Paying large cheque into account

2012_theyearIsortitallout

Hello all,

I was wondering if someone could help, I am getting a cheque of £34,000 next week to pay into my account, this is a one off and I have never put anything of this size into the account or do I have transactions of this amount normally

I have read in a few places that it may get flagged up as "unusual activity" due to the size

I am not in any rush for it but was wondering what procedure that entails and the timeframe delay that may occur as a result of the additional checking that would need to be done

Herbalus

I wouldn't have thought checking the cheque would take any longer than usual.

Who is it from? The last time I had a large cheque, though not as large as yours, was from the end of a fixed rate savings account so was a business cheque. Presumably there's less likelihood of an issue if it's printed as opposed to from Bob down the road.

typistretired

You will be fine with £34,000, it will clear in the normal cheque clearance days, usually 3 working days.

Gers

2012_theyearIsortitallout wrote: »

Hello all,

I was wondering if someone could help, I am getting a cheque of £34,000 next week to pay into my account, this is a one off and I have never put anything of this size into the account or do I have transactions of this amount normally

I have read in a few places that it may get flagged up as "unusual activity" due to the size

I am not in any rush for it but was wondering what procedure that entails and the timeframe delay that may occur as a result of the additional checking that would need to be done

When I received a large cheque last year I went into the bank, spoke to an advisor and was told that the best way was to make an appointment to bring it in. The 'manager' I then met with did the transaction for me, filled the deposit slip in in a private room, took it to the counter and did it herself. She was naturally keen to know the source of this cheque. My mother! I took in the documentation showing it being withdrawn from her Towry account, being deposited in her current account and then bob was my uncle!

This may seem a pain, but it sure was worth the bother to not have my transaction flagged as dodgy and my account frozen. It was for a lot more than yours is but I still think it's worth it.

My tuppence worth!

agrinnall

It's 3 years ago now and possible things have tightened up since then, but I paid in a cheque for £50K (also from my mother) over the counter at a Nationwide branch that I'd never used before, they didn't ask any questions and it cleared in the normal timescale.

CLAPTON

when ever I'm paid in a large cheque, the only problem has been the local bank phoning me up to 'advice' me on how I should invest it in their products

BMN

Expect to be asked where the money has come from - due to money laundering regulations

Expect to be recommended that you should pay it into an existing savings account or to open a new one - not unreasonable because it will be more secure in a savings account and you can of course transfer any money into your current account as and when you need it whilst also earning a bit of interest on it in the meantime.

rb10

Gers wrote: »

When I received a large cheque last year I went into the bank, spoke to an advisor and was told that the best way was to make an appointment to bring it in. The 'manager' I then met with did the transaction for me, filled the deposit slip in in a private room, took it to the counter and did it herself. She was naturally keen to know the source of this cheque. My mother! I took in the documentation showing it being withdrawn from her Towry account, being deposited in her current account and then bob was my uncle!

This may seem a pain, but it sure was worth the bother to not have my transaction flagged as dodgy and my account frozen. It was for a lot more than yours is but I still think it's worth it.

My tuppence worth!

That won't have helped with preventing the transaction from being flagged as fraudulent.

All they wanted to do was make sure they get you sat down with someone, as they can then discretely find out more about the source of the money, so they know whether to try selling an investment product to you.

Just pay it in. £34k isn't a massive sum (compared to the cheques that some people put through their accounts...).

simongregson

Less likely to flag up as it is a cheque, so the source of the funds is clear (printed on it). You would probably be asked some questions if it was cash that you were depositing.

Naf

I remember when I worked at Sander we used to be made to tell customers that cheques for 10k+ could be delayed up to 2 days for extra checks. I vaguely remember one time this might have actually happened to a customer, but it certainly didn't happen to every one.

jackieblack

A few years ago I had a very large credit ( about 100 times the amount of the usual monthly credits) into my account as I was winding up a will trust for which I was the lone surviving trustee (apparently they couldn't pay it direct to the solicitor)- my bank rang me to ask if I was expecting this credit into my account and if I could confirm where the money was coming from.
I assumed this was some kind of fraud/money laundering cheque.
They seemed happy with my responses and I advised them that the same amount exactly would be leaving my account very soon (cheque to the solicitor) and they confirmed that was all in order and that there wouldn't be any delay.