Large cash withdrawals from Nationwide...

castle96

Are u self-emplyed, ever have been? Then u wouldn't understand

Herbalus

castle96 said:

Again! I have no involvement with Nationwide (you deaf?). There is no avoidance/evasion. Why do you keep saying there IS. He prefered cash. So would ANY self-emplyed person. No crime. No problem

I think the argument (for me at least) is that I don’t understand why cash is preferred. Certainly not for that amount. I am not self-employed, so maybe I’m missing something. Can you elaborate as to why cash is preferred as opposed to having the money in a bank account? 

Yes cash is king but money in a bank account is also cash but in another format, and easily convertible to physical cash. In a bank account money is more flexible as you can pay in a wider variety of circumstances eg direct debits or for a large purchase where cash might be deemed suspicious (my local car dealer only accepts cash up to £3k for example).

The only (legal) reason I can think of for cash being preferable is situations where card is not accepted, but not in amounts up to £20k. Unless you are employing workers who don’t have bank accounts? But then you said he’s self employed, not an employer?

whereas there are numerous examples that are easy to think of where cash is hiding something. For example if somebody is on benefits and receiving £20k in cash would stop their benefits. That would make the perceived risks of holding large amounts of cash (loss, theft, fire etc) worth taking. 

YBR

My kids have large amounts in savings accounts (in trust) with both Halifax and Lloyds which I have recently moved as the interest rates plummet. I was on the phone 4 times in the end to get them released, and that did not involve cash. I had to tell them 3 times (per phone call) that I'd not been coerced, I was moving by my own choice, I'd not been contacted by anyone, had not been asked to lie to the bank ...
A huge time-consuming hassle, but it happens, it is to protect us because so many people are vulnerable to scammers.

castle96

Sorry, but goingt give up on this now. Surely it's so obvious. I give him cash, he spends cash (gets discount), no problems/IR with explaining to IR. All so easy/obvious. In his circs would u rather have cash or bank transfer/cheque. There is a real world out there

Indout96

bigadaj said:

I don't understand why 'anyone' would prefer cash, notwithstanding the issues around covid theres the risk of loss or theft and security.

Simple, especially with Covid many shops are trying to force people to go cashless with no basis, - the cashier has just touched 30/40 items I have just been handling, who would cash be any different.
No cash (which is what the banks would love) means (IMO) charges for card use as you will have no choice.
Card only use also leads to more personal debt as people spend more - look at the debt board on this site for proof.

Cards have a place, so do digital means such as i-pay and I use both but cash is king and hopefully always will be.

castle96

typo  rather cash THAN bank transfer/cheque

colsten

Herbalus said:

I think the argument (for me at least) is that I don’t understand why cash is preferred. Certainly not for that amount. I am not self-employed, so maybe I’m missing something. Can you elaborate as to why cash is preferred as opposed to having the money in a bank account? 

Easy. Cash doesn't show up in your bank or other accounts. Thus you can hide it from the taxman. It's tax evasion and illegal.


Although, in this case, it's nothing to do with tax, allegedly 😂😂, despite tax and "IR" having been mentioned at least 3 times now.

castle96 said:

Sorry, but goingt give up on this now. Surely it's so obvious. I give him cash, he spends cash (gets discount), no problems/IR with explaining to IR. All so easy/obvious. In his circs would u rather have cash or bank transfer/cheque. There is a real world out there

castle96

U just don't listen do u. No it's not

mab3000

jonesMUFCforever said:

Eco_Miser said:

camelot1971 said:

jonesMUFCforever said:

Message to the OP - if you really push this then they could call the police to interview you. All banks are now members of a scheme whereby to prevent scammers, they dial 999.
You could ask your builders to accept a transfer of monies direct to their account - nothing stopping them going to their bank to withdraw it?

No they aren't and there is no such scheme! Or are you just winding up the OP?

More likely they call 101 or an appropriate direct line, but banks certainly do call the police when they suspect a scam is in progress, for the protection of the scammee.

Thank you but it is a 999 call. 

Absolutely correct. I have had to do this on a number of occasions. 

And the reason why it’s a 999 call, if a suspected scam is going on, and it is a scam, the fraudster could be waiting outside or near the bank, or even be with the person they are trying to scam in the bank. 

colsten

castle96 said:

U just don't listen do u. No it's not

I have tried listening to the Forum but find it's better if I just read it.

Apart from the link to Nationwide, which I deduced from the thread title but which I now understand pertains to a different user, I stand by everything I said. What you describe is tax evasion, which is illegal.