Third party deposits into bank account

adonis10

Does anyone know which banks do and do not accept cash deposits from third parties these days? Someone needs to pay cash into my account today so need to let them know which one will accept it.


HSBC are thoroughly confusing as a family member tried to do it a couple of weeks ago and it was not accepted, but a friend paid some cash into my account this week without an issue. So either there is a limit or inconsistency in their approach.


As a side note, good to see that they are trying to crack down on money laundering but let's hope they have stopped laundering hundreds of millions for drug cartels before spending their time introducing this new policy.

JuicyJesus

adonis10 wrote: »

As a side note, good to see that they are trying to crack down on money laundering but let's hope they have stopped laundering hundreds of millions for drug cartels before spending their time introducing this new policy.

You'll be delighted to hear that HSBC instituting strong controls around AML is precisely to prevent that happening again.

In terms of actual advice, it'd be best if you mentioned which bank(s) you'd be considering so people can give advice. Otherwise all people can say is generic advice like "your friend could transfer the money electronically rather than paying cash in which avoids the whole issue".

adonis10

JuicyJesus wrote: »

You'll be delighted to hear that HSBC instituting strong controls around AML is precisely to prevent that happening again.

Indeed, because preventing someone's gran paying in £50 for a birthday present is going to go a long way to prevent full on money laundering by professional drug cartels.

Besides, the fact that one person paid in to my account and one person wasn't able to hardly smacks of 'strong controls'

JuicyJesus wrote: »

In terms of actual advice, it'd be best if you mentioned which bank(s) you'd be considering so people can give advice. Otherwise all people can say is generic advice like "your friend could transfer the money electronically rather than paying cash in which avoids the whole issue".

Either Lloyds, Santander, Halifax, Nationwide or BoS.

JuicyJesus

adonis10 wrote: »

Indeed, because preventing someone's gran paying in £50 for a birthday present is going to go a long way to prevent full on money laundering by professional drug cartels.

You'd actually be surprised. The entire point of money laundering is to make criminal activity look legitimate. HSBC's issue was that its Mexican branch accepted activity that was so blatantly, obviously odd that nobody would have assumed otherwise.

Besides, the fact that one person paid in to my account and one person wasn't able to hardly smacks of 'strong controls'

Cashier on an off-day. Who knows?

Either Lloyds, Santander, Halifax, Nationwide or BoS.

Lloyds, Halifax and BoS are likely to have similar if not the same policies as they're all part of the same banking group, but I can't find anything conclusive - others might be able to advise. Santander and Nationwide definitely don't allow paying in cash by third parties.

adonis10

JuicyJesus wrote: »

You'd actually be surprised. The entire point of money laundering is to make criminal activity look legitimate. HSBC's issue was that its Mexican branch accepted activity that was so blatantly, obviously odd that nobody would have assumed otherwise..

Yeah, I understand the basics of ML. I'm sure no executives had knowledge or were complicit in the slightest. Hey, if they were there would have been jail time wouldn't there! And when we are finally in a fully cashless society all financial crime and ML will have disappeared which is cool. LOL

JuicyJesus wrote: »

Cashier on an off-day. Who knows?..

Yeah, possibly. How do they police it anyway, ask for ID from everyone paying in cash?

JuicyJesus wrote: »

Lloyds, Halifax and BoS are likely to have similar if not the same policies as they're all part of the same banking group, but I can't find anything conclusive - others might be able to advise. Santander and Nationwide definitely don't allow paying in cash by third parties.

Thanks.
Oh well, they're going to Lloyds so I will update later as to whether it was allowed.

colsten

adonis10 wrote: »

Indeed, because preventing someone's gran paying in £50 for a birthday present is going to go a long way to prevent full on money laundering by professional drug cartels.

How would any one bank know that your gran is actually your gran, and hasn't also deposited £50 in each of a few dozen other accounts you can easily have?

Next you'll be making the argument that we shouldn't all be screened at airports because 99.99% of us aren't terrorists.

alanq

adonis10 wrote: »

Either Lloyds, Santander, Halifax, Nationwide or BoS.

According to this Which? report from May 2018 Santander will not allow.
https://www.which.co.uk/news/2018/05/has-your-bank-banned-other-people-from-paying-cash-into-your-account/

alanq

adonis10 wrote: »

HSBC are thoroughly confusing as a family member tried to do it a couple of weeks ago and it was not accepted, but a friend paid some cash into my account this week without an issue. So either there is a limit or inconsistency in their approach.

According to this article HSBC's policy changed in December 2018 so this should not have been allowed.
https://www.thisismoney.co.uk/money/saving/article-6385951/Family-HSBC-customers-blocked-paying-loved-ones-accounts.html

eskbanker

adonis10 wrote: »

How do they police it anyway, ask for ID from everyone paying in cash?

Banks imposing this control will typically expect cash deposits to be accompanied either by the debit card or a preprinted paying-in slip for the account concerned.

adonis10

colsten wrote: »

How would any one bank know that your gran is actually your gran, and hasn't also deposited £50 in each of a few dozen other accounts you can easily have?

Next you'll be making the argument that we shouldn't all be screened at airports because 99.99% of us aren't terrorists.

True. I am playing devil's advocate really. I'm sure in due course they'll publish stats which show how much ML these new policies have prevented, and it will be very welcome. I find it odd that it has taken until 2018/19 to decide that this is a good way to stop ML (oh, but perhaps they need to be seen to be doing something given that no one got punished other than a token fine for the bank), however.

Flobberchops

I started a similar topic recently after being confused by conflicting information and the upshot is, I believe all major UK banks are adopting the requirement where cash can only be paid in by a customer, or somebody who has a pre-printed credit slip for the account they're paying. In practice though many people are still "slipping the net" as I believe - as is often the case - policy has moved faster than infrastructure, and many banks' counter software will still permit unidentified deposits, even though the staff may have been instructed to ask to see a card for each transaction.



So, these people who are claiming to be permitted to pay in cash? There are a few possibilities. They might be known to the bank staff, who are in turn "waving them through" this stage of security. An untrained, apathetic or soft-hearted cashier may be allowing the deposit on the basis of it being "just a few notes" or "she's a little old lady, best not upset her". Finally, these respondents may be misremembering events or recalling a time before the policy came into place. Many people do only visit physical branches a handful of times a year.


If your mate needs to pay you cash (why not an electronic transfer?) they may have to either pay it through their own account and have their bank send it to you, or give it to you in person.