Looking to deposit money, need advice

Rebecca891

I'm looking to deposit money my gran left me recently before she passed away, which is roughly about 7k. Now the only problem is i have it in cash, and theres no way i can go into the bank and deposit that money without arising suspicion, and even then i wouldn't know how to explain that to the solicitor after they do their money laundering checks. The money i was left was not accrued by ill means. I'm just lost and have no idea what to do with it. Any advice is much appreciated thanks!

Flugelhorn

that is a problem - why can't you start depositing in the bank? 

elsien

Did your grandmother leave a will? 

Who dealt with the estate? Or did she gift the money before she passed away? 

user1977

Put it in the bank as soon as you can - your problem isn't going to get any better the longer you leave it, whereas your solicitor may be satisfied with funds having been sitting in your bank account for (say) 3 months.

Why is it in cash anyway? Did your gran just have it stashed away?

Thrugelmir

Rebecca891 said:

I'm looking to purchase a house with the money my gran left me recently before she passed away, which is roughly about 100k. Now the only problem is i have it in cash, and theres no way i can go into the bank and deposit that money without arising suspicion, and even then i wouldn't know how to explain that to the solicitor after they do their money laundering checks. The money i was left was not accrued by ill means. It was saved up from over a lifetime. I'm just lost and have no idea what to do with it. Any advice is much appreciated thanks!

Cash?  Before she passed away , not after, that's convenient.  If she saved the money over a lifetime then many of the notes are no longer going to be legal tender and will need to be exchanged at the BOE. 

Countrysider

Rebecca891 said:

I'm looking to purchase a house with the money my gran left me recently before she passed away, which is roughly about 100k. Now the only problem is i have it in cash, and theres no way i can go into the bank and deposit that money without arising suspicion, and even then i wouldn't know how to explain that to the solicitor after they do their money laundering checks. The money i was left was not accrued by ill means. It was saved up from over a lifetime. I'm just lost and have no idea what to do with it. Any advice is much appreciated thanks!

My grandparents saved money in exactly this way, and see absolutely nothing wrong with it because it was the norm in their day. Unfortunately, it's trickier nowadays and there has to be a paper trail for a time. 

I'm assuming there's nothing in the will about this money? "i leave 100K etc?"

Could you realistically save £100K over a few years based on your earnings alone? If you're on good money then you could spend the £100K cash on daily costs (rent/food/etc) and save your actual earnings. This would take a while but then the 'savings' are actually yours and you have the financial history of the money. If you're on a low income then this isn't possible, and anything over £16K will remove your eligibility to benefits you might currently be receiving. 

theoretica

Sure turning up at the bank with £100k will arouse suspicion - best to think about how to get over that suspicion.  Did your granny leave a will and an executor who can document the money coming to you?  Did you inherit as her only descendent?

Easiest would be to go into the bank (without the money!) explain your problem and ask what documentation they would need to pay it into your account.

Rebecca891

Flugelhorn said:

that is a problem - why can't you start depositing in the bank? 

I mean i can't deposit it all at once without raising suspicion. I suppose i could deposit it in bit by bit, but that would take eternity, and also i'm not even working so the source of funds when depositing the money might raise eyebrows.

Rebecca891

theoretica said:

Sure turning up at the bank with £100k will arouse suspicion - best to think about how to get over that suspicion.  Did your granny leave a will and an executor who can document the money coming to you?  Did you inherit as her only descendent?

Easiest would be to go into the bank (without the money!) explain your problem and ask what documentation they would need to pay it into your account.

No, there is not will, no financial bodies were involved. It was her wish to give it to me since i was the closest to her. I dont really see any good coming out of going to the bank if i dont have documents to explain where the money came from.

Thrugelmir

Rebecca891 said:

Flugelhorn said:

that is a problem - why can't you start depositing in the bank? 

I mean i can't deposit it all at once without raising suspicion. I suppose i could deposit it in bit by bit, but that would take eternity, and also i'm not even working so the source of funds when depositing the money might raise eyebrows.

Why didn't you think of this while your Grandmother was still alive? Obtain some documentary evidence. The cash had a source. Wasn't picked off a tree in the back garden.  Property is the longstanding method of legitimising money. Hence the tight money laundering regulations. 

Rebecca891

user1977 said:

Put it in the bank as soon as you can - your problem isn't going to get any better the longer you leave it, whereas your solicitor may be satisfied with funds having been sitting in your bank account for (say) 3 months.

Why is it in cash anyway? Did your gran just have it stashed away?

Yeh. my gran preferred to do things the old ways, its just how she was used to doing things, i suppose she was just stuck in her ways. She pretty much just had it stashed away, and would always count it and keep it safe. So do solicitors only look at the last 3 months? what if the money was in the account, and it was left there for lets say a year. Would that not still raise any red flags with the solicitor?