I have 10k in cash will i get in trouble if i go to my bank with it???

Jojogums

For about 3 years now i have been saving £50 a week which my son gives me as house kerping as he is still living at home and also any other money i could spare. He is planning to buy a house soon with his fiancee and i would like to surprise them with this to help towards a deposit, the problem is it has been saved in cash and i am now worried going into the bank with this amount may get me in trouble. Could someone please advise me on what to expect when taking this amount into a bank

Many thanks

grumbler

You can be lucky, but expect suspicion and questions in the best case scenario.
The worst case scenario has no limits.

polymaff

Jojogums wrote: »

For about 3 years now i have been saving £50 a week which my son gives me as house kerping as he is still living at home and also any other money i could spare. He is planning to buy a house soon with his fiancee and i would like to surprise them with this to help towards a deposit, the problem is it has been saved in cash and i am now worried going into the bank with this amount may get me in trouble. Could someone please advise me on what to expect when taking this amount into a bank

Many thanks

It is not that unusual for someone to present £7,800 in cash.

The only thing that will perturb them will be if it is all in coins!

Assuming that it is in notes, try to prepare it in paper- or rubber-banded bundles of, say, £500. That way the counting process should be less fraught.

Nothing to be nervous about - other than the walk to the bank

A shame that you didn't steadily bank it as it then could by now have been nearer a round £8,000, but, whatever, it is a very generous and kindly act. Good Luck.

Archi_Bald

Simples - give your son the cash and let it be his problem if he wants to deposit it into a bank account / pay his solicitor.

Out of interest, why did you not deposit the money into an interest-paying account once a month or so already? Are you not concerned that it might get stolen, or lost in a fire etc if you keep it at home?

Voyager2002

It will not be a big deal...

Go at a time when they are unlikely to be busy, and be prepared to answer questions about where the money came from, and provide as much evidence as possible.

Futuristic

You could visit twice on different weeks or different branch with 4-5k to avoid the risk of thorough questions

Assuming you have a higher balance in the account they probably won't ask any questions

Pincher

If you managed to deposit money into your son's account, as a surprise, he could call up the bank and say this is not his money, and the whole thing could spiral out of control.


For example, they remove the money and put it into an unclaimed pot, which eventually get donated to charity.


If they refer to the police, maybe they will replay security footage at the branch where the cash deposit was made, and find you in the picture, which may be misconstrued.


What about this? Iron the money to make them look pretty. Minimum heat, of course. Gift wrap it in a nice box.
Buy them a card, with a house warming theme, put £50 in it, and attach it to the box.


Plenty of ways to spend cash. He'll know even if you don't.

pinkdalek

Just tell them the truth as to what you've been doing, the bank will know from your account it is a one off transaction.
Paying it in in bits is more likely to arouse suspicion rather than in a lump sum as it would be irregular account transactions.

A large amount deposited as a one off is not a trigger for someone money laundering.

dr_adidas01

pinkdalek wrote: »

Just tell them the truth as to what you've been doing, the bank will know from your account it is a one off transaction.
Paying it in in bits is more likely to arouse suspicion rather than in a lump sum as it would be irregular account transactions.

A large amount deposited as a one off is not a trigger for someone money laundering.

I wouldn't say someone depositing as a one if isn't a trigger for someone money laundering at all.

How do you know this wouldn't trigger the banks security checks? how many threads have we seen very recently where people have paid an unusually large amount for them into their account then its been frozen and they have had to prove where the money came from?

You don't know what will trigger a banks security checks, so to say depositing £10K by the OP into their bank account wont trigger is is false indeed!!!

It may very well trigger extra security checks.

xylophone

You have a bank account and have been a customer for a number of years?

Why not see an adviser at the branch and explain what you have been doing?

You could then ask for some cash bags and bag up the money to take to the bank - if it is more than a short walk away, you might feel better being dropped off by a friend/taxi?

pinkdalek

dr_adidas01 wrote: »

I wouldn't say someone depositing as a one if isn't a trigger for someone money laundering at all.

How do you know this wouldn't trigger the banks security checks? how many threads have we seen very recently where people have paid an unusually large amount for them into their account then its been frozen and they have had to prove where the money came from?

You don't know what will trigger a banks security checks, so to say depositing £10K by the OP into their bank account wont trigger is is false indeed!!!

It may very well trigger extra security checks.

No I do not know what would trigger..but if you read the first paragraph you would quite clearly see it would not cause concern.
Do you not think the bank could put notes on the customers account to say what the transaction realted to? This way should it alert a fraud team they can check the customer's account.
Point is this person has nothing to hide or be ashamed/embarrassed about. Does not need to hide or deposit "in bits" at all.