Paying Cash into Current A/C

cash_chick

I am a regular poster under another user name but wanted to get an answer to a question without revealing that name....!

If I have a very generous boyfriend (or two, lol!) who gives me chunks of cash (anything from £500 to £1500 a month), is it going to cause me a problem if I start paying this into my current account, then transferring into my savings?? And no, I am not on benefits & avoiding that (I wouldn't be paying it into my a/c otherwise). I work & am a full-time student... he is just very generous :-)

I have bank credits of student loans go in 3 times a year, each of a couple of thousand or so, but paying cash in is a different matter.....

Any knowledgeable answers much appreciated thank you.....

jonesMUFCforever

Why not just pay it straight in to the savings if you don't need to spend it?

There should be no problem paying this in. If you are ever asked the origin of the funds - you answer truthfully that your boyfriend gave it to you.

He isn't money laundering is he???????

maninthestreet

cash_chick wrote: »

I am a regular poster under another user name but wanted to get an answer to a question without revealing that name....!

If I have a very generous boyfriend (or two, lol!) who gives me chunks of cash (anything from £500 to £1500 a month), is it going to cause me a problem if I start paying this into my current account, then transferring into my savings?? And no, I am not on benefits & avoiding that (I wouldn't be paying it into my a/c otherwise). I work & am a full-time student... he is just very generous :-)

I have bank credits of student loans go in 3 times a year, each of a couple of thousand or so, but paying cash in is a different matter.....

Any knowledgeable answers much appreciated thank you.....

You have to ask yourself why your boyfriend(s) is/are being very generous to you, what is the source of all this money, and why such large amounts are being handed to you in cash. Your bank may also want to know this as well, some time in the near future.

knowledgeman

Are you a prostitute?:rolleyes:

PasturesNew

Gawd ... and to think the most I've ever had was probably a set of car speakers from a bf 20 years ago on my birthday.

I think they cost about £20 which was a lot of money then

Well, £20 as a birthday pressie is a lot of money now, I appreciate.

mum2one

You have to be careful as it may be flagged up by the bank as unusual transactions on your account, esp if its going from one account to another, money laundering comes to mind!

steady__eddie

For a couple of years I have been depositing on average two and a half thousand per month in cash into a current a/c. which feeds my regsaves.
My bank has never has never queried me although they do keep pestering me to have a financial review.

cash_chick

knowledgeman wrote: »

Are you a prostitute?:rolleyes:

Now there's a thought...... can I earn that much???????:rotfl: I think I'd have to pay them with the state of my body, lol!

No, but I'm "playing the field" a bit lol.... Have made it clear I'm not looking for anything permanent/full-time, just enjoying it while I can - and I do enjoy a bit of being spoiled (and spoiling back) - after all, what girl doesn't??!!! And being given "shopping money" is one hell of a treat!

And no, it's not money laundering, its not something thats going straight in & straight out of the account. The savings one is an online only, hence paying it into the current a/c first. Alternatively I could just pay it straight onto my mortgage account? And go & see my Bank Manager to tell him I've got a nice boyfriend :-) After a 10 year crap marriage & 6 years struggling on my own to bring up kids,work & study full-time, I figure I deserve a bit of niceness... It just seems to come with complications!

And much as I love shopping, there's only so much I could buy...... I mean, if I rolled up & paid for a car in cash, I bet they'd query that!!

And I transfer money into (mainly) and sometimes out of said savings account - so that wouldn't be unusual pattern of behaviour for the account.

C_Ronaldo

Why dont you gradually over time pay small amounts into your account or keep the cash at home

mum2one

cash_chick wrote: »

Now there's a thought...... can I earn that much???????:rotfl: I think I'd have to pay them with the state of my body, lol!

No, but I'm "playing the field" a bit lol.... Have made it clear I'm not looking for anything permanent/full-time, just enjoying it while I can - and I do enjoy a bit of being spoiled (and spoiling back) - after all, what girl doesn't??!!! And being given "shopping money" is one hell of a treat!

And no, it's not money laundering, its not something thats going straight in & straight out of the account. The savings one is an online only, hence paying it into the current a/c first. Alternatively I could just pay it straight onto my mortgage account? And go & see my Bank Manager to tell him I've got a nice boyfriend :-) After a 10 year crap marriage & 6 years struggling on my own to bring up kids,work & study full-time, I figure I deserve a bit of niceness... It just seems to come with complications!

And much as I love shopping, there's only so much I could buy...... I mean, if I rolled up & paid for a car in cash, I bet they'd query that!!

And I transfer money into (mainly) and sometimes out of said savings account - so that wouldn't be unusual pattern of behaviour for the account.

good for you, you enjoy life, at the end of the day as long as you are both happy with the situation, thats all that matters.

At the end of he day roles reserved, the lad would be getting a pat on the back x

lil_lisa

I wouldn't see any problem in that. The money going into student accounts tends to be pretty all over the place. They know that students will work hobbles or sell stuff on ebay so may have payments in cash going in at random times. As a student i know plenty of spolit cohorts who regularily get big pay outs from their parents when they start to run low.

The worst that can happen is that an advisor will notice the transactions, put in a money laundering form and it will be looked into and they'll dismiss it, probably without you ever knowing about it. If it's the only largish payment going in (other than your loan) the they may assume that you just get paid in cash. Your not hiding it so I wouldn't worry!