Question about large cheque

Mrs_Ryan

Hi all
Very quick question on behalf of OH. He has a savings bond which is maturing and he's cashing it in. He will be depositing a large cheque (5 figures) into his Barclays current account. This is very out of character for him- he is constantly teetering on the edge of his £1400 overdraft- do we need to let the bank know that a big cheque is coming and presumably we will need to show them the paperwork the company will send to us?
Neither of us are used to credits of this size! Thanks.

Upsidedown_Bear

When I paid in a large cheque I was asked to see the manager. They simply asked where the money was from. I wasn't asked for any kind of "proof" but if you do have paperwork to explain it I'd just take it with you

grumbler

Upsidedown_Bear wrote: »

When I paid in a large cheque I was asked to see the manager. They simply asked where the money was from. I wasn't asked for any kind of "proof" but if you do have paperwork to explain it I'd just take it with you

Unfortunately, it's paranoid pinkertons from back office, not branch managers, that arrogantly lock/block/freeze accounts. And, unfortunately, there is no mechanism in place to prevent this by supplying proofs in advance, although it's really worth trying IMO.

JimmyTheWig

If it really is a cheque (i.e. a physical bit of paper that you will take into the bank) then I'd take the paperwork with you when you pay it in.
I don't see any point in informing them in advance.
Transfering it out again (if you have different accounts) might get them concerned, but should be fine.

Keep the paperwork for a long time in case it gets queried in the future.

agrinnall

I've paid a £50,000 cheque into my account without the slightest quibble and it cleared as normal. It was about 5 years ago and things might be a bit tighter now, but surely the cheque will be issued by the savings organisation and I can't see any reason why it should be queried in any way.

Ballard

grumbler wrote: »

Unfortunately, it's paranoid pinkertons from back office, not branch managers, that arrogantly lock/block/freeze accounts. And, unfortunately, there is no mechanism in place to prevent this by supplying proofs in advance, although it's really worth trying IMO.

Posters on here repeatedly complain that banks are busybodies with nothing better to do than sick their noses into things that don't concern them. They seem to think that banks enjoy spending millions on staffing departments for no reason. The fact, however, is that it's an expensive pain in the neck for them and they'd much rather the ability to turn a blind eye and make a quick buck.

https://en.m.wikipedia.org/wiki/Know_your_customer

Quote
Monitoring of a customer's transactions against expected behaviour and recorded profile as well as that of the customer's peers.
Unquote

KYC isn't merely checking someone's address as appears to be the widely held belief.

pmduk

cue GingerBob's rantings!

GingerBob_3

pmduk wrote: »

cue GingerBob's rantings!

Quite.


The banks are stuffed with bumbling buffoons who can't interpret legislation correctly and are infested with paranoia when it comes to so-called 'money laundering'.
I'd like to know the percentage of bank transactions that turn out to be of a criminal nature. I'd hazard a guess at something around 10 to the minus 10 percent. Or put another way; hardly any. Yet we all have to put up with this garbage. Of course you can blame the politicians, and the faceless officials of the State to a fair degree, but the banks are culpable as well.

Jeems

GingerBob wrote: »

Quite.

I'd like to know the percentage of bank transactions that turn out to be of a criminal nature. I'd hazard a guess at something around 10 to the minus 10 percent. Or put another way; hardly any. Yet we all have to put up with this garbage. Of course you can blame the politicians, and the faceless officials of the State to a fair degree, but the banks are culpable as well.

"Hardly any" of 60mil+ adult bank accounts is still a fairly sizeable number. And if you were victim of fraud, I'm sure you wouldn't be posting "ahhh its ok, there's hardly any".

GingerBob_3

Jeems wrote: »

"Hardly any" of 60mil+ adult bank accounts is still a fairly sizeable number. And if you were victim of fraud, I'm sure you wouldn't be posting "ahhh its ok, there's hardly any".

Who's talking about fraud? This is about MLP.


And regarding fraud, in most cases the banks are liable.

nobblyned

The banks have billions of reasons to be cautious.


http://www.bbc.co.uk/news/business-20673466