Large cash withdrawl from Santander123

Flobberchops

Ballard wrote: »

It's simply not practical for a branch to hold enough cash for all of their customers to withdraw all of their money. 200 customers with £20k in their account is £4,000,000. If no advance notice was required they'd have to hold enough cash for a fair proportion of their customers to withdraw their cash.

Heh heh, no chance. After the first 20-odd customers inexplicably emptying their accounts the next person in line would be told "Sorry sir/madam, we don't have the available stock to fulfill your request right now, please place an order or try another branch" and that would be the plain truth of the matter. First come, first served.

It also assumes no deposits, which is very unrealistic. Business deposits alone mean most bank branches run at a net surplus - the Securicor and G4S vans you see outside banks are usually removing excess money, not delivering it.

In short, it's seldom a concern.

Mrs_Ryan

schiff wrote: »

If you are involved in having to make CHAPS payments, you have something wrong with your money management - WADR

When OH paid off his mortgage I had to arrange a CHAPS payment to Santander. Wasn't difficult- I did it online, took about ten minutes. That's the first and only time I've ever had to do it though- most places take faster payment.

jonesMUFCforever

Flobberchops wrote: »

That's a legitimate concern, sure. However would receiving a big bundle of 20s be much more reassuring? How do you know they're not counterfeit? Are you going to hand-count them before handing over that £15k car? If you don't trust the buyer to not perform a chargeback, why are you trusting him to not have one of his mates mug you as you waddle to the bank with your big bag of money?

It's one of the few instances I'd turn to a bank draft as a preferred form of payment.

You mean that forged piece of paper that will hit your mat on day 6 of the clearing system!

Flobberchops

jonesMUFCforever wrote: »

You mean that forged piece of paper that will hit your mat on day 6 of the clearing system!

Bankers drafts clear instantly. If the bank accepts it and it later turns out to be fraudulent they take the hit.

KJSmith

Flobberchops wrote: »

Bankers drafts clear instantly.

Not true

Flobberchops wrote: »

If the bank accepts it and it later turns out to be fraudulent they take the hit.

Again, not true

noh

Flobberchops wrote: »

Bankers drafts clear instantly. If the bank accepts it and it later turns out to be fraudulent they take the hit.

Same clearing cycle as cheques.

http://www.chequeandcredit.co.uk/information-hub/faqs/bankers-drafts

jonesMUFCforever

Flobberchops wrote: »

Bankers drafts clear instantly. If the bank accepts it and it later turns out to be fraudulent they take the hit.

As others have posted - you are wrong - these days they are cheques drawn on a bank rather than on a customer account.
Easier to copy than a company personal cheque IMO.

I would insist on waiting the full 6 days for clearance before allowing goods to be released.

Westie983

Flobberchops wrote: »

Bankers drafts clear instantly. If the bank accepts it and it later turns out to be fraudulent they take the hit.

Bankers drafts still have to go through the clearing system, the advantage of these is that the company or person you are presenting the cheque to knows the money is there and wont bounce as the money was withdrawn from your account on presentation of the cheque. This is different to a personal cheque where the funds are taken on banking the cheque, and the recipient does not know if the the cheque will clear.

Frozen_up_north

I've withdrawn £850 cash from a Santander counter using only my debit card, no issue at all, not sure about larger amounts. It was to pay a builder.

I can understand banks being cautious over large cash amounts being withdrawn, so might question the customer as to what it's for (dodgy builders and old customers being duped springs to mind).

Once I received £1500 in a cash sale, it's quite awkward counting out the money and equally a little worrying while the bank check the notes are genuine while you wait at the counter!

schiff

Frozen_up_north wrote: »

Once I received £1500 in a cash sale, it's quite awkward counting out the money and equally a little worrying while the bank check the notes are genuine while you wait at the counter!

I was a bit unsure at one time about using the machines in Santander branches to deposit cash - not all may have one. But it works really well and if you know how much you have put into the machine (as obviously you should!) it tells you how much the machine thinks you have - and you can reject the transaction if there's a discrepancy. Any notes that are not kosher are ejected, so you can 'get rid of them' elsewhere.