A bit of a moan!

busiscoming2

Just been to bank - Lloydstsb to pay in cheque for £5k, had to answer 20 questions: is is going into savings? Do I want it to go into savings? Where does it come from? What's it for? apparantly it should have been referred?! but there was no one there to refer it to! Though it was more difficult to get money out rather than put in! They said it was because of money laundering, but I had to explain all the above and felt bad in front of the others in the bank. Any one else have this problem?

dinglebert

busiscoming2 wrote: »

Just been to bank - Lloydstsb to pay in cheque for £5k, had to answer 20 questions: is is going into savings? Do I want it to go into savings? Where does it come from? What's it for? apparantly it should have been referred?! but there was no one there to refer it to! Though it was more difficult to get money out rather than put in! They said it was because of money laundering, but I had to explain all the above and felt bad in front of the others in the bank. Any one else have this problem?

I had to park £10000 in my Lloyds account a few months back. I knew it was only going to go in clear and disappear and also got the questions. However they were only trying to be helpful in that the money was not going to earn me anything in my current account but if I had put it into a savings account it would have. I felt they were only trying to help me.

busiscoming2

No in this instance they were not trying to help, they wanted to know all the ins and outs and said it was because of laundering. I know it wasn't personal but it was embarrassing.

Bamber19

had the same story once when transferring a similar sum between 2 of my accounts. Understood them being cautious but asking me about employment seemed irrelevant. Also when they asked where the cash came from I thought, "you should know, you've got the records for the ins and outs on my account"

Mark7799

busiscoming2 wrote: »

Just been to bank - Lloydstsb to pay in cheque for £5k, had to answer 20 questions:

is is going into savings? Do I want it to go into savings?
Nothing to do with money laundering - they are trying to sell you savings products

Where does it come from? What's it for?
Money laundering (but a poor way to do it - the customer is not meant to know they are under suspicion)

apparantly it should have been referred?! but there was no one there to refer it to!
Crap - they shouldn't be telling you this if they are thinking about money laundering, they are trying to sell you savings products

Though it was more difficult to get money out rather than put in! They said it was because of money laundering, but I had to explain all the above and felt bad in front of the others in the bank. Any one else have this problem?

Every time I pay in a sum in excess of £5k!:D

hollydays

I got the same when I tried to pay in 50p,don't take it personally .

smartpicture

I got a phone call after having a few large transactions going in and out of my account, not just asking where the money came from, but where I earned my money from in general, how much I earned, what I spent it on etc, which I told them was none of their business. She said it was for money laundering reasons, so I explained the specific transactions, but I agree that they use this as an excuse to find out more about your finances than they're entitled to know so they can sell you additional products.

oldone_2

If you are with LloydsTSB just put the cheque with paying in slip in a deposit envelope and post in the box inside the bank.You then don't have to speak to anyone as it is processed at the end of the day. I always do this as it saves time queuing up.

You are supposed to put your telephone number on the envelope in case of queries, but I have never had them ring me up, even after depositing large payments of over £5,000. If they did, my caller display would alert me to who was calling.

d.edna

I HATE Lloyds TSB, My brother gave me a cheque for £15,000 I got the twenty questions, they took me into a room started checking the cheque, accusing me of stealing one of my brothers cheque, writing exactly like him then going to the bank, they rang my brother who said "YES! I issued the cheque" they even turned round and said he was in on it.

In the end, I told them to phone my Privaledge Manager and that I will close the account immediately and wanted the account totals in cash.

They soon accepted the cheque

Pennywise

It's nothing to do with money laundering. The staff are just trying to dig around for cross-selling opportunities. If the staff really think that asking a few questions (to which they have no way of knowing if you're telling the truth) they must have been asleep during the money laundering course.

If you were paying in several thousands of pounds in cash, then they *may* have the right to ask pertinent questions (but even then you could still lie and they'd be none the wiser). But the mere fact you are paying in a cheque gives them money laundering assurance that the money has come from another bank who would have the same money laundering obligations so would have already dealt with any suspicions at their end.

d.edna

Pennywise wrote: »

It's nothing to do with money laundering. The staff are just trying to dig around for cross-selling opportunities. If the staff really think that asking a few questions (to which they have no way of knowing if you're telling the truth) they must have been asleep during the money laundering course.

If you were paying in several thousands of pounds in cash, then they *may* have the right to ask pertinent questions (but even then you could still lie and they'd be none the wiser). But the mere fact you are paying in a cheque gives them money laundering assurance that the money has come from another bank who would have the same money laundering obligations so would have already dealt with any suspicions at their end.

This was a Lloyds TSB cheque

But I just hate Lloyds TSB