NatWest holding my cash to ransom

lulu999

Dear All,

Does anyone know the legality on this. I tried to withdraw some cash the other day and the branch manager in NatWest refused to allow me to withdraw MY money without giving her a reason for the withdrawal.
There were sufficient funds available both within the bank and my account. They were satisfied I was the account holder, yet she made it perfectly clear I wasn't going to get my money without telling her what I was going to spend it on.
She tried to cite money laundering reasons for her questioning, which of course have no relevance to me withdrawing cleared funds.
She then cited that I may have been under duress to withdraw the money. I assured that I wasn't (and if you knew or saw me would realise how bloody ridiculous that approach was).
I am nothing short of livid that I was forced to answer an intrusive question such as that to access my cleared funds.

jm2926

Tell them it's for drugs, poker and prostitutes

lulu999

jm2926 wrote: »

Tell them it's for drugs, poker and prostitutes

I was very tempted to take that sort of line (no pun intended), but I actually needed the money there and then and didn't have the time for the fight.
If I choose to spend it on such things then that's my business.

The sinister aspect to her question is that she's going to make a value judgement based on my answer and potentially deny me access to my money. How fcuking dare she.

jonesMUFCforever

Why not transfer the money through Internet banking? or transfer your account from Natwest to Hsbc where you will find the same situation.

Superscrooge

The banks are 'damned if they do' and 'damned if they don't'.

There are often articles in the paper describing how someone was conned out of their life savings and the banks are criticised because they didn't do anything to stop it.

securityguy

Superscrooge wrote: »

The banks are 'damned if they do' and 'damned if they don't'.

There are often articles in the paper describing how someone was conned out of their life savings and the banks are criticised because they didn't do anything to stop it.

Perhaps you should sign a form when you open an account, selecting option A (I am a child likely to be conned and need the bank as surrogate parent to look after me) or option B (I am an adult who is able to make their own decisions and will accept the consequences of my actions).

KJSmith

lulu999 wrote: »

She tried to cite money laundering reasons for her questioning, which of course have no relevance to me withdrawing cleared funds.

Yes it does.

lulu999 wrote: »

I am nothing short of livid that I was forced to answer an intrusive question such as that to access my cleared funds.

lulu999 wrote: »

I was very tempted to take that sort of line (no pun intended), but I actually needed the money there and then and didn't have the time for the fight.
If I choose to spend it on such things then that's my business.

The sinister aspect to her question is that she's going to make a value judgement based on my answer and potentially deny me access to my money. How fcuking dare she.

Complete overreaction, she's not just asking to be nosy.
It is your business but it's also their business - your cash is running through Natwest's system and accounts therefore they have a right to know where the funds are from and what they're being used for.
If you needed the money that badly you would have just told her the truth.

bengal-stripe

lulu999 wrote: »

I tried to withdraw some cash the other day......There were sufficient funds available both within the bank and my account.

She tried to cite money laundering reasons for her questioning, which of course have no relevance to me withdrawing cleared funds.

I presume, it was rather a significant amount you tried to withdraw in cash. Banks have to be vigilant under money laundering and proceeds of crime legislation. Cash still holds a unique position for illegal transactions; you might have want to use the money to buy drugs or stolen goods. The bank is under an obligation to enquire about large cash withdrawals. After all, cash does not leave an audit trail.

For your information, the London auction houses will not accept cash payments exceeding £5000.

Ballard

I concur with the previous couple of posters. The anti money laundering legislation is very clear that the banks all have to be vigilant for all transactions. Cash is no exception.

There are few legitimate reasons why anyone would prefer to withdraw a large sum of cash rather than send it electronically so they are legally forced to ask questions and if you don't answer or they don't like your answer then they simply cannot comply with your request. KYC (know your customer) protocol also dictates that anything significant outside of your usual use of your account should ring alarm bells.

I can see why you're upset and frustrated but they are correct legally.

PeacefulWaters

If a bank employee has suspicions around money laundering and fails to report them they could go to prison.

Answer the question honestly. Money laundering is relevant and is a reason to ask such a question.

verybigchris

It could be a fool-proof approach to fight money laundering, based on the proven medical fact that it's physically impossible for a money launderer to lie about why they are withdrawing money.

Or perhaps it's just a pointless a box-ticking exercise that will never catch a single criminal, but will upset and inconvenience thousands of innocent people.