Banks and questions

Narl

Today my father took out £20k from his account and have £10k each to myself and my brother.

He was saying when he was down in the bank he was asked several questions. One of which was what is the money for? His reply was quite sharply it’s my money and I can do what I want with it!

When I lodged the 10k into my bank account (different bank completely) I was asked where I got the money, I just said it was from family which is completely true.

Is this normal for banks these days?

DE_612183

Yes, it's to establish anti-money laundering procedures.

Normally they are not quite as blatant, but they need to ask.

Robin9

Yes - and they are especially alert to the elderly drawing large amounts of cash (sometimes to pay rogue traders.)

Carrying £20k in cash is not recommended

Narl

It’s not like it’s £50,000 lol.
I can understand why they ask the questions though.
I just told the bank I lodged it into it was given to me by my parents which is completely true, they didn’t say anything else.

DE_612183

Money laundering and fraud identification look for "unusual activity" it's not just about the amount.

They will also see if people looked stressed or under duress when paying in or withdrawing money.

The regulations around this are now quite strict and most banks make sure all customer facing staff have training or re-training on a quarterly basis.

sillyhilly

Narl wrote: »

It’s not like it’s £50,000 lol.
I can understand why they ask the questions though.
I just told the bank I lodged it into it was given to me by my parents which is completely true, they didn’t say anything else.

No. It's not like it's £50,000 lol. It's £20,000, which is still a significant sum of money.

Your parents gave you £10,000 in cash? Why not bank transfer it? Where did they get it from? Is it a loan? A gift? Why were they not with you when you were depositing it? Do they bank with the same bank, and if so, why were they not doing it over the counter with you?

You see why they ask so many questions now?

Narl

They don’t use online banking at all.
It was a bank draft he got made today.
Savings.
A gift.

Lol I can see where you are coming from through.
To take 20k out, you would be more suspicious if they were lodging it.

Ben8282

Sounds like part of some sort of deprivation of assets plan to me.

colsten

Narl wrote: »

It was a bank draft he got made today.

A banker's draft isn't cash, which your original post implied, and which you didn't clarify (?) until now.

Are you sure you actually lodged money into your account? That's a very odd word to use for making a deposit.

***half term alert***

Ben8282

Never heard of anybody 'lodging' money into an account. Very strange word choice. as is the reference to his getting the bank draft 'made'.

IanManc

colsten wrote: »

A banker's draft isn't cash, which your original post implied, and which you didn't clarify (?) until now.

Are you sure you actually lodged money into your account? That's a very odd word to use for making a deposit.

***half term alert***

I've heard Irish people use it for payments into bank accounts, and when I had a Bank of Ireland account 30 years ago I was given a book of Lodgment Slips and my statement had a column which referred to Lodgments rather than credits.