How much money can you pay into your account at the counter?

C_Mababejive

I'm just wondering if anyone has any knowledge/personal experience of bank/building society querying cash payments over the counter to credit your account.

I wonder what a trigger level might be?

http://www.thisismoney.co.uk/money/saving/article-2551823/Why-banks-wont-let-pay-cash-account.html

jimjames

I've paid £10,000 in before with no issues - well apart from being worried carrying it down the street!

colsten

If you have much larger amounts than £10K to deposit, you could try to wrap some crystal meth in a used fifty pound note slipped in between the used twenties.

LXdaddy

The best bet is to ask at the bank or building society.


I do know that most have limits on how much you can deposit in coins. Because of the time taken to check the bags.

dealer_wins

You can deposit as much as you like.

Anti money laundering reports are triggered by any staff member having a suspicion (Legally required to submit a report), or automatically done by computer analysing your accounts/spending/deposits over the last week/month/few years.

If its legit its not a problem, if its not legit dont bank it.

droopsnoot

The recent C4 programme "Busting the drugs billions" or something like that, showed a chap banking around £25k per week into several bank branches in his area. I presumed that because he ran a money transfer company, the banks didn't consider it to be out of the ordinary so no flags were raised.

Ballard

droopsnoot wrote: »

The recent C4 programme "Busting the drugs billions" or something like that, showed a chap banking around £25k per week into several bank branches in his area. I presumed that because he ran a money transfer company, the banks didn't consider it to be out of the ordinary so no flags were raised.

Yes. That sounds likely. KYC procedure would flag the account to show that regular large deposits of cash wouldn't be unusual.

FOREVER21

colsten wrote: »

If you have much larger amounts than £10K to deposit, you could try to wrap some crystal meth in a used fifty pound note slipped in between the used twenties.

Only works if you bank with the Co-op !

Pincher

Last time I sold my car, got paid through PayPal.
PayPal rang up the buyer right away, to confirm the transfer was kosher. I think it's better than cash, which takes me ages to use up, and you don't get cashback.

gadgetmind

When I was last in my bank's local branch (many years ago!) I was behind a young man wearing lots of jewelry and wearing his trousers about 6" below the waistband of his underwear.

He was paying in cash, and had already handed over one roll when I arrived, which the cashier was unrolling and flattening so it would go into the counting machine. He then produced another roll from a pocket, and yet another roll from a different one. When she gave him the total (many thousands) he looked puzzled, rooted around in his trousers and found a fistful of crumbled notes in both pockets.

At no point was he asked any questions.

jimjames

Pincher wrote: »

Last time I sold my car, got paid through PayPal.
PayPal rang up the buyer right away, to confirm the transfer was kosher. I think it's better than cash, which takes me ages to use up, and you don't get cashback.

Not for me it isn't Paypal costs me 3% or so to receive money. I prefer cash or bank transfer so it's directly in my account