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

scoot65

I recently deposited £8000 in cash at my local Lloyds branch. No questions asked. It was the proceeds of a car sale

Hedgehog99

Pay it in through a paying-in machine (although go through the notes meticulously first because the machines are really really picky about tiny folded-over corners etc., so swap any tatty notes with notes from your usual housekeeping).

Pepperoni

We paid 3K and got pulled to the side to ask where the money had come from. Like everyone else says, be prepared for questions and be as honest as you can be.

somethingcorporate

I would make an appointment and do it that way.

We did this a few years ago with a lot more money than that when we had a bit of an issue transferring money on the day of house completion. We walked across a busy city centre with the thick side of £30k stashed about our persons!

Anyway, a quick call and an appointment I am sure would help to avoid a lot of the flags that may go up if they have no idea about it.

jimjames

scoot65 wrote: »

I recently deposited £8000 in cash at my local Lloyds branch. No questions asked. It was the proceeds of a car sale

Same here.

No questions from cashier but I was surprised no query handing over £10k cash

callum9999

Pincher wrote: »

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.

I think that's an enormously gross exaggeration!

They didn't say they were going to pay it directly into their sons account without telling them, but even if they did and the son told the bank before the OP tells him (which in itself seems like a tiny chance), there is no way what you're describing would happen.

The bank is unlikely to just take the money immediately. They'd start making enquiries as to where the money came from (and as paying money in isn't a criminal offence I highly doubt they'll comb through security camera footage and hand it over to the police), at which point the OP will just tell the son and the son will tell the bank.

While it's possible the bank may freeze the transfer to do some money laundering checks etc., you have no legal obligation to prove where it came from. It's completely plausible that someone would save the £50 a week their son gives them in rent (it seems pretty common for parents to do that - I've heard of numerous people doing that and it's regularly mentioned on sites like this), so unless the bank can prove otherwise, they have no right to unilaterally decide to put it in a holding account then give it to charity.

System

Unless you bank with HSBC, the bank/BS will either:

1 - Just deposit it.
OR
2- Discreetly ask where is came from (just be honest) & then deposit it.

Dilemma solved.

It's not a crime (quite yet) to have a few thousand of cash savings!

plunt

open a 3 other current accounts with other banks and split the money up. Or just use the paying in machine in branch and see what happens

Mojisola

Heng_Leng wrote: »

It's not a crime (quite yet) to have a few thousand of cash savings!

As long as you're not claiming means tested benefits while having thousands in cash at home.

GingerFurball_2

Futuristic wrote: »

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

This is dreadful advice.