Mum in laws cheque

Armorica

colsten wrote: »

The bank won't be asking the depositor or the payee of the cheque where the money came from. They might ask the issuer of the cheque.

The mind boggles why we are even having a thread on this.

Yes, of course they will (depending on the sum and what is 'normal' for the depositer) - they have to make enquiries in accordance with various regulations

colsten

The bank knows what the source of the funds are as far as the depositor or payee is concerned - it is the cheque that has been presented by the depositor or payee.

The bank might wish to know what the source of the funds are as far as the issuer of the cheque is concerned. But they'd need to ask the issuer that question as the depositor can't be expected to know.

I still don't know why we are having this thread.

dr_adidas01

colsten wrote: »

The bank knows what the source of the funds are as far as the depositor or payee is concerned - it is the cheque that has been presented by the depositor or payee.

The bank might wish to know what the source of the funds are as far as the issuer of the cheque is concerned. But they'd need to ask the issuer that question as the depositor can't be expected to know.

I still don't know why we are having this thread.

We are having this thread because there have been quite a few threads recently where people have been questioned by certain banks, as to where funds have come from when they have deposited cheques into their accounts.

Some have even had their accounts frozen until they could provide proof from the issuer of the cheque that it is genuine and from a legitimate source.

Some banks have recently started questioning account holders when they want to withdraw large amounts from their accounts too and requiring proof that, that's what there actually going to use the money for!!

People are trying to give the OP an understanding of what may happen when they deposit a large cheque into someones account.

mgdavid

dr_adidas01 wrote: »

We are having this thread because there have been quite a few threads recently where people have been questioned by certain banks, as to where funds have come from when they have deposited cheques into their accounts.

Some have even had their accounts frozen until they could provide proof from the issuer of the cheque that it is genuine and from a legitimate source.

Some banks have recently started questioning account holders when they want to withdraw large amounts from their accounts too and requiring proof that, that's what there actually going to use the money for!!

People are trying to give the OP an understanding of what may happen when they deposit a large cheque into someones account.

You are missing the point. You have used anonymous terms above which just blurs what you are trying to say, when it needs to be specific.
Yes the Account holder may be questioned as to the source of funds, that is entirely separate from the depositor.
If I ask my chauffeur or housekeeper to pay a cheque in for me when in town and passing the bank, it is presumptious in the extreme for anyone to think that I would share my finances with the staff and that the depositor would know the source of the funds. It won't stop the deposit happening at the till though.
Withdrawal of monies is a complete red herring as of course the bank won't give cash over to staff (using my example), the account holder needs to be there in person, and with ID.

agrinnall

mgdavid wrote: »

It won't stop the deposit happening at the till though.

Are you sure? Have you actually tried this? While I haven't ever had any issue with paying in large sums, and I've never been questioned as to the source, it's a few years since I last did it and it seems like procedures are tighter these days. I could see that branch staff might ask the question, and if the chauffeur or housekeeper couldn't answer then the deposit might be refused. Or they might accept it but then decline to actually credit it to your account until they had asked you the question and received a satisfactory answer.

colsten

dr_adidas01 wrote: »

We are having this thread because there have been quite a few threads recently where people have been questioned by certain banks, as to where funds have come from when they have deposited cheques into their accounts.

Really? I must have missed all these posts. Might be useful to point the OP at these threads then.

mgdavid

agrinnall wrote: »

....... Or they might accept it but then decline to actually credit it to your account until they had asked you the question and received a satisfactory answer.

You are now merely repeating what I already said in my post, I'm glad you agree at last.
"Yes the Account holder may be questioned as to the source of funds, that is entirely separate from the depositor."