REFUSED by HSBC/Firstdirect a deposit of cash

GingerBob_3

Everynamestaken wrote: »

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.

If you mean most people don't have a problem with the banks' nosiness, I wonder? I think lots of people are not happy about it.

GingerBob_3

Ballard wrote: »

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many posts on the subject, seems convinced that it is possible through sheer number of complaints to get the ML laws repealed but no western government will get rid of these rules as it would make them look weak.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.

I wonder if they're working?

jonesMUFCforever

Unfortunately OP you have chosen to bank with HSBC/offshoot which was hit with a massive fine over them allowing money laundering to take place in Mexico and other places.
The result has been as you have seen is that you now have to prove that the cash is from a legitimate source.
Don't think that all banks are as stringent as HSBC but at the end of the day all you had to do was show a receipt or a source of funds and you would have been ok.

Everynamestaken

GingerBob wrote: »

If you mean most people don't have a problem with the banks' nosiness, I wonder? I think lots of people are not happy about it.

I understand the rules that have been enforced and why the banks ask the questions they do. On the other foot, do I want some gang robbing a business or a person and then paying cash into there account?
So I stick by my original comment. The Original poster was awkward, or was there more to it?

Hedgehog99

1)IF the banks do require this sort of info, they should advertise it clearly, including posters in banks so that people can plan to take the relevant documents in the first place or leave the queue discretely without disclosing they're in possession of wads of cash if they realise they haven't got the documentation.

2)You can pay cash in via cash deposit machines, so if you did that in batches, the machine couldn't ask.

3)I once got asked why I was withdrawing money (less than £2k, and I wasn't closing the account), so the banks are nosey both ways. Maybe they wanted to check I wasn't being blackmailed.

4)All these annoying hoops they make normal people jump through don't stop the criminals, it just makes life awkward when you don't take the ID you didn't know you needed.

ChiefGrasscutter

In some EU countries ANY cash transactions above a few thousand Euro is illegal so they might have more than the just the odd question to answer if they try and pay that amount of cash in at a bank: LOL

France - the limit is E1000.
Germany - planning to introduce a E5000 cash transaction limit
Italy E1000 limit
Portugal E1000 limit if dealing with a business rather than personal to personal
Belgium - I think is E3000

With a bit of luck the EU should start to impose this sort of thing on the UK shortly....though not before mid June!

grumbler

Will a banker's draft be the only option then when selling a car privately? Banks will love this.
People get blacklisted and banned from all banks after receiving mere £50 bank transfer from some fraudster when selling binoculars... - funnily enough because of the same AML paranoia.

Yet another demonstration of how stupid and ill-thought all these AML regulations are.

meer53

Hedgehog99 wrote: »

1)IF the banks do require this sort of info, they should advertise it clearly, including posters in banks so that people can plan to take the relevant documents in the first place or leave the queue discretely without disclosing they're in possession of wads of cash if they realise they haven't got the documentation.

2)You can pay cash in via cash deposit machines, so if you did that in batches, the machine couldn't ask.

3)I once got asked why I was withdrawing money (less than £2k, and I wasn't closing the account), so the banks are nosey both ways. Maybe they wanted to check I wasn't being blackmailed.

4)All these annoying hoops they make normal people jump through don't stop the criminals, it just makes life awkward when you don't take the ID you didn't know you needed.

No, but questions would be asked when the transactions appeared on the persons account. There is no way round it.

GingerBob_3

meer53 wrote: »

No, but questions would be asked when the transactions appeared on the persons account. There is no way round it.

Well not for the law abiding citizen, anyway. The real criminals will have loads of ways round it. These (stupid) rules don't affect them.

starM

meer53 wrote: »

No, but questions would be asked when the transactions appeared on the persons account. There is no way round it.

Its also possible bank may just close the account without asking any questions.