Cash deposit to bank account, question

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abibee
abibee Posts: 441 Forumite
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in Budgeting & bank accounts
I have a question and I hope this is the correct section.

If I were to take a large amount of cash (£1000+) to my bank, to deposit into my account, would there be any requirements to prove the money is legit and mine? Any forms or declarations I'd have to sign regarding the legality, or taxation matters, proof of source? I haven't a clue.

I imagine there may be rules regarding large cash deposits?

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  • Sparx
    Sparx Posts: 909 Forumite
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    Depends on your bank. I recently deposited just short of £1k with Nationwide. No questions asked at all by the cashier, just took the money and put it in my account, immediately available. She even said I could've put it in the automated machine and it would've been fine! :p

    On the other hand, say it was HSBC... Then yes they'd likely call in MI5 for a meeting with you.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    "£1,000+" can be £1,100 or it can be £25,000. It might even be £50,000.

    The answers to your questions will depend on what "+" denotes.

    If the "+" was an accidental key press(!) then I regularly pay in £1,000 cash to several of my accounts and haven't been questioned.
  • abibee
    abibee Posts: 441 Forumite
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    Right, so there's no questions or any problem then, thanks for that. It's my money, been keeping it under the mattress (so to speak, not literally) but glad there should be no issues.

    The '+' was intentional, but the upper limit being mid one thousands, sorry for lack of clarity, I see how it could have meant anything.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    Sparx wrote: »
    Depends on your bank. I recently deposited just short of £1k with Nationwide. No questions asked at all by the cashier, just took the money and put it in my account, immediately available. She even said I could've put it in the automated machine and it would've been fine! :p

    On the other hand, say it was HSBC... Then yes they'd likely call in MI5 for a meeting with you.

    It would probably be the FBI.
  • firefox1956
    firefox1956 Posts: 1,548 Forumite
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    I always thought £5000 was a 'trigger' figure.............
    HTH
  • Mr.Generous
    Mr.Generous Posts: 3,379 Forumite
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    I've been paid cash by customers who assume all tradesmen want cash and just paid it into business account, they didn't take any notice. Paying a check in to HSBC did however result in a phone call later asking what it was for.
  • Flobberchops
    Flobberchops Posts: 1,279 Forumite
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    Anything up to a few thousand ought to be fine, as the cashier pointed out deposit machines are becoming normal and you could use those to pay in thousands with no questions asked so it makes little sense for the counter staff to operate at a higher level of scrutiny.
    : )
  • jimjames
    jimjames Posts: 17,625 Forumite
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    firefox1956 wrote: »
    I always thought £5000 was a 'trigger' figure.............
    HTH

    Nope. I've paid in £10,000 cash before without issue
    Remember the saying: if it looks too good to be true it almost certainly is.
  • abibee
    abibee Posts: 441 Forumite
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    It seems to vary according to the bank maybe, before they call the secret service in.
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