REFUSED by HSBC/Firstdirect a deposit of cash

robatwork

What proof do banks accept in a case such as this?
Is it published anywhere?

I believe they would accept a signed receipt of sale and wouldn't check further.

This of course would be simplicity itself to knock up for a completely fictitious car.

Or would they need to see the withdrawal from the buyer's account - or the V5?

Any bank staff care to comment or point us towards a published policy?

All I have found online is a somewhat woolly "statement" allegedly from an HSBC spokesman:

‘Since last November, we may have asked customers to show us evidence of where the cash originated from or what it is required for.
‘However, it is not obligatory to provide documentary evidence - and failure to show evidence, as in Mr Harrison’s case, is not a reason to refuse a withdrawal or deposit.’
Read more: http://www.thisismoney.co.uk/money/saving/article-2551823/Why-banks-wont-let-pay-cash-account.html#ixzz43RVHEzCF

jonesMUFCforever

robatwork wrote: »

What proof do banks accept in a case such as this?
Is it published anywhere?

I believe they would accept a signed receipt of sale and wouldn't check further.

This of course would be simplicity itself to knock up for a completely fictitious car.

Or would they need to see the withdrawal from the buyer's account - or the V5?

Any bank staff care to comment or point us towards a published policy?

All I have found online is a somewhat woolly "statement" allegedly from an HSBC spokesman:

‘Since last November, we may have asked customers to show us evidence of where the cash originated from or what it is required for.
‘However, it is not obligatory to provide documentary evidence - and failure to show evidence, as in Mr Harrison’s case, is not a reason to refuse a withdrawal or deposit.’
Read more: http://www.thisismoney.co.uk/money/saving/article-2551823/Why-banks-wont-let-pay-cash-account.html#ixzz43RVHEzCF

If they published a solid rule then people would find ways around it would they not?

GingerBob_3

Let's just re-iterate; these stupid bank rules, drawn up by stupid people in the stupid banks, have absolutely zilch effect on the standard three arch felon types (drug dealers, pedophiles and terrorists). All they do is inconvenience, sometimes badly, the innocent man in the street.

Westie983

Bank cashier dont actually need evidence of where the money came from just ask the question. This tends to be more apparent when you make a withdrawal. What are the funds for? What was the origin of the credit into the account. At this point I ask the question, I write down the customers answer, whatever that will be, car purchase, home improvement, sex change, gambling, settle of a debt... I dont care what the funds are for and am not being nosy I have to adhere to policies and practices when It comes to high value withdrawals. Information given is annotated on the checklist and kept for six years, along with the ID provided, and the identity checks

When paying in I tend to ask 'Have you sold a house/car etc just to make conversation with the customer, but there is no need for evidence, you find the hoops are there for the withdrawal side.

meer53

Westie983 wrote: »

Bank cashier dont actually need evidence of where the money came from just ask the question. This tends to be more apparent when you make a withdrawal. What are the funds for? What was the origin of the credit into the account. At this point I ask the question, I write down the customers answer, whatever that will be, car purchase, home improvement, sex change, gambling, settle of a debt... I dont care what the funds are for and am not being nosy I have to adhere to policies and practices when It comes to high value withdrawals. Information given is annotated on the checklist and kept for six years, along with the ID provided, and the identity checks

When paying in I tend to ask 'Have you sold a house/car etc just to make conversation with the customer, but there is no need for evidence, you find the hoops are there for the withdrawal side.

I don't work in a branch, but i deal with deposits. I request hard copies of proof of deposits, bank statements, house sale completion documents etc. No proof, no deposit.

Westie983

meer53 wrote: »

I don't work in a branch, but i deal with deposits. I request hard copies of proof of deposits, bank statements, house sale completion documents etc. No proof, no deposit.

Thats good, you are also following your rules and practices,

my post was in relation to post #63, which mentions banks, and the OP wanting someone who works in bank to comment, which my post is related too.

My post therefore explains why there is no publication, as its not required in all circumstances, and have commented the procedure required to make a deposit in a bank environment.

Caladan

GingerBob wrote: »

Let's just re-iterate; these stupid bank rules, drawn up by stupid people in the stupid banks, have absolutely zilch effect on the standard three arch felon types (drug dealers, pedophiles and terrorists). All they do is inconvenience, sometimes badly, the innocent man in the street.

Not true. They also inconvenience the criminals. And asking the questions/keeping a record of the answers may help spot trends in financial crime after the fact which can, in turn, help the police track and, eventually, arrest the bad guys (and these measures are designed to catch and/or 'inconvenience' some pretty damn nasty people.

Drug trafficking, smuggling, arms dealing, these things aren't just buzz words designed to frighten children at night.

Personally I have no problem telling a cashier I sold my luxury customised dressing gown if it is part of a bigger picture that ~sses off at least one evil people trafficking son of a...you get the point.

P.s. Pensioners can be criminals too. Not everyone turns into a lovely old chap in their old age.

GingerBob_3

Caladan wrote: »

Not true. They also inconvenience the criminals. And asking the questions/keeping a record of the answers may help spot trends in financial crime after the fact which can, in turn, help the police track and, eventually, arrest the bad guys (and these measures are designed to catch and/or 'inconvenience' some pretty damn nasty people.

Drug trafficking, smuggling, arms dealing, these things aren't just buzz words designed to frighten children at night.

Personally I have no problem telling a cashier I sold my luxury customised dressing gown if it is part of a bigger picture that ~sses off at least one evil people trafficking son of a...you get the point.

P.s. Pensioners can be criminals too. Not everyone turns into a lovely old chap in their old age.

Exactly. Suspect everyone. Trust no-one.


If I'm ever asked the source of MY money the answer will be "mattress".

Westie983

Caladan wrote: »

Not true. They also inconvenience the criminals. And asking the questions/keeping a record of the answers may help spot trends in financial crime after the fact which can, in turn, help the police track and, eventually, arrest the bad guys (and these measures are designed to catch and/or 'inconvenience' some pretty damn nasty people.

Drug trafficking, smuggling, arms dealing, these things aren't just buzz words designed to frighten children at night.

Personally I have no problem telling a cashier I sold my luxury customised dressing gown if it is part of a bigger picture that ~sses off at least one evil people trafficking son of a...you get the point.

P.s. Pensioners can be criminals too. Not everyone turns into a lovely old chap in their old age.

As mentioned the cashiers just annote the documents with your answer, whatever that is, sold a luxury dressing gown, sold a boat, ebaying a returned item....

Whatever the product of the funds, as long as the cashier has asked the question they have followed their training and adhering to policies.

I do stand by my comment that this tends to be at the withdrawal stage and not when depositing, for example business transactions over the counter, deposits via the drop box or via the paying in machines would not get an answer to this question and doesn't mean the deposit is rejected...

Westie983

GingerBob wrote: »

Exactly. Suspect everyone. Trust no-one.


If I'm ever asked the source of MY money the answer will be "mattress".

And this is what will be annotated on any documents saved in the bank to refer to if ever needed, (This is a answer I have heard a lot, also it was from my aunts/uncles/grandads house Im just paying it in,)

I Would be more suspicious of a large credit swiftly followed by a large withdrawal and this is when the question is asked and more likely documents are provided to verify the withdrawal, as most high value withdrawals are authorised by member of management who require the information before the withdrawal is completed.