Receiving large amount into bank account?

tiredoflife

I am in the extremely fortunate position in which a family member (MIL) is lending me a large amount of money to pay off my debts.

Does anyone know if there is a limit on an amount of money I can receive into my account? Account is Nationwide and only been open 8 months or so. The money will be going straight out to pay off debts. Should I call bank first? Or should my MIL pay me money in installments?

Any advice appreciated.

bigfreddiel

It doesn't really matter how much it is, just be careful of the £75k compensation limit - nice one fj

alternate

I don't know what you regard as a "large" amount but if it is a transfer or cheque, and not cash, it should be fine.

Bravestar

tiredoflife wrote: »

I am in the extremely fortunate position in which a family member (MIL) is lending me a large amount of money to pay off my debts.

Does anyone know if there is a limit on an amount of money I can receive into my account? Account is Nationwide and only been open 8 months or so. The money will be going straight out to pay off debts. Should I call bank first? Or should my MIL pay me money in installments?

Any advice appreciated.

There is no limit to the amount you may receive, but there may be various limits depending on the transaction types you intend to use to then pay out.

If that's a problem, you can always pay by CHAPS (a fee will apply)

Ballard

Whilst there won't be a limit to the amount that you are able to receive it may flag as unusual and AML checks could be undertaken. This would be dependant on the receiving bank and how they interpret KYC rules.

If, for instance, you normally have something like £2,500 going through the account on a monthly basis and £750,000 arrives then questions may be asked.

If it doesn't go through smoothly then you'd just have to answer the questions that your bank asks. From what you've said it's straightforward so shouldn't take long to sort out.

Without knowing (or wanting to know) the details, presuming that it's a relatively small amount compared to £750k then I wouldn't anticipate any problems but you never know.

Bravestar

alternate wrote: »

I don't know what you regard as a "large" amount but if it is a transfer or cheque, and not cash, it should be fine.

I've done some background reading, and it probably raises more questions than it answers.

Anyway, it seems the OP's debts are £46k
http://forums.moneysavingexpert.com/showpost.php?p=70677593&postcount=3042

But as you also see, the OP's husband appears to have that type of savings anyway ... and the advice from Bouncybubbles at the time was:

"...don't view money as your money and my money if you are married it should be 'our' money..."
http://forums.moneysavingexpert.com/showpost.php?p=70682013&postcount=3044

Yet now the MIL is apparently lending her the money.

This user has already declared this is a duplicate user account they have created on MSE
https://forums.moneysavingexpert.com/discussion/5460814

But that entire thread confuses me.
https://forums.moneysavingexpert.com/discussion/5460814

The user starts out implying they have only recently (the thread is only from last month) switched to Nationwide following the closure of their Natwest account. There appeared to be a problemn using the switching service as the Natwest account they were switching from had already been clsoed by the bank.

But in post #14 of that thread, the OP states they actually opened the Nationwide account last year
https://forums.moneysavingexpert.com/discussion/5460814

Too many inconsistencies and open questions for me to offer any more advice, I think I'll leave it at that.

tiredoflife

Not sure what's confusing. I opening the nationwide account last year and switched my dd etc to it last month which has all gone through fine now.

I have debts of 44k I spoke to husband about it as documented in previous threads. He in turn spoke to his mum and she has offered to lend me the money to pay it off. I am using my new bank account as Natwest closed mine, again as documented previously and wanted to make sure I do everything above board in terms of receiving the money
I might just call the bank and talk to them.

JimmyTheWig

I don't believe that there are hard and fast rules on this, and it's certainly not published if there is.
If there was a rule that said "anything under £10,000 will be ignored for fraud purposes" then fraudsters would transfer money in chunks of £9,999 and be in the clear.

Presumably if they ask you can give the bank a document saying that it is a loan from your MIL. Presumably she is able to show where the money came from in the first place.

SLZ

If it's as a bank transfer then it should be fine however if it's a cash deposit, you'll have questions asked depending on size and usual amount of money going through your account. I've only been asked once as to the source of cash I deposited in my HSBC account a year ago which was cash and over £20k.

As long as you can prove a source of funds then you should be fine.

agrinnall

If it's £44K then I'd just get a cheque from your MiL and pay it in, the worst that's likely to happen is being asked a few questions when you pay in and a small delay while they do background checks - but the chances are it will go through without any big issue. I've paid a cheque for more than that into my Nationwide account with no questions or delays.

jonesMUFCforever

Is the MIL registered on here?
She might need our help if the loan is not repaid?