depositing a large cheque

mrs_motivated

I want to deposit £130,000 into my husbands Barclays account and have been told i wont be able to do this unless he is present, because he will need to fill forms in explaining where it has come from.

is this true?

Ebe_Scrooge

Who told you this, the bank ? If not, I would phone them up and ask.

It's quite possible that they WILL require proof of where the funds came from, as most banks have strict anti money laundering policies ( i.e. they need to satisfy themselves that the funds are from a legitimate source, not the proceeds of crime ).

So yes, they may well require proof, but a quick phone call beforehand should clarify things.

mrs_motivated

Many thanks for your speedy reply - it is a gift from his dad (just in case you thought I may be money laundering)

i will phone the bank and check

Ebe_Scrooge

I wouldn't for one minute try to insinuate that the money is dodgy :-)

This sort of thing commonly happens when moving house, when many thousands are changing hands ( it always struck me as odd, since the money was going from my solicitor's account to their solicitors account, and if the banks won't trust a solicitor ......... but there you go !! )

mrs_motivated

I phoned barclays and got the feeling the guy didnt understand what i was asking (as his first reply is you can go to any branch and pay in without phoning to give us prior notice) :cool:

so after much expanation he said i will need to fill in a declaration of income form as i am depositing more than £100,000, but I am not over confident he knew what I was on about!!

Lord only knows how rich people manage or maybe the bank isn't suspicious if they regularly move thousands?

MsHoarder

I suspect if he didn't know what you were talking about then it isn't a problem, and no-one rings to check!

I move sums of about this amount around quite regularly, rate chasing with our savings, and no-one has ever queried it! I always pay large cheques in at the counter though.

jennifernil

I don't see a problem. If they ask where it came from, you can tell them.

mrs_motivated

Just to update, i paid the cheque into my husbands account today and I was asked for security reasons where the money came from, but they didnt ask me to fill in any forms etc. I asked why they needed this and Ebe was right, its all about money laundering. (heres hoping i dont wake up with a horses head next to me);)