Inheritance: do I need to tell the bank where the money has come from?

Beddie

Lots of ifs, buts and maybes by others, but no one has actually had a delay to a large sum from a solicitor. And everyone who has had a large sum, me included, had no issues whatsoever.

Just have it paid into your account and stop worrying about it!

Cloth_of_Gold

Section62 said:

Gers said:

Waiting for a cheque to clear these days, especially for such a large amount, is really a waste of time and no more secure. 

These days cheques usually clear next working day, or faster in some cases.

The primary issue here is not about how secure the options are, rather the risk of an electronic payment being held up for checks, or in the worst case the OP's current account being frozen pending the bank's enquiries.  People having problems like that are part of the routine on this forum.  The OP is sensible for thinking whether there is anything they can do to mitigate the potential risks.

Indeed they do. I have an app on my phone and providing the cheque is for less than £1000 I can open the app, take a photo of the cheque on my phone, and pay it in through the app and the funds are normally in my account the next day. Naturally I couldn't do it this way for this money, if I received it by cheque, I would have to pay it into the bank. It would still be quick, although maximising the speed of receiving the funds isn't an issue here.

Also, it may be unlikely, but what if whoever does the payment at the solicitor's office accidentally sends it to the wrong account? If had a cheque that couldn't happen. Unlikely things do happen, surprisingly often!

Cloth_of_Gold

Section62 said:

Gers said:

Waiting for a cheque to clear these days, especially for such a large amount, is really a waste of time and no more secure. 

These days cheques usually clear next working day, or faster in some cases.

The primary issue here is not about how secure the options are, rather the risk of an electronic payment being held up for checks, or in the worst case the OP's current account being frozen pending the bank's enquiries.  People having problems like that are part of the routine on this forum.  The OP is sensible for thinking whether there is anything they can do to mitigate the potential risks.

Here is a recent example. https://forums.moneysavingexpert.com/discussion/6477865/hsbc-closing-my-bank-account#latest

DigSunPap

To avoid any issues, it's probably wise to notify your bank in advance about the  sum and its source. Provide any necessary documents, be transparent about the funds' origin, and cooperate if the bank requires more information. Just to be on the safe side.

ColdIron

Notifying your bank will make little no difference

molerat

Beddie said:

Ignore all of this cheque nonsense - it's 2023!

The transfer from a solicitor will cause you no issues whatsoever.

Try telling some solicitors that.  They can do it the new fangled electronic way but it will be £40 plus VAT.  Cheque works fine for me !

Spoonie_Turtle

ColdIron said:

Notifying your bank will make little no difference

It's a bot, giving generic 'advice' without actually being helpful.

Cloth_of_Gold

I've opened a building society account and told them how much I would be depositing and where it came from. The staff member said there would be no problem. I have asked for a cheque, and sent my ID and address confirmation docs to the solicitor last week so I would imagine that they will be sending the cheque soon. I will need to transfer some of it to my current account, but presumably as it will be coming from a building society account there should be no problem.