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Need to put cash in the Bank

edited 30 November -1 at 1:00AM in Savings & Investments
16 replies 1.1K views
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Replies

  • ffacoffipawbffacoffipawb Forumite
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    Part of the Furniture 1,000 Posts Photogenic
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    Try 4 lots of £4999 and then the final £4
    kinger101 wrote: »
    I suspect that will look more suspicious to them than a single £20K deposit. The thing is, the bank won't tell you they've reported you for suspected money laundering.

    Use 4 different banks. Most here have more accounts than this. :)
    Retired Cymro

    🏴󠁧󠁢󠁷󠁬󠁳󠁿 Cymru am Byth 🏴󠁧󠁢󠁷󠁬󠁳󠁿
  • xylophonexylophone Forumite
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    I'd suggest getting some evidence of where the money came from. It smells like tax evasion.

    They have been withdrawing it out of the bank as they have been getting paid throughout the working lives so all taxes have been paid.

    It would seem that the parents have just been withdrawing cash to save at home rather than keeping it in the current account or opening savings accounts?
  • NedSNedS Forumite
    410 posts
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    Use 4 different banks. Most here have more accounts than this. :)


    Don't banks / HMRC etc all talk to each other? Wouldn't paying in 4 x £5000 in 4 different banks flag up just as easily as paying £20,000 into one bank?
  • kinger101kinger101 Forumite
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    xylophone wrote: »
    It would seem that the parents have just been withdrawing cash to save at home rather than keeping it in the current account or opening savings accounts?

    If that's the case, it's fine as there's an audit trail showing all the withdrawals. I've no reason to doubt OP, but if it's a concocted explanation, it would at least seem unusual.
  • SSno1SSno1 Forumite
    15 posts
    Thanks for the responses.
    It's money they've been storing at home after drawing from the bank. My dad's never trusted banks (don't know why). Parents are both coming up to 70, I'll look into 'deprivation of assets/capital' law.
    My parents should have bank statements so I could always go down that root and go to the bank together with their statements.
  • BacmanBacman Forumite
    163 posts
    100 Posts Photogenic First Anniversary Mortgage-free Glee!
    Why not put a couple of grand of the cash into the bank every month, that won't alert anyone as some people are paid cash for their salary; pay for all your normal spends like food and petrol with cash. You'll probably find after 6 months all the money is either in your bank account (without questions) or used to pay for your normal day-to-day goods.
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