Bank asking source of money;name, address, bank name, card no

Trajan

Is there a law that says you have to put your money into banks? They ask you so many instrusive questions. No wonder people wanna minimise their dealings with banks.

RuthnJasper

Trajan wrote: »

I wanna know what kind of answers would be satisfactory for the bank.

The HONEST ones.

Not suggesting that you would lie to them, but if you're considering it - don't. They will find out (even if it takes a long time) and you'll be in very deep doo-doo.

Judging from your previous posts, I suspect that the bank have every right to ask why you are suddenly so flush with cash. Just answer them - if it's legitimate, what is there to worry about?

Trajan

They don't accept honest answers. They want someone's personal bank details. A bank wasn't involved when I dealt with this person but they still want a bank acccount they can check to confirm the source of my money.

There is no bank involved.

How do I overcome this problem and get my money from the bank?

M0ney

I would go into the branch and ask for the money back, if I went into a car showroom and bought a car I wouldn't be prepared to tolerate the 3rd degree from a car salesman and I don't see why you should accept it from a bank manage, it's none of their business apart from anything else. Not only that they didn't ask you to explain yourself when you deposited the money in the first place, that was the time to be asking questions.

My Grandad died last year and for people of his era it was more normal to keep cash rather than to use a bank account and when he got ill and was admitted to hospital there was £1,100 in his wallet and thousands more in the house, I know that's not really relavant but just wanted to say there's nothing inherently wrong with keeping cash instead of bank accounts.

Tiglath

I doubt very much they'll just give you the money back; if you're stalling and they've submitted a suspicious activity report, they'd have to get consent from the NCA in case it's the proceeds of crime. Your best bet is to give them the info they need to verify the source of funds, as they're required to do. Large amounts of cash like that do look dodgy even if it's perfectly legit. If your friend went in with you with his passport/driving licence and proof of his address, they might accept that as an alternative.

maas

Yeah I don't think they'll give you it back until they've satisfied their money laundering procedures as Tiglath says.

All these questions "What answer can I give" "What thing can I say" to get my money no one can answer because it depends on the bank and the individual who has raised the flag on the deposit and they'll want some sort of evidence (statement, bank account etc)

Walking in and saying "My mate Tom gave it to me, he has a safe and no bank account and just gave me it because he's nice" wont work!

meer53

Trajan wrote: »

They don't accept honest answers. They want someone's personal bank details. A bank wasn't involved when I dealt with this person but they still want a bank acccount they can check to confirm the source of my money.

There is no bank involved.

How do I overcome this problem and get my money from the bank?

There is a bank involved now, your bank. They are following AML regulations which have tightened up significantly in the last couple of years. Large deposits will automatically be questioned, if the person who gave you the cash doesn't want to give their bank details, tell the bank that. Whether they accept your answer or not, only they know. It will just increase their suspicions even more though.

Why does this other person not want to give you their details ?

DCFC79

Trajan wrote: »

i received cash from the person therefore had to take it to bank. He gave me money from his safe.

I am still without a satisfactory response to my question.

I want to know what answers they will accept without the need to provide someone's personal bank details.

The answers they will accept are the honest answers.

No on here can tell you what answers the bank are likely or will accept.

We dont have a book of reasons/exscuses a bank will accept.

DCFC79

Trajan wrote: »

They don't accept honest answers. They want someone's personal bank details. A bank wasn't involved when I dealt with this person but they still want a bank acccount they can check to confirm the source of my money.

There is no bank involved.

How do I overcome this problem and get my money from the bank?

Now come on they will accept honest answers if given honest information asked for.

meer53

M0ney wrote: »

I would go into the branch and ask for the money back, if I went into a car showroom and bought a car I wouldn't be prepared to tolerate the 3rd degree from a car salesman and I don't see why you should accept it from a bank manage, it's none of their business apart from anything else. Not only that they didn't ask you to explain yourself when you deposited the money in the first place, that was the time to be asking questions.

The bank aren't going to give the cash back without some answers.

It is the banks business, they have to do AML checks or risk having their banking licence taken away. No bank will risk that.

They wouldn't ask questions at the time of the deposit as that would alert any potential money launderer.