Deposit Only Bank Account Options

owenknowles

Hi all,
I have a friend who is going through some personal issues at the moment and I have agreed to hold some of his weekly pay checks in a separate account independent to my own regular one (in my name of course) till he can deal with what he needs to and hopefully take over responsibility for his own finances again soon. With that issue aside as i'm sure there are lots of opinions on whether you think that's a good idea or not. Would you be able to help me with the following problem:

My friend makes regular money in cash as well as salary so I'm looking to open either a new account or find a way for him to deposit into an existing account his cash (hopefully just using a card) but to which he can only deposit not withdraw.

I appreciate in the long run this isn't a viable solution for both me and my friend, but unfortunately it's the only one available to keep him paying his big bills like rent whilst he gets the help he needs. Any help at all with my cash deposit solution would be greatly appreciated

Ben8282

'Weekly pay checks'?
What country and what century are you living in?

owenknowles

:rotfl: London in the service industry it still happens occasionally

jonesMUFCforever

..........be careful that you are not an innocent victim of money laundering?

If your bank decides to ask you about the money how would you answer and what proof could you provide about the source of funds?

Ben8282

owenknowles wrote: »

:rotfl: London in the service industry it still happens occasionally

But in London we use UK spelling

EachPenny

Have a read of the thread on the forum right now called -

"Natwest are closing my account after 27 years......"

- then think whether this idea is a good one.

If he genuinely needs help to do his banking there are lawful ways of doing it. Stick to these to avoid problems.

mt99

Could you just hold the cash he makes for him - no need to deposit it anywhere...

As far as cheques go, presumably they would be made out to him so they would have to be paid into an account in his name.