What difference does the amount of a cheque have to paying in

Maid_of_Kent_3

I have a One Account which is part of the Royal Bank of Scotland. Normally if I have a cheque to pay in, I stick it in the freepay envelope and mail it. It saves the hassle of going to the bank.

I have in the past, paid in at a Nat West Bank, part of RBS, if I wanted to ensure that I get a cashier's stamp to confirm the pay in.

I have just been to a Nat West bank to pay in 2 cheques amounting to £24,000 into my One Account. I was told I couldn't pay in there. When I asked why as both are RBS entities, I was told I could pay in upto £2,000 .

Can any one throw any light on whether processing a piece of paper for £20, is any different to £2,000 is any different to £24,000. Surely the issue is I am able to pay in or I can't.

Rant over

Rafter

It is probably some money laundering or fraud rule that you have come up against.

Unfortunately not all customers are honest and ones like you get inconvenienced as a result.

Why part of the same group cannot accept the cheque, who knows. It is not as if you are asking them to cash it. I'd give IF a call and ask what the answer is in future.

More and more it seems that if you aren't the typical salary into the account by bacs, pay all bills by DD and use your switch card rather than cheques, you are going to be labelled as high risk and worthy of inconveniencing when trying to access financial services!

R.

chesky369

I think it might be to do with money laundering - banks have to take a particular interest in large amounts of cash, so they might have extended it to unusual amounts paid in by cheque also. Was it a personal or company cheque?

Maid_of_Kent_3

It was a company cheque with two signatories on it. It was a bonus payment that was being paid out ahead of payroll. My salary normally goes in by bacs

amandathepanda

Even though NatWest and RBS are part of the same group,they are completely separate. Limits of how much you can pay in are put there for fraud purposes.