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Takmon

Rocket21 wrote: »

Why would I pay the extra banking fee's of £250 - £300 a month if I don't have to. I'm not trying to pull anything shady here so It make's perfect business sense as long as it's legal.

I don't see how your plan is going to work to have fees of £250 - £300 a month you would need to be banking tens of thousand of pounds of cash. Why would your relatives need such large amounts of cash

JuicyJesus

Takmon wrote: »

I don't see how your plan is going to work to have fees of £250 - £300 a month you would need to be banking tens of thousand of pounds of cash. Why would your relatives need such large amounts of cash

To incur bank charges of £250 a month in cash deposits alone you'd have to be banking between £20,000 and £25,000 of cash each and every month.

Now, this isn't unheard of. I've seen popular pubs nudge up to that amount, but by their nature they're cash-intensive businesses. But it's still unusual, they just have a good explanation for it. And a bank is certainly going to see it as weird if, instead of £25,000 cash, a pub is suddenly banking personal chequest totalling £25,000 instead.

sal_III

18cc wrote: »

Yes that is exactly why Tesco ask if you want any cash back when you pay for your groceries - they want to launder all that dirty money in their tills into nice clean debit card transactions

Tesco or any other merchant providing cash back is completely different situation. They also don't really benefit much if at all directly, considering merchant pay % of each transaction to Master card / Visa. What they gain is less overhead in transporting, securing counting and banking the cash.

You are also likely not a relative to the Directors of Tesco, nor is Tesco giving most of it's cash income as cash back, which is what OP is planning to do.

This will raise massive money laundering flags in the bank. And massive tax evasion flags at HMRC.

Again 0.3% of cash turnover is just a cost of doing business. Just factor it in the price of your service/goods and move on.