Cash Withdrawal Refusal

Robisere

I am struggling to think of legal reasons why anyone in today's world of so many ways to pay for goods and services, would want to keep such an amount of money in their home. Perhaps if you had included in your post even a clue as to that reason, it might make sense.

That is exactly what the TSB would be thinking and they are simply following banking rules. There are of course, many illegal reasons to want so much cash on hand.

Just saying what most of us will think...

General_Grant

And I'm recalling all those fairly recent threads about "how do I pay in thousands of pounds of cash into my bank account when it's been in my house for ages?"

LobsterMemory

Robisere said:

I am struggling to think of legal reasons why anyone in today's world of so many ways to pay for goods and services, would want to keep such an amount of money in their home. Perhaps if you had included in your post even a clue as to that reason, it might make sense.

He said in his 3rd post that he feared a banking crisis / run on the banks

Old_Lifer

The op says he has a safe  at home.    So, worried about security but still feels it necessary to keep a large amount of cash at home.    Perhaps he runs a business where transactions are mainly in cash.

LobsterMemory

Are you trying to insinuate that he drives an ice cream van?

Old_Lifer

Yes, that's a thought   but with the lockdown and less business perhaps a moneybox might be more useful !

Thrugelmir

Mickey666 said:

Robisere said:

I am struggling to think of legal reasons why anyone in today's world of so many ways to pay for goods and services, would want to keep such an amount of money in their home. Perhaps if you had included in your post even a clue as to that reason, it might make sense.

That is exactly what the TSB would be thinking and they are simply following banking rules. There are of course, many illegal reasons to want so much cash on hand.

Just saying what most of us will think...

You may be struggling to think, but why should that affect the OP’s own choice of what to do with their own money?

This sort of ‘big brother’, ‘we know best’ nonsense is getting a bit insidious.  

Then when something goes wrong it somebody elses fault and they have to pay up. Responsibility cuts both ways. Complaining for complaining sake seems to have become part of British culture. Rather than having the attitude of acceptance and simply getting on with life. 

Ballard

Conmen know that banks are looking out for scams involving cash and are able to convince some people that banks/cashiers are the ones trying to defraud them. As a result their victims are coached to answer cashiers questions in a way that lets them withdraw cash anyway. 

TSB are not trying to get you to go cashless or holding on to your money because they’re running out. They’re trying to protect you because you’re asking to do something unusual with it.

Complaining to them about it is unlikely to get you anywhere because their actions fit with the code but being as you apparently enjoy ranting it might help you let off some steam. 

Archi_Bald

grayjaybee said:

Apologies if this has already been covered...I'm sure others have experienced it.  I rang TSB to arrange for them to have a largish amount of money in cash (more than £10k, less than £15K) in branch on the next day they deem to be open and was subjected to what I can only describe as an interrogation.  I had actually decided to keep it in my safe at home for the time being but when asked what is was for I was so horrified at the questioning I said 'I might wish to buy something with it'.  So then received what I assume is the standard response to anyone daring to ask for their own money to be made available, that they cant allow this because I may be subject to a scammer, something they say is 'all too common'.  I pointed out that this is most certainly not even a remote possibility in this instance, but then the person moved on to 'well this is company policy now'.  I was invited to bring in a signed quotation if the money was required to purchase a vehicle or some other high end item or if to pay an individual, they must write a letter explaining what for.  I asked if they would pay the full balance if I closed the account, which will be happening once this virus panic is over, but was simply told that in that instance it will be closed and the balance either transferred to another account or I would be sent a cheque.
This simply smells to me of a 'we are going cashless, like it or not'....if they truly had concerns for customers' security they could simply ask anyone withdrawing a large sum, to sign a disclaimer, legally discharging any responsibility from the bank...and the part about company policy, makes me wonder if policy or no, is it legal to deny cash, which as far as I am aware is still legal tender, in any amount up to say £20K or so to the owner of it. ?
Does anyone know the legal position here please...I do plan on going in and demanding it again, but would like to be able to back up my request with what is legally my right.  Damn, this is my flipin money, I feel affronted by this kind of intrusive questioning.......it feels almost Dystopian. !

I agree with all the comments - why you would want so much cash in your home. Leaving that to one side, if you are still determined to withdraw your cash, just tell them what you are actually planning to do. You got yourself into a bit of a corner by not telling TSB your true intent. There are likely to be notes on your account about your request, so if your next attempt gives a different reason, you might have an even larger problem at your hand. Have a think about it. There are much easier ways to withdraw cash, and the safest place for cash is still in a bank.

sheramber

 not a new problem
https://www.thisismoney.co.uk/money/saving/article-2547286/High-street-banks-block-customers-taking-large-cash-sums-counter.html