Santander Blocked 27 September 2022 at 12:11PM in Budgeting & bank accounts 38 replies 3.1K views

MrFrugalFever

To whomever says ‘cash is king’….this is complete nonsense and this very post is anecdotal evidence.

born_again

Ed-1 said:

born_again said:

123thfc123 said:

It was deposited into an ATM deposit machine. As said I sold 2 greyhounds that I own. Again I can provide documentation for this. 

Or even better get the purchase to transfer the funds via faster payment. 

But this carries risk too. There are many reports of purchasers pulling a fast one and telling their bank they've been scammed. The bank then contact your bank who freeze your account.

But can be countered. Which backfires on the other party, & can lead to them losing their bank account.

eDicky

How, when and by whom were you asked where the money came from? Presumably not by the ATM while depositing...

Astria

MrFrugalFever said:

To whomever says ‘cash is king’….this is complete nonsense and this very post is anecdotal evidence.

Although once your bank account(s) have been frozen, it really is because there's no other way of buying goods and services.

Only ever had my bank account frozen once, and since I kept money at home too I could just continue with everyday life.

These days I do have multiple bank accounts, but it's still possible that all of them could be frozen, so I still have some 'emergency cash'.

I also always carry around about £50 in cash, just in case technology fails.

Daliah

Astria said:

MrFrugalFever said:

To whomever says ‘cash is king’….this is complete nonsense and this very post is anecdotal evidence.

Although once your bank account(s) have been frozen, it really is because there's no other way of buying goods and services.

You could use one of the credit cards that you got in anticipation of emergencies?

Astria said:

These days I do have multiple bank accounts, but it's still possible that all of them could be frozen, so I still have some 'emergency cash'.

If you have multiple current accounts and manage to get all of them frozen at the same time, you're probably not far from enjoying His Majesty's Pleasure, so you'd be provided with life's essentials for free and wouldn't need any cash for some time

grumbler

Daliah said:

Astria said:

MrFrugalFever said:

To whomever says ‘cash is king’….this is complete nonsense and this very post is anecdotal evidence.

Although once your bank account(s) have been frozen, it really is because there's no other way of buying goods and services.

You could use one of the credit cards that you got in anticipation of emergencies?

Not all people have CCs or are even able to get them.

Astria said:

These days I do have multiple bank accounts, but it's still possible that all of them could be frozen, so I still have some 'emergency cash'.

If you have multiple current accounts and manage to get all of them frozen at the same time, you're probably not far from enjoying His Majesty's Pleasure, so you'd be provided with life's essentials for free and wouldn't need any cash for some time

Well, luckily, unlike in banking, 'innocent until proven guilty' principle still works when it comes to prisons.

Astria

Daliah said:

Astria said:

MrFrugalFever said:

To whomever says ‘cash is king’….this is complete nonsense and this very post is anecdotal evidence.

Although once your bank account(s) have been frozen, it really is because there's no other way of buying goods and services.

You could use one of the credit cards that you got in anticipation of emergencies?

and if that gets declined? Plus, how would that work when because of an IT glitch, a company can't accept card payments? Eg, only last week the local co-op was "cash only" for half a day, now sure, I could have gone elsewhere, or left it a day, but if you got cash you wouldn't have to. Plus cash-only stores still do exist.

Astria said:

These days I do have multiple bank accounts, but it's still possible that all of them could be frozen, so I still have some 'emergency cash'.

If you have multiple current accounts and manage to get all of them frozen at the same time, you're probably not far from enjoying His Majesty's Pleasure, so you'd be provided with life's essentials for free and wouldn't need any cash for some time

A simple problem with tax can get all your accounts frozen for investigation, HMP would only occur once they've proven something.

phillw

born_again said:
But this carries risk too. There are many reports of purchasers pulling a fast one and telling their bank they've been scammed. The bank then contact your bank who freeze your account.

In what way do they say you have scammed them?

born_again

phillw said:

born_again said:
But this carries risk too. There are many reports of purchasers pulling a fast one and telling their bank they've been scammed. The bank then contact your bank who freeze your account.

In what way do they say you have scammed them?

It's not scamming the bank. It's claiming someone else has scammed them, when they have not. As far as bank ges that is a breach of trust. (or in other terms. They have been lying to claim money fraudulently)

Something banks take a very dim view of.

Daliah

Astria said:

 Plus cash-only stores still do exist. 

and non-cash shops are on the increase https://www.theguardian.com/money/2022/mar/12/cashs-reign-fades-as-covid-accelerates-high-street-switch-to-card-only