co-operatve bank has taken my life savings

Ed-1

jimjames said:

jim170175 said:

again thanks. i can show that i have been withdrawing cash from barclays account. being naive is a dumb mistake i'll never make again. its bloody terrifying to think this does happen though. After doing some reading, I'm not suprised they flagged this either, wish I'd have done that research earlier, having avoided banks as much as i could, i would have saved myself a lot of grief.

It's not really terrifying although it's obviously not very convenient for you, it would be more worrying that banks allowed possible fraud (as their systems see it) to happen without any checks.

It can feel terrifying and that you are being assumed a criminal though as the banks can simply refuse to talk to you about it (although Coop here don't seem to be assuming anything since they are giving the opportunity for explanation) 

jim170175

i get the fraud thing i do. Only ever had a caution with the rozzers when i was 15 for being proper drunk. it scares me to think how far this could go because of my lack of research and naivety. 

i will look into revolut, because i'd rather just transfer this to another account than go through this whole peace of crap again, because i will have to deposit the returned cash somewhere and the process will start again

thanks for all the replies and wise info.

Ballard

The only way that you could have raised more suspicion is if when you deposited the cash you were wearing a stripy top and had the money in a bag marked Swag which you had on the end of a stick and slung over your shoulder. 

kaMelo

Like this you mean.



         

General_Grant

jim170175 said:

. . . .

 I’m on sickness benefit (I’m entitled to have £6000 before I need to declare it) 

I thought you had to disclose all savings, even say £600 - and then it can be disregarded by DWP if below whatever the threshold is for a reduction in means tested benefits.

wiseonesomeofthetime

As the money has been collected over ten years, I assume much of the £4,000 would have been the old, now defunct, paper notes, as the new fiver appeared in 2016, the new tenner in 2017, and the new twenty, 2020.

How did OP pay it in? Machine or at  cashier desk? Any issues depositing old, out of circulation, notes?

y3sitsm3

wiseonesomeofthetime said:

As the money has been collected over ten years, I assume much of the £4,000 would have been the old, now defunct, paper notes, as the new fiver appeared in 2016, the new tenner in 2017, and the new twenty, 2020.

How did OP pay it in? Machine or at  cashier desk? Any issues depositing old, out of circulation, notes?

I mean, a freshly minted account, ludicrously implausible story that hits pretty much every note for money laundering.

...

born_again

wiseonesomeofthetime said:

How did OP pay it in? Machine or at  cashier desk? Any issues depositing old, out of circulation, notes?

If you read the OP you will see how it was paid in Not aware of any paying in machines in that location.

OP also needs to be aware that DWP might well be informed of this. As part of the banks process. As it also falls under the rules to inform other agencies if wrong doing is believed to have happened.

EssexHebridean

If this was someone trying to fraudulently remove £4000 from you, and the bank picked up on it and stopped it happening, would you still be so outraged? 

Money Laundering checks have been absolutely standard for a very long while now - and rightly so!