NatWest Blocks Cash Withdrawal

Blue_Max

NatWest, Worthing blocked the withdrawal of my money.
All I wanted to do was to convert £50 paper notes to polymer.
I had made my intention clear when I deposited £10,000 as paper notes.
A few days later, when I went to make a request to withdraw, I was refused.
The manager even accused me of Income Tax Evasion!

It is curious that the bank was happy to accept the deposit with no objections or questions!
Any advice?!

TadleyBaggie

Seems like AML at work. No that surprised after such a deposit.

Blue_Max

TadleyBaggie
what is an AML?
The bank was happy to take the deposit.

eskbanker

Blue_Max said:
If the banks suspected of me money laundering, they should have reported me to the Police rather than holding on to my money.

They may already have referred the matter to the National Crime Agency, but if their investigation doesn't unearth evidence to support a suspicion of money laundering then you'll get access to the funds after it's completed.

However, if you're as evasive with them as you were with the questions in my post then don't expect to see the money any time soon, i.e. don't be under any illusion as to who holds the cards in situations like this....

CKhalvashi

(Removed by Forum Team)

Eskbanker is, however, correct.

Can you prove the source of the funds as being legitimate and that they've had full applicable tax paid on them?

If yes, you shouldn't need to worry however the systems are in place for all our safety and as the upstanding citizen you are, you willcne able to prove everything to the satisfaction of everyone required and the funds will be released to you.

The_Fat_Controller

@Blue_Max do tell how you amassed such a large sum in cash.

If you come on a public forum for a moan then at least give all the information and you may then get better advice.

MattMattMattUK

If your attitude towards tha bank is half as abrasive as you are on here then expect to not see the money again and to have your account closed. You need to have a reasonable and verifiable source of funds for large cash deposits, the bank and the NCA will need to believe you and be able to verify the source, otherwise the money is gone.

There is nothing you can do beyond cooperate fully with the bank and potentially in time the police, if you had a legitimate and verifiable source for the funds and have paid any taxes due then they will clear into your bank account, if you do not then they are gone. As you asked for advice the advice I would give you is to not be deliberately abrasive in general, but especially so with the bank and NCA.

daveyjp

Blue_Max said:

TadleyBaggie
what is an AML?
The bank was happy to take the deposit.

The bank will take the money to get it out of circulation, but as yet it may not be a 'deposit' into your account.

Bigwheels1111

I did this years ago for my Nan, she kept it under the bed, in books, pockets of winter jacket etc.
I paid it in at 3 or 4 banks over a week or two.
Then went into my bank and asked for the 5k in new sealed £50 notes.
Is a wedding gift for my brother.
Worked fine.
Now depositing or withdrawing large cash sums is bad.
I wanted 1k in pound coins when they changed a few years ago and was asked why.
They did not believe I wanted them for my fruit machines, I had 7 at the time.
I took a selfie with the machines and showed it to the manager, eventually they gave me ( my money ).

Blue_Max

phillw said:

Blue_Max said:

TadleyBaggie
what is an AML?
The bank was happy to take the deposit.

That is like saying, nobody stopped me robbing the bank...

AML is anti money laundering, which is triggered if someone pays 10k into an account with cash (I don't know if it's still euros or if they've switched to sterling).

https://www.legislation.gov.uk/uksi/2017/692/regulation/27/made?view=plain

"That is like saying, nobody stopped me robbing the bank"
In reality, it is like the bank robbing me! LOL

The £50 paper notes were deposited in sealed plastic bags signed and sealed by the bank a few years ago. I also have bank statements.
I had explained to the bank, at the time of deposit that all I am doing is to convert the defunct paper notes to polymer.  They took my money with no questions asked.
The triggering seems to be done automatically by a program. The bank staff failed to correctly investigate. The manager jumped to conclusions and accused me of Income Tax Fraud; a groundless accusation.
I am in the process of making a formal complaint, supported with evidence, to the ombudsman.

Bradden

@Blue_Max - it sounds like you have this issue covered... what advice are you looking for on here?