Paying large cheque into account

CKhalvashi

Enterprise_1701C wrote: »

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

I've never been asked questions for figures IRO this, either.

The only time I am ever asked, is if it goes into 6 figures, which is generally the annual dividend and nothing else.

CK

Bloomberg

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

I doubt there will be any major issues. The bank may contact you asking if you have any plans for the money or you may get an over zealous cashier enquiring. Even if it was cash they probably wouldn't ask that many questions in the first instance. They would fill out a SAR (Suspicious activity report) and the authorities would make some behind the scenes enquiries.


Don't forget, everyday people sell houses, receive inheritances and or receive financial gifts. If the money is clean there will be no major upheaval. Without meaning to go off track when you have that kind of money you should not discuss it with friends. I know of someone who sold a house and when he got the cheque he took it to work to show people. Some people made loan requests and others thought he was an idiot. All the best.

Gers

agrinnall wrote: »

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.

Did that! Taken LOADS of advice and suggestions from on here and now got it spread over 3 x Lloyds Vantage, 3 x BOS Vantage, Santander 123, N+P, Nationwide and RBS, plus about five or six monthly savers.

Great place this for help.