Recent experiences withdrawing a few thousand in cash

Murielson

hallmark said:

I might be withdrawing low thousands (maximum £3k) soon from either Nationwide or Natwest.  I was expecting to have to give the branch notice & provide ID but Natwest appear to go even further:

"be prepared for our branch colleagues to ask further questions about your withdrawal request which can sometimes take up to 30 minutes"

& also

"In some instances, we may decline the cash withdrawal based on the information provided surrounding the transaction."

Now I don't mind jumping through hoops to a moderate degree but I'm really not up for a 30 minute interview in order to obtain a small amount of my own money, for purposes which are absolutely none of Natwest's business.  I'm also slightly intrigued to know how long the interview will last & what the outcome will be as I'm intending to politely tell them I have no desire to divulge what I'll be doing with my money & shouldn't need to.

I do understand that they need reasonable precautions. I'm prepared to notify them, provide ID or meet other reasonable demands.  A 30-minute interview I have to "pass" in order to get my own money sounds way over the top though.

Anyhoo, I'm wondering if anybody has anecdotal stories of withdrawing cash from either institution or really any bank lately, so I'm better geared up for the faff.

thanks

Just due diligence on the part of the bank IMO so I would have no issues with that within reason. You know what is needed and can prep for it
Don't say if you don't want to but based on age etc, could you be considered vulnerable in any way and maybe open to the con merchants or is this just the standard procedure for withdrawing funds nowadays?

BooJewels

To address various points made by @MattMattMattUK - as I don't have the brain capacity or patience today to suss out replying efficiently to your multi-quoting.

We never asked or expected the bank to reimburse my aunt - and they didn't. She fully accepted that it had been her responsibility and her loss to bear. The bank undertook an investigation - at their insistence, not our request - and put in writing to both her and I (as her Attorney on the account) that having investigated, they felt the bank had fully followed their procedures for the scenario. Later when she'd had time to think more clearly, my aunt said that the bank went to great lengths to offer her alternatives to withdrawing cash and were clearly suspicious of the transaction.

It was indeed a confidence trick - and they played the long game too and actually put a lot of effort into it. As you say this was to quite a scale - I think it was 18 parties scammed within a 2 hour window and by the time they'd traced the numbers, they'd already been trashed and the Police told me that all the numbers they suspected, which were something like 30+ in total were all deactivated within a handful of minutes. They honed in on a quite tight location, but as there were several hotels, they suspect they were probably run from a hotel room and they were long gone. They traced some of the 'couriers' who were just youths they paid cash to to run some errands in a taxi.

I don't have any issue with banks protecting themselves - they're a business and losses are ultimately borne by us, their customers - just as supermarkets have to cover the losses of shoplifting etc. And if next time I want cash, I have to explain myself thoroughly, then I accept that's how it is now. I did actually speak with the fraud department and branch manager about methods to improve the situation with vulnerable customers - some non-audible, discreet counter process to indicate they're acting under duress. But of course these thieves told her not to trust anyone in branch, as that was who they were investigating and told her not to allow them to take her into a side room to discuss it for the same reason, which they did try to do.

thegreenone

OP, do you need cash or do you just want to transfer it to another account?  The bank should be able to do that for you.  I can see why the banks do this and TBH I'm grateful.

GeoffTF

mongoose2009 said:

very soon you wont be able to do any transaction in cash over £1000 under an circumstance

The FCA has already proposed that and more for cash deposits:

For personal accounts we proposed a limit of £1,000 per 24-hour period (which is the minimum amount law enforcement are allowed to seize under the Proceeds of Crime Act) and £10,000 per 12-month period.

https://www.fca.org.uk/firms/financial-crime/cash-based-money-laundering

etienneg

GeoffTF said:

mongoose2009 said:

very soon you wont be able to do any transaction in cash over £1000 under an circumstance

The FCA has already proposed that and more for cash deposits:

For personal accounts we proposed a limit of £1,000 per 24-hour period (which is the minimum amount law enforcement are allowed to seize under the Proceeds of Crime Act) and £10,000 per 12-month period.

https://www.fca.org.uk/firms/financial-crime/cash-based-money-laundering

Can anyone explain why anybody has a legitimate need to do a transaction over £1,000 in cash? The usual response to this sort of question is along the lines of: "It's my money and I can do what I want with it!" But this isn't an answer - it just sidesteps the question! I can understand why drug dealers, smugglers and thieves love cash. I also understand why some unscrupulous traders want to hide from HMRC by using cash. None of these is a legitimate need.

OK, let me mention one instance which I might accept: that of selling a used car privately. Alternative payment methods exist, of course, but there are possible downsides (such as chargeback) that can put people off. Perhaps we need a payment method with a cast-iron guarantee? Food for thought for the providers of banking services.

This example aside, why do some people hate the idea of restricting cash to small transactions?

ColdIron

I had to get a scaffolder and it was cash or no scaffolding

boingy

etienneg said:

GeoffTF said:

mongoose2009 said:

very soon you wont be able to do any transaction in cash over £1000 under an circumstance

The FCA has already proposed that and more for cash deposits:

For personal accounts we proposed a limit of £1,000 per 24-hour period (which is the minimum amount law enforcement are allowed to seize under the Proceeds of Crime Act) and £10,000 per 12-month period.

https://www.fca.org.uk/firms/financial-crime/cash-based-money-laundering

Can anyone explain why anybody has a legitimate need to do a transaction over £1,000 in cash? The usual response to this sort of question is along the lines of: "It's my money and I can do what I want with it!" But this isn't an answer - it just sidesteps the question! I can understand why drug dealers, smugglers and thieves love cash. I also understand why some unscrupulous traders want to hide from HMRC by using cash. None of these is a legitimate need.

OK, let me mention one instance which I might accept: that of selling a used car privately. Alternative payment methods exist, of course, but there are possible downsides (such as chargeback) that can put people off. Perhaps we need a payment method with a cast-iron guarantee? Food for thought for the providers of banking services.

This example aside, why do some people hate the idea of restricting cash to small transactions?

One of my legitimate reasons for large cash transactions: buying and selling vintage machinery. I occasionally buy, restore and sell vintage agricultural machines. Tractors, implements, accessories etc. The best place to buy and sell is at one of the regular vintage fairs. Prices are typically £500 to £2000 and cash is still pretty much the only way to trade unless you are buying from a dealer. Most of the "low-end" stuff is traded by private individuals. It's very much an old-fashioned experience and you won't find many youngsters there. So cash is king. It will change eventually but not for a while! 

And if you go to a farm machinery auction you'll still see many people handing over envelopes stuffed with cash rather than using the card payment option. 

etienneg

ColdIron said:

I had to get a scaffolder and it was cash or no scaffolding

So if cash transactions above £1,000 were prohibited by law, what would the scaffolder do?

Aretnap

etienneg said:

ColdIron said:

I had to get a scaffolder and it was cash or no scaffolding

So if cash transactions above £1,000 were prohibited by law, what would the scaffolder do?

Pay tax???

theoretica

etienneg said:

ColdIron said:

I had to get a scaffolder and it was cash or no scaffolding

So if cash transactions above £1,000 were prohibited by law, what would the scaffolder do?

One reason for them asking for cash would be to avoid taxes - in that case the answer would presumably be charge more to cover the taxes etc.