Too much cash in the house problem.

PennyForThem_2

How successful are the banks at stopping fraud, identifying money launderers, drug dealers or other criminal activities which use accounts opened with the banks?  
I suggest, not very - yet we as ordinary account holders have to complete a gamut of quite intrusive questions if you want to do anything with an account of yours which is not seen as normal.

F2KSel

Trallallero said:

Have you actually counted how many 20 £ you have? 

What I would do is: instead of doing a big food shopping, I would buy 1 thing every day (possibly from different supermarkets) and always pay with a 20£, even if it’s 50p . Same with other expenses like oil for the car: split and pay with a 20£. Meanwhile, do a few trips to the bank (if you have accounts with different banks even better) to get rid of the remaining 20 notes. 

I tried that last week but it's not as easy as you think it takes time to  queue in each shop plus walking around time,you also end up with a load of change and  about the same amount of money less the items. It would delay the issue until they change the £5 and £10 and give me time to spend some of the total.  

It would also take 750  transactions our weekly shop bill isn't that big theses days around £40-£50 

gettingtheresometime

Why not use various branches of the post office to pay in some of the money?
do it in relatively small amounts, say a couple of hundred pounds at a time and nothing will thought of it.

surfsister10

sympathise I tried to pay a small amount of cash into nationwide the other day been there 50 years and got the third degree ended up closing the account and using good old nat west!! very rude staff member asked me all sorts of personal questions, asked for ID such as driving licence she wanted to copy!! and was downright awkward at Nationwide.

seven-day-weekend

I paid £2000 into the bank (into my own account) using the paying in machine, then drew it out at £250 a day at the cashpoint. This was doing a favour for an elderly friend of mine who wanted her £20 notes changed. No questions, no problems. In fact the bank advised me to do it. 

[Deleted User]

I don’t mean to sound harsh but what are you planning to do with your large amount of cash? Hopefully your mother with £250000 at 90 is using hers to make her life as comfortable as possible in her final years. What about yourself? What exciting plans for the future? £500000 gives you a lot of choice. If holidays and big cars aren’t your thing that’s fine, but there must be something you want to do before age and infirmity catch up with you. 

I have just retired from full time work At 61 nearly 62. Occupational pension is fine and at 66 my state also arrives.  So about £21000 a year now(includes some casual/zero hours work)and About £29000 from age 66. 

However I only have savings and investments about a tenth of yours but I have plans to travel and have experiences in the next few years! It’s no use to me when I’m dead! 

Of course if you have mitigating circumstances having such reserves maybe understandable. I respect your choices but you also have to live.

If I had that sort of money and didn’t wish to spend it on myself I would be helping nephews and nieces get on the housing ladder amongst other things.

Just a little curious and perplexed.
Best wishes.

onesixfive

responses to all the replies appear rather negative - It appears you & your mother have sufficient for your own needs & rather than you be robbed of it, or it be a hinderance to you, why not simply pop it in a bag and hand into your favoured charity. I'm sure they'd be very grateful   & they would sort the £20 notes themselves.

Yellowvest23

onesixfive said:

responses to all the replies appear rather negative - It appears you & your mother have sufficient for your own needs & rather than you be robbed of it, or it be a hinderance to you, why not simply pop it in a bag and hand into your favoured charity. I'm sure they'd be very grateful   & they would sort the £20 notes themselves.

and it would be appreciated by the directors of the charity on their 6 figure salaries.

Grumpy_chap

Can the OP and mother just simply pay cash for everything until they run out?  Should go down soon enough.

p00hsticks

Grumpy_chap said:

Can the OP and mother just simply pay cash for everything until they run out?  Should go down soon enough.

In more normal times that might be an option, but in the current climate with many retailers only accepting contactless payments it's probably not realistic.