REFUSED by HSBC/Firstdirect a deposit of cash

dangermouse2

I did the safe thing and sold my car for £8000 cash (you would have thought). My parents offered to pay the cash in at the Waterlooville Branch (as I am working) only to be asked to prove where the money had come from.

Whilst trying to get this sorted out, other customers in the queue could hear what was going on and expressed their disgust about it.

The more serious nature of this kind of thing is that my Parents then have to walk outside with £8000 cash in their hand knowing that some customers know this.

I contacted Firstdirect to tell them that I will never tell them my personal money dealings and that it's none of their business whatsoever. The same applied to taking money out. I couldn't care less about anti-money laundering laws. What about data protection laws? And privacy laws for crying out loud!

I'm now going to move my account to another bank and make some money in the process.

beckstar1975

by moving you and just transferring the problem, due to money laundering laws you would likely have been asked at any bank (or rather they would)

dangermouse2

Not necessarily. And already thought of that and will check before I move. One way or another I'm not going to bow down to big brother BS.

dangermouse2

The ridiculous thing about this is that in order for me avoid having my privacy invaded, I could for example, split the money and pay into different bank accounts or even do things like buy and sell stuff. Oh!! Wait a minute! Isn't that money laundering?

Hasbeen

dangermouse2 wrote: »

The ridiculous thing about this is that in order for me avoid having my privacy invaded, I could for example, split the money and pay into different bank accounts or even do things like buy and sell stuff. Oh!! Wait a minute! Isn't that money laundering?

Banks by law have to ask these questions on sums over £5000 they would probably ask for car sale receipt, registration, buyers details etc

If not they could get prosecuted.

Yes, you can put £4000 into separate accounts and buying and selling stuff is not money laundering LOL

grumbler

dangermouse2 wrote: »

... I couldn't care less about anti-money laundering laws.... .

Unfortunately, the reality is that you must care - if you deal with banks.
It's a different question whether the laws are clever, fair etc.

meer53

dangermouse2 wrote: »

The ridiculous thing about this is that in order for me avoid having my privacy invaded, I could for example, split the money and pay into different bank accounts or even do things like buy and sell stuff. Oh!! Wait a minute! Isn't that money laundering?

All you need to do is give proof of where the money came from, they'll accept it then. Whats the problem ? They haven't refused you, they just want proof. Splitting the money would probably trigger the same questions if you don't normally pay in cash. There is no set figure over which they'll ask questions, they can ask, however much you're paying in.

All banks are doing this, £8k in cash is going to trigger questions anywhere you try to pay it in.

GingerBob_3

OP, you do the right thing in moving banks. And kick up as much fuss as you can about it. It's only when people vigorously complain about MLP and the dopey laws we have that something might get done.

colsten

dangermouse2


Your views sound a great plan for money launderers. Throw your toys, tell the bank that they have to take the money because the privacy of the money launderer cannot be invaded.

It's a bit like refusing to be screened at the airport check in because it invades your privacy.

Guess who has the upper hand in the long run.

Ballard

It's been posted on these forums numerous times that the banks are complying with the law for this sort of thing. They would far rather that they could just take cash without question but that would be illegal so they spend millions on compliance and training. They don't do this just to be awkward.

As has already been pointed out, it was possible for the cash to be paid into your account. Whoever paid the cash in simply had to give evidence of the origin of the funds.

GingerBob, through their many posts on the subject, seems convinced that it is possible through sheer number of complaints to get the ML laws repealed but no western government will get rid of these rules as it would make them look weak. The rules have been introduced to make it more difficult to profit from the illegal drugs trade/terrorism etc.

Everynamestaken

Was you one of those awkward customers that said to a counter staff "I'm not telling you, just pay it in, it's my money?"

Most people nowadays don't understand when its so easy to do everything electronically why people carry so much cash around.
As people have stated, the banks HAVE to do this, and sounds like you were awkward and wanted to be different. Most people don't have a problem paying in large amounts of cash, but if you have same attitude, you'll have same problem with other banks.


You can always stick it under the mattress if you don't like your free banking after all.