Paying in a large cheque- will there be issues?

camperdown9

Hi

I need to move £100k between a Barclays account and a Natwest account. The maximum I can move via online banking is £30K. So thats not really an option.

If I wright a cheque and take it to Natwest other than been asked where I got the money, will I have any issues?

Alex

BMN

If everything is in order then you shouldn't have any issues.
They might ask if you have any plans for the money.

YorkshireBoy

Why not transfer the £100K over 4 days (3 x £30K and 1 x £10K)?


Why not pay for a CHAPS transfer, or try and negotiate a lower fee?


The first option will likely 'clear' before your cheque does anyway (especially at this time of year with all the weekends and Bank Holidays we have), and the second might not be as costly (relatively speaking) as you'd imagine.

Debutante

If you deposit a cheque personally the main issue you will encounter is lots of unwelcome attention.

I paid one in, around the same size as yours a few years ago. There must have been some kind of system because doors opened and I was invited into a private room and was quizzed as to what I was going to do with the money !

They were a bit cheeky because when I replied I was going to spend it the guy said 'are you sure that is wise sir, maybe it would be better to put it into some kind of other account'.

noh

Or set up a standing order for Friday. The maximum limit is £100k from Barclays.
You say you can move £30k online from Barclays from that I guess you are a Premier Customer? If so the max allowed via Telephone banking is £50K. Therefore two calls one today and one Friday will get your money into NatWest this week.

http://www.paymentscouncil.org.uk/resources_and_publications/faster_payments_value_limits/

jonesMUFCforever

noh wrote: »

Or set up a standing order for Friday. The maximum limit is £100k from Barclays.
You say you can move £30k online from Barclays from that I guess you are a Premier Customer? If so the max allowed via Telephone banking is £50K. Therefore two calls one today and one Friday will get your money into NatWest this week.

http://www.paymentscouncil.org.uk/resources_and_publications/faster_payments_value_limits/

A standing order for £100k is going to stick out like a sore thumb and I'm pretty sure that OP would need to prove ID to the paying bank that writing a cheque would.

noh

jonesMUFCforever wrote: »

A standing order for £100k is going to stick out like a sore thumb and I'm pretty sure that OP would need to prove ID to the paying bank that writing a cheque would.

Maybe or maybe not. It's worth trying and even if it results in a security call from Barclays to the OP it's easier than writing a cheque and taking it to the receiving bank.

InsideInsurance

camperdown9 wrote: »

I need to move £100k between a Barclays account and a Natwest account. The maximum I can move via online banking is £30K. So thats not really an option.

Its a £30k a day limit, given how long a cheque takes to clear, having to go in during office hours, the inevitable anti money laundering questions etc it'll probably be easier to just do it over a couple of days and you may well be able to do a bigger transaction over the phone per day

innovate

Just a side question: is this £100k in a joint or sole account? If the latter, you might want to transfer some £20k to a different financial institution, and only £80k to Natwest.

And a side observation: neither Barclays nor Natwest look the best place to keep a large amount of cash in since neither of them pays top interest.

callum9999

YorkshireBoy wrote: »

Why not transfer the £100K over 4 days (3 x £30K and 1 x £10K)?


Why not pay for a CHAPS transfer, or try and negotiate a lower fee?


The first option will likely 'clear' before your cheque does anyway (especially at this time of year with all the weekends and Bank Holidays we have), and the second might not be as costly (relatively speaking) as you'd imagine.

Why would paying for CHAPS be a good option when there are 2 other adequate methods that are completely free of charge? (The cheque and your multiple transfer suggestion - though that last one could flag up as suspicious and get temporarily frozen I guess)

YorkshireBoy

callum9999 wrote: »

Why would paying for CHAPS be a good option when there are 2 other adequate methods that are completely free of charge? (The cheque and your multiple transfer suggestion - though that last one could flag up as suspicious and get temporarily frozen I guess)

I didn't say it was a "good" option. I suggested it may be worth considering. Reasons?...


1. Done and dusted, for a £25 fee (Barclays Private/Premier banking may be cheaper?).


2. By way of an example, a £100K cheque paid in last Friday 20th December 2013 wouldn't clear for fate until close of business Thursday 2nd January 2014 (effectively Friday 3rd January 2013?), some 2 weeks later! That's a long wait to get at your money, and I'd imagine with a £100K credit they would make you wait until T+6?


3. What's £25 out of £100K?...small price to pay?