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Depositing £100+k in my bank - Do I need to inform them?.

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Comments

  • ratechaser
    ratechaser Posts: 1,674 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Heng_Leng wrote: »
    How will they know the source is 'reputable' or not?

    Well if a bloke turns up at the branch with a suitcase filled with used notes; or it gets wired in through a bank in Kazakhstan, then questions are quite likely to get asked. But a CHAPS transfer from another UK regulated bank, no, there will be a working assumption that the source of funds is genuine. After all if you can't trust a bank, who can you trust...
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    jonesMUFCforever wrote: »
    IMO they will contact you just to make sure that the money is going into the right account bla.h blah blah

    They didn't contact me.
    Armorica wrote: »
    To receive no...but if you want to use it/move it later you will invariably need a conversation with with.

    I moved £110,000 out without any need for a conversation.
  • giblet10
    giblet10 Posts: 494 Forumite
    Nationwide are ok..it generally seems to be Natwest and HSBC who have archaic procedures for dealing with high deposits.
    Never argue with an idiot. Especially not this idiot because I'm always right anyway.
  • Majestic12
    Majestic12 Posts: 142 Forumite
    giblet10 wrote: »
    Nationwide are ok..it generally seems to be Natwest and HSBC who have archaic procedures for dealing with high deposits.

    I think with HSBC, their huge fine for not following/having proper anti money laundering processes might be a factor ;)
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