Help with withdrawn Elgar £20 note

natnhay

My other half had to pay £700 of his elderly relatives money through his bank account (tsb) couldn,t just exchange them.

tartanterra

compo.dave wrote: »

Hi, this is my first post so I hope I get it right. I am looking for some help with regards to the Elgar £20 note that has just been withdrawn as legal tender on the 30th June 2010.

An elderly relative who like many older people (and younger) has a deep distrust of banks and for many years has unfortunately been hording their savings at home. This has resulted in many (I mean many) now outdated Elgar notes as well as the £20 notes that were withdrawn prior to that.


I have been asked by them to take the Elgar notes and pay them into my bank and withdraw the current Adam Smith note to give them back.


Although this money is 100% honest I am worried to do this as the amount is so large it may look as if I personally have large amounts of cash. I am self employed and it may cause the Inland Revenue to have unjustified suspicions etc.


Does anyone know if the FSA, or other bodies are informed by the banks for large amounts of cash that are deposited and withdrawn in this way.

I would be grateful for any help / advice on dealing with this matter.

I have a similar problem.
Me and my mates, (Bob the axe, Bloodbath Smith and Al the enforcer) have been saving loose change from the odd deal in our pimping and protection racket business.
I happened to look in the filing cabinet the other day and, -you wouldn't believe it Guv! - I spotted a few thousand of those Elgar notes stashed under the baseball bats and knuckle dusters.
If you happen to find a bank that will take them...no questions asked........then give me a shout.

By the way............you aint seen me..........

ali-t

Maybe this is far too simplistic a solution but could you phone your bank and explain the situation and ask for their advice? surely the bank you want to put the money through will have more accurate information on the processes than people on an internet forum?

noh

ali-t wrote: »

Maybe this is far too simplistic a solution but could you phone your bank and explain the situation and ask for their advice? surely the bank you want to put the money through will have more accurate information on the processes than people on an internet forum?

It's much easier than that. You tell the relative to pay it into their own account. If they haven't got one then they open one.

rev_henry

LittleVoice wrote: »

Absolutely not the truth!

Ok I could've sworn I'd heard so but apparently not... Nevermind then!

Mikeyorks

rev_henry wrote: »

Ok I could've sworn I'd heard so but apparently not...

Confusing it with the cash levels for entering / exiting the UK? :-

HMRC_website wrote:

You only need to declare cash if you are carrying 10,000 euros or more (or the equivalent value in other currencies) and you are:

• entering the UK from a country outside the EU
• leaving the UK to travel directly to a country outside the EU

If you are entering or leaving the EU through an EU country other than the UK, the declaration is made in that country.

......... it is also an indicative figure at which ML checks might be made - depending upon the relationship with your Bank.

Olipro

BoE notes remain redeemable for all time, I would imagine that for the next few years, retail banks will also continue to exchange Elgar notes on demand (albeit I have no doubt larger sums will not get an immediate payout).

the options your friend has are either change notes as and when he needs them (probably the most sensible suggestion) or alternatively, he can exchange them directly with the Bank of England by filling out a form and a money laundering declaration.

As for the option of laundering it through your own account, I really don't recommend doing this; whether or not the bank flag it depends entirely on how out of character the transaction is, judging by what you are saying it probably would be ringing alarm bells - naturally since you aren't doing anything untoward you technically have nothing to fear however, you could very easily create yourself quite a large and painful amount of hassle and therefore, simply on that basis, it's a bad idea.

p00hsticks

Mikeyorks wrote: »

Confusing it with the cash levels for entering / exiting the UK? :-

Or perhaps the fact that the Bank of England demands proof of identification if you present more that £1000 of these withdrawn notes to them.....?

http://www.bankofengland.co.uk/banknotes/about/exchanges.htm

gravitytolls

Does the rellie have no accounts at all?

compo.dave

Olipro wrote: »

BoE notes remain redeemable for all time, I would imagine that for the next few years, retail banks will also continue to exchange Elgar notes on demand (albeit I have no doubt larger sums will not get an immediate payout).

the options your friend has are either change notes as and when he needs them (probably the most sensible suggestion) or alternatively, he can exchange them directly with the Bank of England by filling out a form and a money laundering declaration.

As for the option of laundering it through your own account, I really don't recommend doing this; whether or not the bank flag it depends entirely on how out of character the transaction is, judging by what you are saying it probably would be ringing alarm bells - naturally since you aren't doing anything untoward you technically have nothing to fear however, you could very easily create yourself quite a large and painful amount of hassle and therefore, simply on that basis, it's a bad idea.

Thanks for that, its how I look at it, though legal we can bring problems upon ourselves