Changing a £20 note in Santander - NO !

Ms_Chocaholic

Hi

It's not often I visit my bank but I did today, I went to the ATM to withdraw £100 but I needed £20 in £1s, took £20 to the till but they said they are unable to swap the note for coins, I had to withdraw the £20 in coins from my account - is that correct (presumably for money laundering safeguards) or did I get a jobs worth.

Thanks

Neil49

You should have paid the £20 into your account as one transaction and then made a second transaction of withdrawing £20 and requesting it to be paid in £1 coins.

This involves the cashier in additional pointless work and makes you feel better about the whole experience. 

Alternatively they should have just asked for proof that you are a customer of theirs and given you the cash. All they then have to do is record the transaction so that their till shows where the extra note came from and where the 20 £1 coins went to when they come to balance up.

So yes, there is a reason but the customer service wasn't very impressive. 

wiseonesomeofthetime

I have had the same experience.

Nationwide - Had to pay my £20 in to exchange the notes. Then withdraw as 4 x £5.

HSBC - Were happy to exchange for me.

I am a customer of both.

mab3000

It’s the same with Barclays, you have to pay it into your account then withdraw it in the denomination you want. 

Good old anti money laundering procedures. 

born_again

mab3000 said:

It’s the same with Barclays, you have to pay it into your account then withdraw it in the denomination you want. 

Good old anti money laundering procedures. 

Nothing to do with AML.
More to do with saving change for their customers. So OP would have been better going to counter in 1st place knowing that a ATM does not give you £1 coins.

spaniel101

Slightly similar experience in TSB during lockdown 1.   My elderly mother, in desperation to occupy her mind and fingers, emptied her giant whisky bottle of 5 years worth of coins.   I duly travelled to her local TSB branch to deposit in her account.   I was promptly advised that my mother would have to come in to the branch herself to deposit the coins.  I informed them this wasn't possible, my mother had not been to town or the bank in 10 years and, on top of that was 'medically shielding' anyway, let alone the fact she wouldn't have been able to carry them all, nor would that be safe!   TSB then advised I should return to the branch with the Power of Attorney.    All to deposit coins!

Needless to say, I visited the local 'coins machine' for 3 hours and a hefty fee to boot!!

p00hsticks

born_again said:

mab3000 said:

It’s the same with Barclays, you have to pay it into your account then withdraw it in the denomination you want. 

Good old anti money laundering procedures. 

Nothing to do with AML.
More to do with saving change for their customers. So OP would have been better going to counter in 1st place knowing that a ATM does not give you £1 coins.

I'm pretty sure it is to do with AML - I suspect the OP would have got exactly the same response if they'd taken in 20 £1 coins and asked for a £20 note in return

Ms_Chocaholic

spaniel101 said:

Slightly similar experience in TSB during lockdown 1.   My elderly mother, in desperation to occupy her mind and fingers, emptied her giant whisky bottle of 5 years worth of coins.   I duly travelled to her local TSB branch to deposit in her account.   I was promptly advised that my mother would have to come in to the branch herself to deposit the coins.  I informed them this wasn't possible, my mother had not been to town or the bank in 10 years and, on top of that was 'medically shielding' anyway, let alone the fact she wouldn't have been able to carry them all, nor would that be safe!   TSB then advised I should return to the branch with the Power of Attorney.    All to deposit coins!

Needless to say, I visited the local 'coins machine' for 3 hours and a hefty fee to boot!!

Could you have paid them into your account instead and withdrew the cash for your mum.

Ms_Chocaholic

born_again said:

mab3000 said:

It’s the same with Barclays, you have to pay it into your account then withdraw it in the denomination you want. 

Good old anti money laundering procedures. 

Nothing to do with AML.
More to do with saving change for their customers. So OP would have been better going to counter in 1st place knowing that a ATM does not give you £1 coins.

Yes that's obvious now but I thought I could just hand over £20 for the coins.

Thrugelmir

Probably part of the till reconciliation process. All activity being logged. Swopping coins for a note bypasses the system. 

maxsteam

Ms_Chocaholic said:

 I had to withdraw the £20 in coins from my account - is that correct (presumably for money laundering safeguards) or did I get a jobs worth.

Thanks

Jobsworth. Money laundering rules don't come into play for a single transaction of £20.

I find the self-service tills at supermarkets useful for splitting £20 notes and for getting rid of small coins.