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Barclays removed all my money !!
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I remember selling a car for cash and I had to sit down with a member of the bank and tell them how I received the money and provide proof of where it came from before they would allow me to deposit it.
For entirely innocent and legal reasons, we've had a fair bit of cash to bank lately. We've stuck to £1k chunks, and have used a few different branches of different banks, and haven't had any grillings yet.
Well, I say "we". My wife has been doing it as she looks far less shifty.
I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
bengal-stripe wrote: »Where did the money come from in the first place? Did you deposit it as cash/cheque? It obviously wasn't a transfer (with an audit trail), as it was "deposited......at (the) local branch". Now, after only three weeks, you want that same money back and in cash.
I'm afraid, that will ring money-laundering or proceeds-of-crime alarm bells. The bank is obliged by law to check out the transactions are legitimate.
I deposited cash, at the bank! So now, anybody who makes a deposit and afterwards needs the money, is suspicious?? It's ridiculous! That's why we put our money in banks, to be safe! Why isn't a deposit questioned, but only the withdrawal? Who will ever put money in their bank again, after this happens? I read similar cases, they're just excusing, that's all they can do, but they don't think what they put people through doing this!0 -
I deposited cash, at the bank! So now, anybody who makes a deposit and afterwards needs the money, is suspicious?? It's ridiculous! That's why we put our money in banks, to be safe! Why isn't a deposit questioned, but only the withdrawal? Who will ever put money in their bank again, after this happens? I read similar cases, they're just excusing, that's all they can do, but they don't think what they put people through doing this!
Your money will be returned to you once the bank have finished their enquiries. It just takes time. They aren't doing this to annoy you. What will have alerted the bank in your case is the withdrawal so soon after the deposit.
What do you think would happen if they never questioned anything ? Deposits or withdrawals ? The bank are doing what they need to do, making sure that they are accepting money from legitimate sources only. You might feel a bit better if you do a bit of research on Money Laundering and the damage it can cause.0 -
I deposited cash, at the bank! So now, anybody who makes a deposit and afterwards needs the money, is suspicious?? It's ridiculous! That's why we put our money in banks, to be safe! Why isn't a deposit questioned, but only the withdrawal? Who will ever put money in their bank again, after this happens? I read similar cases, they're just excusing, that's all they can do, but they don't think what they put people through doing this!
The deposit probably was questioned and they haven't finished the investigations yet. They cant tell you that or they break the law.
Out of interest where did the cash come from ?0 -
Think about it, depositing funds and then withdrawing those funds again at a later date is a perfect way to "cleanse" money. You deposit your dodgey cash, it gets stored, and before long no one has any idea where that money come from. Then you can withdraw it a few weeks later and you get totally different notes.I deposited cash, at the bank! So now, anybody who makes a deposit and afterwards needs the money, is suspicious??
So if you stole a pallet of cash but the bank knew the serial numbers of the notes you have effectively wiped your hands of it and changed that cash into some completely untraceable.
No wonder the banks are suspicious.0 -
Think about it, depositing funds and then withdrawing those funds again at a later date is a perfect way to "cleanse" money.
Poor old Paddington bear. Pay in your fifty shillings, have the temerity to ask for it back, and the bank says that they'd actually prefer to hang on to it for a while.
Depositing funds and then asking for them back is perfectly normal banking. Refusing to return deposits on demand isn't acceptable.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Out of interest where did the cash come from ?
Much of it is printed by De La Rue. I hope that answers your questions and puts your mind to rest.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Who was the idi...forward-thinking civil servant who decided that an intentioned fraudster being told, "Oh we can't tell you why we're stopping that so just wait there a bit!" wouldn't be heard as, "We're on to you!"
They just phrase it as "I'm afraid I don't have any further information at this time".More fraud would be stopped if banks told people, "We're stopping this because we suspect fraud": a strong hint would be provided to those unintentionally participating in laundry.
That's Tipping Off, a criminal offense.
Telling people would just give them time to hide other criminal affairs.0 -
Perhaps they don't have it? Perhaps they decided to lend your deposit to someone asking for a loan at 16% APR whilst they are giving you 0.2%. They get around the technicalities by saying it's a standard fraud/money laundering check. Once the loan has been repaid (or someone else deposits what your asking for) they'll say the checks are complete and offer you your cash back - after an account review and offering you another savings account and credit card first, of course.gadgetmind wrote: »Depositing funds and then asking for them back is perfectly normal banking. Refusing to return deposits on demand isn't acceptable.0 -
Which means precisely "you're being investigated under AML regulations" except to those who either are behaving well or are the victim of a scam.Fiddlestick wrote: »They just phrase it as "I'm afraid I don't have any further information at this time".
Indeed, and the law's a burro on this. There are various very sound reasons why the police have two choices when they suspect someone of criminal behaviour: (i) investigate you without hindering your freedom; or (ii) restrict you but provide sufficient information of your suspected naughtiness to allow you to defend yourself. If the law requires the bank to act in a quasi-police role then it would help all parties if it followed the good practice of a modern justice system.That's Tipping Off, a criminal offense.
They've already been effectively told the moment you tell them you're not telling them.Telling people would just give them time to hide other criminal affairs.0
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