NatWest holding my cash to ransom

ollylee

... but they do freeze. it's simply because the rules / guidance says they should. 2001 was my last days of the money laundering stuff, others will be able to update on the state of play now - it's likely stricter. there'll be people here on this forum no doubt that know this inside out.

POPPYOSCAR

robatwork wrote: »

Now I'm almost tempted to go to my bank to do a large cash transaction to see just what answers are accepted. Are there any bank counter staff in here who would care to share what they are told to look for as (in)valid answers?

I will start with "I intend to spend it on myself". Will move to "intend to spend it on my wife".

After wooly answers I may move to sarcy ones. "Gummi bears, lots and lots of gummi bears". "Change it to 2p pieces and going for a loooong weekend at skegness pier slot machines". "Buying a sandwich and want the £19,997 for personal reasons". "Good reasons"

Then maybe the truth "To test what reasons you accept for cash withdrawal"

Half truths "My architect wants to be paid in cash" "The border guards in Turkmenistan don't accept faster payments"

Likelies: "Buying a car from Fast Ray Car Emporium and avoiding the cheque admin fee" "Changing money to take abroad and it's commission free for cash rather than debit card" "Dog needs operation and vet wants to see money up front"

Feel free to pick one and try it.

It's a nonsense whatever the banks try to dress it up as.

Great post!


I have a cousin(true story) who has a penchant for high class prostitutes.


Would love to see the reaction to that one!

jonesMUFCforever

Can someone transfer £20k to my account and I will try it - because as it stands with Christmas et all I am about £19997 short at the moment?

Any volunteers?

ollylee

:-)

i have a pound! not sure if this would trigger anything but I'm all for the experiment. it's a 25% increase in available balance mind !

if you are with natwest, and they can keep their systems up for long enough ....

henm2

[QUOTE jonesMUFCforever
Your argument fails because you are using THEIR facilities to run your account - THEY are the ones who will be left in the s&^t if it follows that YOUR money was used in an illegal way.[/QUOTE]

Exactly right. To save or at least reduce the likelihood of potential hassle large transactions in and out are best done nowadays by electronic means bank account to bank account. That way it leaves an audit trail so that the source of funds can be traced.

This discussion has come up many times before in the last few years. See this thread for example https://forums.moneysavingexpert.com/discussion/4977228

ollylee

lulu, i'd not worry too much about this. super unpleasant to get asked but could really be anything (e.g manager reminds staff on day about importance of diligence around money laundering). if anything, if you've not got more than one account that you can withdraw from then never a bad idea to have another so as to play it safe. we didn't until this happened to us, we now do. have a lovely new year and hopefully you don't get hassled again.

POPPYOSCAR

jonesMUFCforever wrote: »

Can someone transfer £20k to my account and I will try it - because as it stands with Christmas et all I am about £19997 short at the moment?

Any volunteers?

Sorry, just transferred that amount the other day.Took about an hour, do not want to do that again in a hurry!!

ollylee

we are with the same bank poppy for both our business and consumer accounts. i always hide my cash from my front line accounts (savers accounts) and sometimes worry that we'll be blocked because we move around so much between the accounts we have with the bank. sure they are wise enough to check and prevent this - touches lots of wood.

20k mind is a lot of money sometimes checks are a good thing. i'd rather you be safe for sure.

POPPYOSCAR

henm2 wrote: »

"It is not the job of any bank to make a judgement on whether a builder will avoid tax. End of."

Not according to the FCA "We make sure that firms stick to our rules and take appropriate measures to prevent them from being used as a channel for financial crime." https://www.fca.org.uk/about/what/enforcing

I have just looked through the PDF guide and it talks about Money Laundering, Mortgage fraud,fraud terrorism etc.


I can find no mention of Bob the Builder being paid in cash as something they have to look out for.

GingerBob_3

MLP at its best, yet again. If you have money available in your account it is absolutely no business of the bank what you might use it for. Now the Establishment thinks differently, basically because it is stuffed full of buffoons who would really like to see the end of cash completely. So what happens when you tell the nosey clerk that you want the money to pay gambling debts, or maybe just to stuff under the mattress? Any one tried such answers?


OP, I hope you close your account with these bounders and tell them why you're doing so. Or better still, just don't use it anymore, about from 1p going in and out on an annual basis. That way it costs them to maintain it.


This MLP makes my blood boil, especially when you consider how the banking industry operates on the wider scale; they are criminals themselves - proven.


As for this tripe about the clerk possibly ending up in jail if he doesn't poke his stinking great conk into your business; bullsh1t big time! Show me where that's ever happened. Struth! Even Fred Goodwin never went to jail, so I doubt a clerk would.