NatWest Blocks Cash Withdrawal

Blue_Max

Bradden said:

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

Thanks for asking but not as yet;
Have now made a formal complaint and I am waiting for the outcome.

NBLondon

Blue_Max said:

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.

???  Do you mean this happened  a few years ago - the polymer £50 was only last year.

Or did you have £10K in notes that you withdrew a few years ago which never came out of the packaging and you were returning them unopened?

I can see that somebody running a business might handle large sums in cash - and presumably a business account and a bank that is used to you doing so.  But this looks like you wanted a large amount of cash "just in case".

So I can see why the branch might look oddly at such a deposit and the AML rules were triggered.

Blue_Max

NBLondon said:

Blue_Max said:

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.

???  Do you mean this happened  a few years ago - the polymer £50 was only last year.

Or did you have £10K in notes that you withdrew a few years ago which never came out of the packaging and you were returning them unopened?

I can see that somebody running a business might handle large sums in cash - and presumably a business account and a bank that is used to you doing so.  But this looks like you wanted a large amount of cash "just in case".

So I can see why the branch might look oddly at such a deposit and the AML rules were triggered.

No! I heard about paper notes becoming unusable only in September 2022
The £10k paper notes were withdrawn a few years ago and never came out of the sealed plastic bags. I was depositing the bags unopened. I also have original bank statements that show the withdrawal of the £10k
At the time of the deposit, I had told the bank that I wish to withdraw the as polymer.
Bank agreed. The objection by the bank was made only when I went to the bank to request a withdrawal in polymer.

Blue_Max

This thread has become pointless. Most people seem to be just curious rather than give useful advice. They are wasting my time having to give the same answers over and over again.
Is it possible to close this thread?

Shakin_Steve

Blue_Max said:

This thread has become pointless. Most people seem to be just curious rather than give useful advice. They are wasting my time having to give the same answers over and over again.
Is it possible to close this thread?

That's because there is no 'useful advice' that would make any difference at all to the outcome. You are not happy with your treatment from the bank, so you've complained. They will take as much time as they need to investigate, and won't be hurried, despite your input.
It's a waiting game, but from what you've said, you're in no hurry for the money.

Cien

Blue_Max said:

Bradden said:

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

Thanks for asking but not as yet;
Have now made a formal complaint and I am waiting for the outcome.

You won't get far. Banks have a responsibility to tackle financial crime and there's no such thing as just swapping notes anymore.
You have to deposit, then withdraw so every pound is accounted for leaving a paper trail. 
As has previously been mentioned, if you have nothing to hide then just comply. You should be able to provide source of funds and carry on this is a mild inconvenience.
At worst if they can't supply the same value you deposited then ask for smaller withdrawals over a week or two. Again, why do you even need such a large cash amount? You won't be insured for it if anything goes wrong.
I worked in the branch network and loved people getting arsey about our money laundering controls. 'I'll shut my account!'. Gladly Mr customer, take a seat ill do it this second for you. They're someone else's problem then 😂

phillw

Blue_Max said:
In reality, it is like the bank robbing me! LOL

They aren't robbing you, they aren't allowed to let you have the money if they suspect that the source is not legitimate.
And more importantly, they aren't allowed to alert you in any way that they suspect the source is not legitimate.

So yes, they will smile and nod as you explain and then tell you that it all sounds very plausible. Because if they didn't, they know you'd pick up the bag and take it to another bank and try again with a new story until you found a bank that it worked on.

NBLondon

Blue_Max said:

This thread has become pointless. Most people seem to be just curious rather than give useful advice. 

You've had the advice more than once.  You need to wait for the investigation to conclude.  If you, as it appears, can evidence that the cash was legally obtained then you will be found innocent.  At that point you have a valid complaint about the delay.

If you can't see that your behaviour is somewhat out of the ordinary (withdraw large amount of cash, not touch it for a few years, try to exchange it for new notes) and may cause suspicion then you'll get nowhere.

Maybe you do have a reason to want a large emergency supply of cash on hand.  Unfortunately, so do criminals...