HSBC won't let me pay money into my own account

Archi_Bald

JuicyJesus wrote: »

Christ knows, because I wasn't there (and neither were you) but I'm going to be fairly sure that bank cashiers don't refuse deposits for funzies.

You might be right but with the recent contributions to the MSE Forum from (alleged) HSBC employees, nothing about them would surprise me, including some holier-than-thou cashier not taking a customer's cash.

noclobber

BMN wrote: »

In this case if they didn't accept the deposit because of AML regulations then they would technically be tipping off. I think they chose not to accept the money for another reason...

But the only other (possibly relevant) reason I can think of at the moment is when a customer is being rude and abusive. It happens quite a lot when customers are asked where the money has come from (despite already having been politely informed of our obligation to ask them).

All well and good, except in this case I remained very polite for the entire time I spent in the bank (which was over 1 hour, after all the umm-ing and err-ing about whether or not to take the money).

henm2

The cashier would have been able to take the cash if you had two things 1. ID and 2. paperwork to confirm the source of the funds e.g. if you sold a car via ebay and accepted cash you could have a printout of the completed ebay deal.
Same applies to large cash transactions out e.g. building work- builder's invoice on headed paper would be accepted.
The cashier would then then have passed the documentation on to a manager to get the transaction approved.
HSBC has tightened their worldwide AML procedures greatly since their heavy US$ fine of last year and this latest change is not unfortunately the end of it. This one regarding cash transactions so far applies only to personal accounts.
Other recent HSBC changes in AML policy relate to customers linked either transactionally or by nationality to a large number of countries deemed high risk. Accounts have been closed because of it http://www.bbc.co.uk/news/uk-23565506

euanT

Wilkins wrote: »

Why didn't your FiL do a bank transfer? I think any bank would baulk at £8000 in cash because of anti-laundering regulations (although especially HSBC at the moment, actually).

Reminds me of discussion my friend in sunny Spain had with branch of Halifax ES. He was selling his house and a Russian viewer asked if he would take cash(Euros) Now as he was asking for 500,000 he went to his local branch and asked if there would be a problem paying in a large sum of cash? Teller asked how much? Friend states 500,000
Teller states" oh! I thought you meant a LARGE sum as 500,000 was fine, any more would have to be paid in over several days!!!!!

BillJones

euanT wrote: »

Reminds me of discussion my friend in sunny Spain had with branch of Halifax ES. He was selling his house and a Russian viewer asked if he would take cash(Euros) Now as he was asking for 500,000 he went to his local branch and asked if there would be a problem paying in a large sum of cash? Teller asked how much? Friend states 500,000
Teller states" oh! I thought you meant a LARGE sum as 500,000 was fine, any more would have to be paid in over several days!!!!!

Yes, in Spain it's not unusual for people to "sell" the house for a low price, topped up by cash-in-hand, to avoid taxes. It's good that we make more of an effort in the Uk to stop this sort of thing.

grumbler

BillJones wrote: »

It's good that we make more of an effort in the Uk to stop this sort of thing.

Yah, £8K in hand is a great way of saving £80 on stamp duty.
Regarding £125K and other thresholds, this stupid system had to be changed long time ago to something more smooth.