£16K savings to withdraw

Tomato

Hi

Quick question. I need to withdraw £16K from my savings account, but I don't want to attract any attention from the bank. (In the past, every time I would take the money out of my account, over £500 or so, the cashier would ask me questions: what do you need the money for, etc. And I don't like being asked questions .)

What is the best way to withdraw this cash?

My savings account is with Barclays, it is just a bog standard account, no card and no limits on how many times I can take the money out.

Any ideas are welcome.

Thank you kindly.

K

Mikeyorks

Surely you don't need it as cash? So - just transfer it to your current account and 'use' it from there.

Tomato

Correction: I need it as cash.

thatsean

As you'll likely need to order that amount, do so at the customer service point, and if they, or the cashier ask you why you want it, decline firmly, but pleasantly to elaborate. So long as you've got any extra ID that they might ask for there should be no reason for them to interrogate you! Alternatively, if you've an account elsewhere where you get asked fewer questions, wire the money across and pick it up there?

JamieD_2

Why don't you like being asked questions or attracting attention? It seems that withdrawing huge amounts in cash and giving no reasons would invite both.

The cashier might be personally interested in what you're planning to do with it, but on the other hand, it's possible that they're not being nosy at all and it's part of their job to query that sort of thing.

For example, if it weren't needed as cash, and you were transferring it to another bank, there are better ways than wandering around town with £16,000 in your pockets.

Old ladies paying for their drives to be tarmac'd or the mentally disabled being pressured into withdrawing all their savings need protection.

And although nobody is going to be stupid enough to say they're using the money for cocaine and guns, if the cashier thinks there is something dodgy going on they can hold up your payment or report you as suspicious to the money laundering and financial crime departments.

Basically, I'd just tell them the truth or say you're buying a car.

Old_Wrinkly

thatsean wrote:

do so at the customer service point, and if they, or the cashier ask you why you want it, decline firmly, but pleasantly to elaborate. So long as you've got any extra ID that they might ask for there should be no reason for them to interrogate you!

No, they will just enter your account details on the report they submit.

Alternatively, if you've an account elsewhere where you get asked fewer questions, wire the money across and pick it up there?

JamieD wrote: »

Why don't you like being asked questions or attracting attention?

None of your business - are you are bank teller ...

It seems that withdrawing huge

??

amounts in cash and giving no reasons would invite both.

The OP is getting asked even when drawing out over £500, which seems rather extreme.

The cashier might be personally interested in what you're planning to do with it,

:rotfl:

but on the other hand, it's possible that they're not being nosy at all and it's part of their job to query that sort of thing.

Exactly. It's part of the nonsensical 'anti money laundering' procedures. (Nonsensical because it wouldn't catch any proper money launderer.)

For example, if it weren't needed as cash, and you were transferring it to another bank, there are better ways than wandering around town with £16,000 in your pockets.

Agreed. Because if you get stopped and searched by the police, you could be arrested for having that amount of cash.

Old ladies paying for their drives to be tarmac'd or the mentally disabled being pressured into withdrawing all their savings need protection.

And we should rely on the Banks to do that? :think:

And although nobody is going to be stupid enough to say they're using the money for cocaine and guns, if the cashier thinks there is something dodgy going on

or if you irritate them

they can hold up your payment or report you as suspicious to the money laundering and financial crime departments.

Basically, I'd just tell them the truth or say you're buying a car.

Yep. Give them a lie they can accept ...

Actually, this is one of those occasions where having lots of current accounts could be of benefit. Transferring £16,000 into 8 current accounts (via FP) and then withdrawing the daily maximum from each both over the counter and via ATMs should give you the cash in a couple of days. (You might well need to give this much notice to withdraw £16,000 in cash anyway.)

Tomato

Thank you, Old Wrinkly. I did enjoy reading your post. Sharp!

Lokolo

Old_Wrinkly wrote: »

Actually, this is one of those occasions where having lots of current accounts could be of benefit. Transferring £16,000 into 8 current accounts (via FP) and then withdrawing the daily maximum from each both over the counter and via ATMs should give you the cash in a couple of days. (You might well need to give this much notice to withdraw £16,000 in cash anyway.)

Unless the bank stops the card for suspected fraud.

74jax

I worked for halifax up till feb this year. Any amount over £600 we had to ask additional security questions and anything over 2k even more. We also needed additional ID and one of the questions asked on screen is what is the money to be used for, we then had a drop down screen with answers. If people refused we filled in a SAR and sent it off.
I don't think the bank is targeting you, just making sure you are who you say you are and the money is being used legitimately.

southantrim3

Tomato wrote: »

Hi

Quick question. I need to withdraw £16K from my savings account, but I don't want to attract any attention from the bank. (In the past, every time I would take the money out of my account, over £500 or so, the cashier would ask me questions: what do you need the money for, etc. And I don't like being asked questions .)

What is the best way to withdraw this cash?

My savings account is with Barclays, it is just a bog standard account, no card and no limits on how many times I can take the money out.

Any ideas are welcome.


What about writing a cheque for the amount to the person concerned? Then you wouldn't have to worry about withdrawing that amount of cash.
Thank you kindly.

K

What about writing a cheque for the amount to the person concerned? That way you wouldn't have to worry about withdrawing the cash.

Mikeyorks

Tomato wrote: »

Correction: I need it as cash.

Limited options, then!

Either draw it direct from the Savings account ..... or move it to your current account and draw it from there, if you think the questions are going to be less.

74jax wrote:

I worked for halifax up till feb this year. Any amount over £600 we had to ask additional security questions and anything over 2k even more

Not my experience with a similar cash withdrawal from Halifax around this time last year! Rang up to order it and give the required 4 days notice - no questions other than possible denominations of notes. Went in to pick it up and the manageress took us into a separate room to count it out .... and stick it in a nice brown envelope. Not a question to be seen.