depositing money into bank

scooby22bsti

how much can i deposit into my bank account without any questions being asked?

Seakay

Who don't you want to ask questions?

angchris

i wont ask any questions at all if you deposit it in my account :cool:

Pink.

Hi scooby,

Welcome to MSE

You should get more help with your question on the Budgeting and Current Accounts board so I'll move your thread across for you.

Pink

System

scooby22bsti wrote: »

how much can i deposit into my bank account without any questions being asked?

Hi scooby

To be honest I'm not completely sure, so I'll leave the accurate answer down to someone who works for a bank perhaps!

But I do know that under The Proceeds of Crime Act (POCA) if the police stop anyone with more than £5000 in cash, questions will certainly be asked!!

Regards
UNDERGROUND

djm1972

Based on the blurb I got from my Solicitor when I sold my flat recently, the "no questions asked" limit looks like £9000.

Over that amount, the "Proceeds of Crime Act 2002" and the "Money Laundering Regulations 2003" require that institutions obtain proof of the source of funds, consisting of statements showing the accumulation of funds together with an explanatory letter; ~or~ a letter on headed notepaper from a chartered or certified accountant vouching for the legitimacy of the funds.

Mikeyorks

Troll post - so it's a bit of a waste of time.

But there is no specific limit - it depends on the level of trust you've created with your Bank, as to the point at which they may ask.
Otherwise Tesco / Sainsburys / M&S etc ........ would all get aggravation every day they lodged their takings!

jamesd

To reduce the hassle and time and money costs of answering such questions from your bank, establish a regular pattern of deposits and stay within that pattern. Then watch out for the limits others have mentioned. Sometimes it might be more convenient to withdraw money to establish a pattern of regular cash deposits, if you happen to visit the bank regularly so this is less costly or less work than paying an accountant.

Transferring money between accounts in your own name is also less likely to generate extra work and costs for you.