Withdrawing a large amount of cash !

bikerboy123

Just came across this great forum and had to join :T

Anyway.......i have just been offered yet another Motorbike (i have quite a few) but this one is rather special and the owner who i know quite well is not doing too well financially and said he would take £15,000 cash if i had it in the next 2 days !
It sounds a lot but i know for a fact that this nearly new bike is worth about £20,000 (problem being that in winter time it would take at least 2/3 weeks to find the right buyer)

I would love to keep it but that would be unrealistic so my question is would i have a problem taking out £13,000 (inc £3000 overdraft) in cash from my Lloyds tsb current account ? my branch is on the Strand in London so i think it would have sufficient funds in the branch. (my brother would lend me the other £2000)

The most i have ever drawn out in cash from there before is £2000 !

As soon as its been sold i will be putting the money back into my account (hopefully with a nice little profit)

Thanks in advance BB

simpywimpy

I think you would have to order such a substantial amount. Whether they let you use your overdraft in this way is also questionable. That's if they let you do it at all...

WhySoHard_2

Why do you have £10k in your current account?

bikerboy123

WhySoHard wrote: »

Why do you have £10k in your current account?

LOL because i`ve never been very good with my money......its a good job i joined this site !

ShelfStacker_3

It's best to call ahead, as far in advance as possible. If notice isn't possible or desirable, you could always get a banker's draft (a sort of cheque where funds are guaranteed available), although it'll cost you a few quid.

olly300

Personally rather than walk around with that amount of cash or use a bankers draft, if you know the guy then transfer the money electronically online to the guy's bank account. Lots of banks have a limit off the amount you can transfer per day (I don't know what Lloyds is) so you probably have to do at least 2 transactions.

ShelfStacker_3

olly300 wrote: »

Personally rather than walk around with that amount of cash or use a bankers draft, if you know the guy then transfer the money electronically online to the guy's bank account. Lots of banks have a limit off the amount you can transfer per day (I don't know what Lloyds is) so you probably have to do at least 2 transactions.

Lloyds' limit is £30k, but you're only allowed individual transactions of £10k each.

Other option is to give the guy a cheque and say that he can release the bike when it's cleared for fate, takes about 7 days.

bikerboy123

ShelfStacker wrote: »

Lloyds' limit is £30k, but you're only allowed individual transactions of £10k each.

Other option is to give the guy a cheque and say that he can release the bike when it's cleared for fate, takes about 7 days.

I`ve just called him to see if he would take a Bankers Draft and he says if it goes in his bank then he wont see a penny of it which is why he wants cash.

WhySoHard_2

bikerboy123 wrote: »

I`ve just called him to see if he would take a Bankers Draft and he says if it goes in his bank then he wont see a penny of it which is why he wants cash.

Not a good look my friend. Unless he accompanies you to your bank and takes possession of the cash IN the bank. That way you've not got to walk around with that kind of cash.

If I were you though I'd walk away from this entire transaction and not get involved.

bikerboy123

WhySoHard wrote: »

Not a good look my friend. Unless he accompanies you to your bank and takes possession of the cash IN the bank. That way you've not got to walk around with that kind of cash.

If I were you though I'd walk away from this entire transaction and not get involved.

Thats good advice about going to the bank with him ! I think his situation is the reason he wants it in cash and soon. I will be checking all the paperwork for the bike (this is one of the things i DO know about) and i`ve done a HPI check and its a clean bike with no finance on it !
I think he`s trying to sell what he can before he goes "bump" (and selling at a relatively low price)