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Cash withdrawal limit?
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# 1
IraHayes
Old 11-05-2010, 12:24 PM
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Default Cash withdrawal limit?

Just been informed by my local Santander branch (ex- B & B) that if I insist on cash I may withdraw 10k every 2 days. Though having now sat back and read this maybe he meant 2 days notice to *order* the cash, as he referred to the transaction. I must admit to being a little shocked at being told I was restricted to 10k maximum cash so theres a possibility I could have 10k/day as long as I gave 48 hours notice for each transaction. As it is I arranged for the cash 2 day from now and then another 2 days for the other 10k.

Is this standard practice across the banking sector?? Is it to prevent money laundering or some other illegal act? Is it they just don't like handing out cash and will put as many obstacles in ones way as possible?
Oh and yes ... it had to be cash.

PS: I did google a thread from a year or so ago covering something similar on this forum but given the age of the thread I thought it best to post a new one as I wasn't sure of the *rules* for resurrecting old threads.
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# 2
premierfella
Old 11-05-2010, 12:33 PM
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It is not standard practice across the banking sector, but I think many financial institutions (excluding the big clearing banks such as Lloyds TSB, Natwest, Barclays, HSBC) have restrictions on substantial cash withdrawals for numerous reasons (including money laundering, branch security, cost).

It is fairly unusual* for an individual to need access to such a large amount of bank notes and any individual needing such access is likely to have opened an account with one of the clearing banks for this reason.

*unusual given that a bank draft or electronic transfer would cover most situations for a personal customer.

Last edited by premierfella; 11-05-2010 at 12:38 PM.
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# 3
molerat
Old 11-05-2010, 12:38 PM
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There may well be insurance restrictions on how much cash is in branch and exceeding that limit could leave them uninsured.
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# 4
PC Gabriel Kent
Old 11-05-2010, 3:21 PM
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500 over the counter per day. If you need more then it does need prior booking as well as extra ID. Branches do not have a vault stuffed with cash. There are rules and restrictions and processes that the bank have. Large amounts eg 10k plus will need ordering in as well as all the fraud, AML checks etc.
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# 5
ian_h
Old 11-05-2010, 4:50 PM
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It may save you a load of hassle just to take a cheque (usually no notice required) and even with 3 days clearance you're still better off.
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# 6
rb10
Old 11-05-2010, 5:27 PM
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Quote:
Originally Posted by premierfella View Post
many financial institutions (excluding the big clearing banks such as Lloyds TSB, Natwest, Barclays, HSBC) have restrictions on substantial cash withdrawals for numerous reasons
My local branch of Barclays (which is a reasonable size, not one of the tiny ones) limits cash withdrawals to 800 without notice.

It's not at all uncommon to find that a bank will restrict the amount that you can withdraw.
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# 7
IraHayes
Old 11-05-2010, 8:01 PM
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Thank you for the prompt replies. Just to clarify one or two points people may have mis-understood from my original post.

1: I appreciate all the technicalities with regards the actual amount of cash I was looking to withdraw. My query was not about *booking* the cash but that no matter how much notice I was to give my limit was 10k per *booking*

2: yes. It really did have to be in cash. The Branch Saver account this money was originally deposited in was specifically placed there with the intention of easy/quick access and I do recall being told that when I needed the money if I wanted it in cash I would be able to have it as such. Though no mention was made at the time of a restriction of the amount. Hence my query.
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# 8
jonesMUFCforever
Old 11-05-2010, 8:34 PM
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Where do you live - how big is the branch - do you think they keep an unlimited amount of cash on premises just in case you decide to turn up to withdraw it?

Previous posters have given you very good replies - In this day and age you don't need to deal in cash for this type of transaction.
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# 9
7sefton
Old 12-05-2010, 10:47 AM
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On a slightly different note, can anyone help me with the following:

I have 3000 saved in a Barclays monthly savings account that has now matured. I want to close the account and put the money in my current account (which is not held with Barclays). How can I do this, without paying the 10 Barclays charge for a banker's draft? Do I just have to withdraw 3000 cash over the counter, or can I arrange for the account to be closed and proceeds transferred by BACS/Faster Payments?
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# 10
jonesMUFCforever
Old 12-05-2010, 7:27 PM
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Have you registered with Barclays Internet banking?
Ask them whether they allow Internet transfers from a savings account to another bank? Some will most won't.
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