Paying large cheque into account

System

They may make you wait the full 6 days for the cheque to clear and will probably ask the source for AML.

If they ask much more then they are trying to sell you stuff!

Gers

rb10 wrote: »

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.

No sell at all - only had to open a new savings account (as posted by someone above) and yes, it was to help prevent flagging as fraudulent. Clearly showing where the funds had been, where they went to and where they were coming from all ticked good boxes. Having funds coming in electronically from the same account over a period also helped.

Anyway, banks are used to large amounts of money being paid in or out. A lot of us aren't!

jonesMUFCforever

Gers wrote: »

No sell at all - only had to open a new savings account (as posted by someone above) and yes, it was to help prevent flagging as fraudulent. Clearly showing where the funds had been, where they went to and where they were coming from all ticked good boxes. Having funds coming in electronically from the same account over a period also helped.

Anyway, banks are used to large amounts of money being paid in or out. A lot of us aren't!

Sorry but HAD TO OPEN a new savings account?? The only reason was that the advisor gets points towards their targets by ''attracting'' funds.

rb10

Gers wrote: »

No sell at all - only had to open a new savings account (as posted by someone above) and yes, it was to help prevent flagging as fraudulent. Clearly showing where the funds had been, where they went to and where they were coming from all ticked good boxes. Having funds coming in electronically from the same account over a period also helped.

Anyway, banks are used to large amounts of money being paid in or out. A lot of us aren't!

Haha, they saw you coming!!

"Had to open a new savings account" = extra points for the salesperson = they got a higher bonus.

Whilst they may have said it was to prevent the transaction from being flagged as fraudulent, it wasn't really. Branch staff don't make the decisions on matters like this. [They can input into it, but a cashier can do that over the counter perfectly adequately. It only takes moments for a decent cashier to determine whether you are genuine or not.]

Telling the customer that they need to come and speak to an advisor (salesperson) to protect their account is a fairly good way of building the rapport that can lead to a sale (been there, done that - I spent several years working in a bank branch). As you have proven.

Gers

jonesMUFCforever wrote: »

Sorry but HAD TO OPEN a new savings account?? The only reason was that the advisor gets points towards their targets by ''attracting'' funds.

No. I had a low interest savings account which was closed on the day and the new one opened. Can't see that as anything other than common sense. And it was me who queried the old account.

Since then I have been filtering monies out each month into higher interest bearing accounts at other banks and the interest rate in my savings account reverts to almost nothing in October.

I was NOT pressured or asked to open anything. Only advised that my current account was not the best place for the funds. And no marketing pressure at all since.

rb10

Gers wrote: »

Only advised that my current account was not the best place for the funds.

A very good sales technique. 'Inform' the customer of something that might help them to join up the dots and 'ask' to open a new product.

Gers

rb10 wrote: »

A very good sales technique. 'Inform' the customer of something that might help them to join up the dots and 'ask' to open a new product.

For goodness sake - I was not sold anything. I was paying in a six figure sum that had to be somewhere other than my current account.

Grief... I suppose if I had said that I had paid it into a low interest bearing account you'd accuse the bank of not looking after my best interests.

I researched the best available account from my bank at the time - not some frail woman who is persuaded to do something by sales people, much the opposite so. Whilst I am new to having significant amounts of money I am not open to sales techniques or persuasion.

My comments were to help answer the question asked and was relaying my own experience. I've had some fabulous help and advice from lots of people here since then and wanted to 'give back'

Some typical internet nasty comments in this board too.

Enterprise_1701C

I paid in a cheque in the region of that amount. I was not asked any questions and the cheque cleared as normal.

agrinnall

Actually if you were paying in a 6 figure sum (assuming all of the figures were pounds) then your first step after the cheque cleared should have been to move some of it to at least one other bank to make sure you had the full £85K FSCS cover on the whole amount.

System

Why not a CHAPS payment straight into the account?

I didn't know people still used cheques I remember those from way back - I probably still have an old half-used book.