP   Couple
over a year ago

Brizzle

It does seems a step too far with small amounts of money, large sums of cash I understand.

Having said that same branch different cashier, she accepted my 3rd party payment today without any question, must have looked less dodgy today LIOL!!

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By *urreyfun38Couple
over a year ago

croydon

Should have seen the confusion in the building society when I paid the mortgage off using chip and pin.

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By *amissCouple
over a year ago

chelmsford


"It does seems a step too far with small amounts of money, large sums of cash I understand.

Having said that same branch different cashier, she accepted my 3rd party payment today without any question, must have looked less dodgy today LIOL!!"

Yes it does, have explained that above

Your branch should have consistency and I would query that with the Manager, should you have a problem in the future.

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By *amissCouple
over a year ago

chelmsford


"Should have seen the confusion in the building society when I paid the mortgage off using chip and pin. "

Haha

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