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

maas

meer53 wrote: »

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

Yeah that makes sense. If the bank queried it over the counter you would have had the option of withdrawing the cash and trying to dump in a different bank (a bit like trying a dodgy £10 note in another store after the store owner detects it).

GingerFurball_2

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.

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.

Except it is the bank manager's business as he's the one who faces potential jail time if he's aiding money laundering. And a customer just walking in and depositing £8k in cash looks suspicious.

Thrugelmir

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?

You were told several posts ago to tell the truth. The fact that you won't speaks volumes.

The law is in place for good reason. So act within it and life is so simple. No point in acting like a child when it doesn't suit you.

M0ney

GingerFurball wrote: »

Except it is the bank manager's business as he's the one who faces potential jail time if he's aiding money laundering. And a customer just walking in and depositing £8k in cash looks suspicious.

Yes, the bank is legally bound to act in this way, my premise is that I feel that these regulations should be relaxed more, frankly I feel that it's simply none of their damn business if you had decided to store £8k under the mattress then had a change of heart and wanted to place it in a bank. For what I'm reading here if this was the reason used by the OP the money would remain frozen in the bank.

DStu

M0ney wrote: »

Yes, the bank is legally bound to act in this way, my premise is that I feel that these regulations should be relaxed more, frankly I feel that it's simply none of their damn business if you had decided to store £8k under the mattress then had a change of heart and wanted to place it in a bank. For what I'm reading here if this was the reason used by the OP the money would remain frozen in the bank.

It's none of their business? If you want to store a large sum of unexplained cash in their bank?
:rotfl:
I think it's perfectly acceptable to question where a large sum of cash originated, considering that it's going to be held within their own care.
If someone unexpectedly knocked on your front door and asked you to look after a large sum of cash for them, would you not have questions?

If you are wanting to use a service offered, then you should expect to abide by their rules. Their holding of your cash is a privilege, not a right.
If you don't like it, keep it in your mattress.

M0ney

OK fair point, well made.

maas

I think its perfectly reasonable for them to inquire into where a large amount of money has originated from so that they're not taking in dirty money. Money mules try to deposit criminal proceeds into banks all the time.

Is it drug money? Tax avoidance? Stolen? Laundered etc

My personal issue with this whole thing is when you're asked to justify a large withdrawal which some banks have started doing.

But back to the OP. What you have to understand, is if there's an inquiry into your account in the future from HMRC or NCA (or some other authority) and when handing over your statements they are asked "Why they accepted an 8k cash deposit with no questions" they could be in for a big fine. So they're freezing it until that satisfy themselves of that.

Biggles

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?

Just tell them the facts you know. How many times do you need telling?

Tell them who he is. Tell him why he gave it to you. Tell them you don't know his bank account.

le_loup

"I said someone owed me money"
Does that tie in with the OPs financial difficulties as mentioned in his other posts?
I would be suspicions if I had the was involved in the problems of stopping crime.

BillJones

Trajan wrote: »

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.

Of course not, but if you want to use their services, you have to follow their rules, and the regulators have told banks to sharpen up their anti money-laundering regulations.

You do understand, don't you, why we have these regulations? Even if you think that they are being over-zealous in their interpretation, you hopefully understand the need not to let arbitrarily large cash sums move about the economy with no checks. It's one of the best ways to stop criminal enterprise being able to disguise their profits.