Large cash withdrawals from Nationwide...

SP87

Hi - we are having building work done on our house, and the builder asked for cash, so he can pay his contractors and also for materials at the yard.  This isn't a problem for us - he's delivering a service which we're happy with and how he pays his staff etc is none of our business.

BUT - we've now found out that getting OUR money out of the bank is really difficult. We have asked to withdraw £10k and have been told we need proof of purchase/invoices etc to be able to withdraw anything over £2k. 

Don't get me wrong, I understand that they are trying to safeguard, and protect against money laundering and tax evasion (not their job), but ultimately my money is my money and it feels like I'm being held at ransom. It's none of their business what I choose to do with it, and it's even got to the stage where I've said I'll just close the account and have the money all in cash, and again they've said no.  

Question - I can't find a law anywhere that states you have to show proof of purchase in order to withdraw cash over a certain amount. I also can't find any bank policy which says so...

Frustrated to say the least, and even less confidence in the banking system than before. 

Any advice/help much appreciated. 

Grumpy_chap

Are you just walking in and asking for the cash there and then?  Or, are you ordering the cash for next day or  so?  The banks prefer the latter as that is less likely to show fraud.  Also, smaller branches do not carry massive cash balances these days.

MovingForwards

It's to try and protect customers from scams.

They ask for proof to satisfy themselves that you are not being scammed. If you are scammed you would try and claim from the bank, for their negligence in allowing you to withdraw the money.

Sadly, you only have to read the boards to see what people do and blame the bank for.

MovingForwards

Here is a classic example:

https://forums.moneysavingexpert.com/discussion/6168573/bank-not-advising-of-my-rights-to-contact-financial-ombudsman-service-following-making-a-complaint/p1

[Deleted User]

How he pays his staff is your business. You are tacitly aiding tax evasion, which in the end has to be subsidised by the tax payer.

castle96

I needed £20k cash from Santander. Ordered. Picked up next day. No drama.

parcival

Just proves that Santander are a proper bank. I have had a lot of dealings with Nationwide recently - bunch of amateurs.

Tragen

Withdraw 2k, 5 times

deadendwaterfall

Tragen said:

Withdraw 2k, 5 times

Then the OP will risk finding their account as frozen as an ice cube. 

[Deleted User]

castle96 said:

I needed £20k cash from Santander. Ordered. Picked up next day. No drama.

What was that for, if you don't mind me asking? 

castle96

Cos I'm a kind Dad and son who is self-employed, wanted cash instead of a cheque