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Do large cash withdrawals affect credit ratings?
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Pengman
Posts: 5 Forumite
I'm considering making a large cash withdrawal (in excess of £100k) from one of my bank accounts (not my main bank account). I appreciate I'll have to give the bank notice of this withdrawal to ensure they have the cash ready, but will such a large withdrawal in cash affect my credit rating?
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Current account transactions are not shown on credit files.0
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Thanks, but it's not a current account - it's an Executor's Account, but it's in my name (I'm the Executor). In fact I believe it's actually an account designed from Clubs and Societies that the bank in question (TSB) merely call an Executor's Account.0
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Transactions on those accounts are also not shown on your credit files.0
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Most accounts just show a zero balance, or a snapshot balance on one particular day of the month.
No transactions are recorded on your credit file as that would be in contravention of the data protection act.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
More to the point, why do you want to withdraw £100K+ in CASH from an executors account?0
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I don't want to withdraw cash from an Executors account in my name, but the beneficiary would like me to0
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worried_jim wrote: »Coke and strippers! Good lad.
I really don't think that is appropriate.0 -
I'd recommend they come with you to the bank to collect it. £100k, even in £50 notes, is too big to stuff into a coat pocket.I don't want to withdraw cash from an Executors account in my name, but the beneficiary would like me to
Also, maybe withdraw 5 x £20k, from different branches.
And get a receipt.0 -
Jonmenzies wrote: »I really don't think that is appropriate.
That would be the implication of the joke0
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