Banks questioning where you got cash from?

[sunjue100]

Really interesting thread . After first lockdown last year I found out my mum had stashed £14k in cash in the house safe ‘in case she needed anything’ and persuaded her to let me put £10k back into her account . I turned up with £10k in cash in a Marks and Spencer’s carrier bag and mums debit card and wasn’t questioned at all.

[EssexSue]

I really had to answer a lot of questions when I invested in Wine. I did understand why but it's a bit formulaic isn't it? Someone could have had a gun at my head for all they knew.

[DiszeeBelle]

My daughter went to pay some money into my account, had my card and written permission stating due to their unreasonable working hours for those who work fulltime im unable to pay it in myself. They said they couldnt let her pay it into my account but she could pay it into hers and them they would transfer it from hers to mine! Couldnt see the point in this. She now goes to the machine ( now its open) with my card and pays money in for me.

[The 2 Minnies]

Originally Posted by wanye

is the same done for withdrawing a large amount of cash? i'm likely gonna be getting £10-15k out soon to buy some second hand restaurant kit soon, and cash is going to be the easiest option to deal with the sellers when i turn up to inspect/collect the stuff...

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Where I work, security questions are always asked for larger amounts, especially if it is deemed “unusual activity” for the account holder. Shouldn’t be a problem though. Bank transfer is obviously always the safest way as banks can now check that the account being credited is a match to the one you think it’s going to.

[Katnic1]

I work in a bank and the amount of questions we have to ask you if you withdraw a large amount of money is unreal. However we do regularly save people getting scammed and only a few weeks ago we saved a lady £9000. She had been told that bank staff were trying to steal her money and we would try and stop her withdrawing the money to keep it for ourselves. We refused to do the transaction, she took the name of the person serving her as she was told they would be the staff member involved and then went home to speak to the real scammer again. As chance would have it, her husbands accountant was paying a visit that day, and when she told him what had happened, he managed to convince her she was being scammed. She came back in to apologise and say thanks.

Also young people’s accounts are being used by money launderers regularly at the moment. They normally make contact by social media asking to deposit money into their account for short while in exchange for small fee.

And as some people have already mentioned you can no longer pay cash into any account that is not in your name. (Money laundering regulations) My bank did make a temporary exception to this during lockdown as many older people couldn’t come into the branch themselves, but it back to normal now.

As a staff member, it does sometimes feel intrusive, asking these questions, but it’s our job and we have to comply with the law. If I could ask you to just answer honestly without telling someone to “mind their own business” as to me, that just raises more suspicions.

[skalexander]

I know anti-money laundering and anti-terrorist financing processes are tedious, but given the personal responsibility involved if an employee doesn’t ask the questions or fails to report suspicions, try to understand that they’re just doing their job and protecting themselves. No liability arises for a machine, but there’s plenty of potential liability for humans.

[sparklegirl]

As someone who lead a team of government investigators who work in financial crime I can say hand on heart that the things I see on a regular basis mean that these questions and this very small instrusion is worth it’s weight in gold. These questions that are asked are vital to stop some people being scammed and to stop others using the financial systems for criminal intent. I genuinely don’t understand why someone would tell the bank staff to mind their own business. In my opinion that’s actually very rude when deep down you must know they are not asking for personal reasons but for a business and regulatory one.

You are right the people who have bad intent will not tell the truth but evidentially saying one thing and investigators proving another can be dynamite evidence in court. Not saying where it truly came from shows that you understood what you were doing was wrong and tried to conceal it. It’s not always a lateral use that we able to utilize this information.

As sad as I am Money Laundering Regs and the Proceeds of Crime Act are some of my favourite pieces of legislation that have been introduced recently, close run thing though with the new Criminal Finance Act. And yes before anyone says I realise how sad and nerdy it is to have favourite legislation 😂😂😂

[Sandra & co]

Originally Posted by sparklegirl

As someone who lead a team of government investigators who work in financial crime I can say hand on heart that the things I see on a regular basis mean that these questions and this very small instrusion is worth it’s weight in gold. These questions that are asked are vital to stop some people being scammed and to stop others using the financial systems for criminal intent. I genuinely don’t understand why someone would tell the bank staff to mind their own business. In my opinion that’s actually very rude when deep down you must know they are not asking for personal reasons but for a business and regulatory one.

You are right the people who have bad intent will not tell the truth but evidentially saying one thing and investigators proving another can be dynamite evidence in court. Not saying where it truly came from shows that you understood what you were doing was wrong and tried to conceal it. It’s not always a lateral use that we able to utilize this information.

As sad as I am Money Laundering Regs and the Proceeds of Crime Act are some of my favourite pieces of legislation that have been introduced recently, close run thing though with the new Criminal Finance Act. And yes before anyone says I realise how sad and nerdy it is to have favourite legislation 😂😂😂

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They were rude to me and very unprofessional I thought, I have been going there for nearly 40 years and they were new to the branch I wasn’t. There are a few ladies there I know but they weren’t there, if they had explained to me why they were asking the questions I would of answered politely. They were acting like I did something wrong which in Covid times this is how lots of people are, I am getting to the stage were I don’t want to go out because there’s always a problem or some sort of trouble. My ds is going to the bank today with even more money to deposit in the machine so it should be sorted!

[sparklegirl]

Originally Posted by Sandra & co

They were rude to me and very unprofessional I thought, I have been going there for nearly 40 years and they were new to the branch I wasn’t. There are a few ladies there I know but they weren’t there, if they had explained to me why they were asking the questions I would of answered politely. They were acting like I did something wrong which in Covid times this is how lots of people are, I am getting to the stage were I don’t want to go out because there’s always a problem or some sort of trouble. My ds is going to the bank today with even more money to deposit in the machine so it should be sorted!

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I dont know how they acted but I would have complained about the manner of the questions if they were unprofessional for sure. That's a different thing from asking question that they are required to though. They should never be unprofessional and they should never be rude.
If I was you I would relate back to the bank how it made you feel and suggest that they preface their questions with an explanation simply saying ' we need to ask you a few things in relation to the money because of money laundering regs they may appear intrusive but they are required of us as an institution'

[stevo25]

Originally Posted by sunjue100

Really interesting thread . After first lockdown last year I found out my mum had stashed £14k in cash in the house safe ‘in case she needed anything’ and persuaded her to let me put £10k back into her account . I turned up with £10k in cash in a Marks and Spencer’s carrier bag and mums debit card and wasn’t questioned at all.

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This happened to a friend of mine, her mum had a similar "stash" and for the same reasons, but they are old paper £20's so she asked her daughter to get them swapped for plastic. Her mum is very very sharp, but doesn't trust banks either, she has recently had a safe installed too. So she has banked £3000 in her own account @ Barclays using the self serve machines so no questions. She will then extract it @ £500 chunks, if she can't convince her mum to use her debit card