Depositing a big cheque (above 50k)

CKhalvashi

agrinnall wrote: »

I paid in a £50K cheque a few years ago and it just went through the normal process, no AML checks done (or of they were it didn't hold things up), although it may have helped that the payer's surname and mine were the same as it was from my mum.

I'm sure that cheques going in/out of our company accounts probably get AML checked all the time, however that doesn't seem to hold things up for either us or those we're paying to.

We are, from any banks point of view, a highly volatile and high-risk business for AML purposes anyway, but for an individual having this on one-off basis, I can't see too much of an issue.

polymaff

Grayo wrote: »

Hi All,


I'm sorry to highjack this thread but I have a similar question but in reverse. If say I had 70K in the bank and I wanted to withdraw say 30K in cash I have been told it will set alarm bells ringing and also the inland revenue would have to be informed ????


Apparently so I have been told that anything under £10,000 is fine but anything over £10,000 and the banks must inform the inland revenue. Apparently it's something to do with money laundering ????


Has anybody any advice on this please.

OK, I'll ask the obvious:

Why do you need that much in cash?

badger09

polymaff wrote: »

OK, I'll ask the obvious:

Why do you need that much in cash?

Explanation here :cool:

https://forums.moneysavingexpert.com/discussion/5076253

polymaff

badger09 wrote: »

Explanation here :cool:

https://forums.moneysavingexpert.com/discussion/5076253

Ah, "for personal reasons" - and with a concern not to "attract the attention of the Inland Revenue"

Fine, Fine...... :rotfl:

Thrugelmir

grumbler wrote: »

Yeah - by american politicians that can easily send $12bn in cash to Middle East where it mysteriously vanishes under their watch. Then they recover some money by fining banks and shamelessly try enforcing control over innocent a few K cash transactions all over the world.

Would you prefer going back to the days of exchange controls or maintain the current movement of capital albeit with checks?

grumbler

I would prefer neither, although exchange controls don't bother me. It's much more reasonable to control money movements between countries than miserable cash transactions within country only because America says so. If it was HMRC, I would understand this, but it's not the case.

agrinnall

The latest posts in the OP's other thread suggests that there may be no need for cash anyway so this whole thread may be moot.

pavane

Going back to my original thread...

I can confirm I deposited the cheque without issues into my Lloyds account. I have used the machines before but given the large amount I preferred to interact with a human. All very quick and professional.

Account details were pulled by inserting my bank card into the machine. The teller had to get approval from a manager since apparently it was over their approval limit, it looked like there was some paper form to be filled out afterwards but nothing for me to do.

The amount did show up instantly online, but it was not available to use for the 6-7 days.

Lloyds_Bank

pavane wrote: »

Going back to my original thread...

I can confirm I deposited the cheque without issues into my Lloyds account. I have used the machines before but given the large amount I preferred to interact with a human. All very quick and professional.

Account details were pulled by inserting my bank card into the machine. The teller had to get approval from a manager since apparently it was over their approval limit, it looked like there was some paper form to be filled out afterwards but nothing for me to do.

The amount did show up instantly online, but it was not available to use for the 6-7 days.

Glad to hear that, pavane.

Craig