NatWest holding my cash to ransom

System

Really all money belongs to the queen, not us, so the state has rights over its use

Ballard

POPPYOSCAR wrote: »

That is ridiculous.


You can pay someone in cash, it is for them to declare it.


We run a business and sometimes get paid in cash, and yes we bank it the same as a cheque.

You run a business.

System

Maybe cash should be a thing of the past? Tol hard to monitor

POPPYOSCAR

Ballard wrote: »

You run a business.

Strange post!

Ballard

POPPYOSCAR wrote: »

Strange post!

Sorry. I should expand.

KYC is the important thing here. The bank know their customer is a business and that large cash transactions are normal.

POPPYOSCAR

Ballard wrote: »

Sorry. I should expand.

KYC is the important thing here. The bank know their customer is a business and that large cash transactions are normal.

OK.


So I am an individual and want to put £20,000 cash under my mattress. Whose business is it if that is what I want to do?

ChiefGrasscutter

Well as I recall
Italy has a ban on all cash transactions above E1000, Spain E2500, France also recently reduced it to E1000.
So there are some governments who indeed want to know what happens to your £20K under mattress.

The UK banned the provision of the E500 note within the UK sometime ago as surprise surprise it was being associated with criminal activities.

The world is changing, start getting used to the concept of a total ban on cash in the long term.

POPPYOSCAR

ChiefGrasscutter wrote: »

Well as I recall
Italy has a ban on all cash transactions above E1000, Spain E2500, France also recently reduced it to E1000.
So there are some governments who indeed want to know what happens to your £20K under mattress.

The UK banned the provision of the E500 note within the UK sometime ago as surprise surprise it was being associated with criminal activities.

The world is changing, start getting used to the concept of a total ban on cash in the long term.

That may well be but as far as I am aware, at the present time it is not illegal to keep cash in your home.


Quite a few older people do not even put their money in banks in the first place,preferring to keep it 'under the mattress', and some unfortunately having it stolen by low life gaining entry into their homes.


I know of a couple who had £14,000 stolen like this so not something to be encouraged but nontheless not illegal.

henm2

Ballard wrote: »

The point is that if you are questioned on why you want to withdraw a large amount of cash and your reply is that you need it to pay a builder this would be evidence enough for the bank not to give you the cash.

Yes tax evasion is a form of money laundering. So of course banks will ask questions when dealing with large amounts of cash paid in and drawn out particularly through personal accounts.
Banks will also increasingly ask the same questions for businesses particularly when the transaction is out of character for that normally seen running through that business account.
The world, legislation and financial regulations have changed greatly in recent years. As well as AML regulations the latest ones people will come up against with their banks are the tax related ones of FATCA and Common Reporting Standard. So yes more questions are being asked because the banks are required to do so either by legislation or under the requirements of the Financial Conduct Authority.
If you don't like this new world keep your money under your bed.

ollylee

I was in my branch and got asked that too recently but fully understand the money laundering stuff.

To be honest I don't bother going too often nowadays into the branch.

What we do here at home is spread our money over several bank accounts / providers and use online banking to swiftly move money around when we need to. Having ATM cards for those banks means we can get physical cash quickly if we need it - everything else we pay be card or transfer as required via online. Naturally this doesn't mean that a bank would freeze an account if they had reasons for concern - this has happened to me before: presented myself very unkept to my bank to withdraw a fair amount of money - they wobbled and froze my account. Took a short while to prove I am legit just messy at times - and thank you, I'll have my money now folks :-)

Hope this helps.