Pensioner hoarding cash
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overload99
Posts: 69 Forumite
My husband's grandmother, who is 99, has just moved from her home of 70 years into sheltered housing. During the move, her son has discovered a large amount of cash (approx. £16k) that she has hidden in various places around the house. Can anyone recommend what she should now do with this money? Are you allowed to just turn up at a bank with that sort of money?
Any advice would be greatly appreciated.
Thanks!
[purplesignup][/purplesignup]
Any advice would be greatly appreciated.
Thanks!
[purplesignup][/purplesignup]
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Comments
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Well it needs to be put in her name, but yes it’s legal. Worth pre warning the bank as it will trigger money laundering checks0
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I would make an appointment with a local branch of her bank to find out whether you can simply deposit this money in her account. It is not something a cashier is likely to be able to handle.
Do you have power of attorney for her?0 -
If she has been getting means tested benefits, there could be overpayments from the DWP which will have to be returned.0
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Does anyone have a lasting power of attorney for financial matters? If so, then they should be the ones dealing with it.
If she has a bank account, the best bet might be to go to that bank and explain the situation (go into branch - the call centre people can really only deal with standard queries - and ask for a private appointment). Is it all in notes? I know that with coins there is a maximum amount that can be used as legal tender. You need to act quickly as this is a security risk and if your father-in-law is keeping it in his own home his insurance is unlikely to cover it should he be broken in to. Ditto if there is a fire.
There may also be an issue if the cash includes very old notes. High street banks will accept them for a certain length of time, but after that it's only the Bank of England that will do it.No longer a spouse, or trailing, but MSE won't allow me to change my username...0 -
I'm not sure about Power of Attorney but we will try to find out. Thank you!0
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You shouldn’t have too much trouble depositing the cash at a branch. One of my family members is a ‘cash hoarder’ and I once accompanied her with a beach bag full of £20 notes (£20k’s worth!) and paid them in over the cashiers desk. In this particular branch it had to be over the desk and not in a private appt room as there are no security systems in the private rooms so not insured to take such large sums in there.
So we didn’t need a prior appt, but about 3 cashiers got involved in counting it!
Obvs there might be a complication in paying it in to the relatives account if you are not power of attorney/ she is not with you, but the actually paying in of that much cash was fine in my experience.0 -
Is there a cut off date for exchanging old banknotes at a high street bank? I'm guessing these will mostly be pre-polymer style0
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trailingspouse wrote: »Is it all in notes? I know that with coins there is a maximum amount that can be used as legal tender.
"Legal tender" has a precise (but apprently not widely understood) legal definition which is not relevant when depositing money at a bank.Proud member of the wokerati, though I don't eat tofu.Home is where my books are.Solar PV 5.2kWp system, SE facing, >1% shading, installed March 2019.Mortgage free July 20230 -
Banks can refuse to accept large quantities of coin.No longer a spouse, or trailing, but MSE won't allow me to change my username...0
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