bank refusing cash withdraw

Mr.Generous

£5k is a lot of cash, most work done is paid by bank transfer. Anyone asking for £5k in cash should ring alarm bells. Paying in cash gives no buyer protection, the bank might have an obligation under AML too.

born_again

lee49 said:

My bank decide they now require an actual invoice for the funds that I wish t withdraw.  this cannot be right, provide right ID, order in advance  as requested.. this must be over reach its a bank policy not fcc regulation thus they surely cannot enforce it

So can we take it they asked what the money was for & you told them it was to pay for some work being done?
I which case a invoice would be a reasonable request. Given the number of rouge traders about.
What your gender or look like has nothing to do with this.
I have spoken to people from all walks of life, who have fallen for this type of stuff. 

lee49

born_again said:

lee49 said:

My bank decide they now require an actual invoice for the funds that I wish t withdraw.  this cannot be right, provide right ID, order in advance  as requested.. this must be over reach its a bank policy not fcc regulation thus they surely cannot enforce it

So can we take it they asked what the money was for & you told them it was to pay for some work being done?
I which case a invoice would be a reasonable request. Given the number of rouge traders about.
What your gender or look like has nothing to do with this.
I have spoken to people from all walks of life, who have fallen for this type of stuff. 

wow I am shocked, it seems the fact it is my money does not resonate with you.  why would an invoice be reasonable request it has nothing to do with them, 

born_again

lee49 said:

born_again said:

lee49 said:

My bank decide they now require an actual invoice for the funds that I wish t withdraw.  this cannot be right, provide right ID, order in advance  as requested.. this must be over reach its a bank policy not fcc regulation thus they surely cannot enforce it

So can we take it they asked what the money was for & you told them it was to pay for some work being done?
I which case a invoice would be a reasonable request. Given the number of rouge traders about.
What your gender or look like has nothing to do with this.
I have spoken to people from all walks of life, who have fallen for this type of stuff. 

wow I am shocked, it seems the fact it is my money does not resonate with you.  why would an invoice be reasonable request it has nothing to do with them, 

Ah the old "It's my money" wish I had a £ for every time a customer cited that one 🤷‍♀️
Yet they come back & want the money back off the bank when it goes wrong.🤦‍♀️

Banks have a duty of care mandated on them by FCA to protect people. 

As you did not answer my question, then I can but take it that this is for work being done & they wanted payment in cash possibly up front before starting the work. 
Is that the case?

Known case that these rouge traders use & then disappear. Or even do the work, but is so bad. It costs far more to correct.

So having a invoice, gives you details so you can at least look at legal means to try & recover funds.

Grumpy_chap

lee49 said:

wow I am shocked, it seems the fact it is my money does not resonate with you.  why would an invoice be reasonable request it has nothing to do with them, 

You may have a point, but so does the bank.
We seem to have developed a blame culture so, when people get scammed, rather than accepting any personal responsibility for their actions, some immediately take to blaming the bank and seeking recovery of the loss.  Increasingly, the banks seem to be held liable for the loss.
That results in the banks introducing checks that others then find intrusive.

user1977

You are free to move your account to a bank which is more lax about dishing out cash if you wish.

username

Mr.Generous said:

£5k is a lot of cash, most work done is paid by bank transfer. Anyone asking for £5k in cash should ring alarm bells. Paying in cash gives no buyer protection, the bank might have an obligation under AML too.

A bank transfer doesn't give any additional protection either, save for the cash getting physically stolen. You'd only get such protection if you paid by credit or debit card as you could then apply for a chargeback.

Ballard

username said:

Mr.Generous said:

£5k is a lot of cash, most work done is paid by bank transfer. Anyone asking for £5k in cash should ring alarm bells. Paying in cash gives no buyer protection, the bank might have an obligation under AML too.

A bank transfer doesn't give any additional protection either, save for the cash getting physically stolen. You'd only get such protection if you paid by credit or debit card as you could then apply for a chargeback.

Whilst this is true, you would be able to see who the money goes to when you send the money. I’m not saying that this is much more protection than handing over cash, but you would see the name of the beneficiary. Someone who’s just trying to rip you off might be less inclined to give their bank details. I agree that this is far from foolproof though. 

boingy

They really do need to change the rules to let us take responsibility for our own actions. In the case of withdrawing cash it should be enough for the customer to sign a waiver/declaration that states they take full responsibility for the cash and that it is not going to be used for any nefarious purposes. For example, plenty of people still use cash for buying cars at the lower end of the price range. Paying 5K for a car in cash is actually safer than most of the other options because few people can spot a fake bankers draft and electronic transfers can be challenged and reversed. Cash and a handshake is still the best way for some transactions.

Kim_13

boingy said:

They really do need to change the rules to let us take responsibility for our own actions. In the case of withdrawing cash it should be enough for the customer to sign a waiver/declaration that states they take full responsibility for the cash and that it is not going to be used for any nefarious purposes. For example, plenty of people still use cash for buying cars at the lower end of the price range. Paying 5K for a car in cash is actually safer than most of the other options because few people can spot a fake bankers draft and electronic transfers can be challenged and reversed. Cash and a handshake is still the best way for some transactions.

Agree.

Do you have an invoice for whatever it is, or have the bank blanket asked for one? Until you have bought a car, you will not have an invoice. If you intend to buy in cash then you cannot fall victim to a vehicle does not exist scam - but most ought to have someone else with them rather than having large amounts of cash in their possession while alone.

Those not comfortable with online banking may have to get cash to pay trades if the trader does not have a card machine (probably most of them) and will not take a cheque in case it bounces or is cancelled, but may only have a quote and not an invoice until the job is done. In these cases the bank should give the cash but instruct the customer not to hand it over until they are happy with the work done - the trader is within their rights to expect immediate payment once the job is complete unless they have agreed otherwise in advance. If the customer wants work on credit, they will probably struggle to get anyone to do the job.

As I buyer I would sooner use bank transfer for anything above a few hundred if card was not available, but I do worry that I don’t know what a private seller does with their account - so buyers could end up assumed to have been part of anything untoward by the bank, CIFAS marker etc and that’s not a situation anyone wants to be in. But if the seller is worried about a transfer being challenged and will only take cash, the buyer has no choice and shouldn’t be forced to walk away from a legitimate purchase by the bank.