bank refusing cash withdraw

[Deleted User]

born_again said:

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. 

What protection does the customer have if they pay a bill via bank transfer and the rogue (not rouge) trader decides to up sticks and take the money? The answer is none. So how is forcing such a transfer offering protection?

The fact is that if there is no suspicion that the money will be used inadvisedly or illegally, the bank should pay out, and if the money is then used in this manner the bank is not liable.

[Deleted User]

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.

Of course. And this is how things were once done with no issues. That last time I bought a car from a dealer (Carcraft in the early 2000s) I went to the bank and asked for £17k. Five minutes later they'd handed it to me, in an envelope, without once insulting my intelligence or insinuating I was a drug dealer or a terrorist. When I turned up at the dealers I was ushered at once into a room ahead of those people applying for finance by a guy who told me, "Cash is king here." Now it's hello 2025, goodbye common sense.

ZeroSum

[Deleted User] said:

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.

Of course. And this is how things were once done with no issues. That last time I bought a car from a dealer (Carcraft in the early 2000s) I went to the bank and asked for £17k. Five minutes later they'd handed it to me, in an envelope, without once insulting my intelligence or insinuating I was a drug dealer or a terrorist. When I turned up at the dealers I was ushered at once into a room ahead of those people applying for finance by a guy who told me, "Cash is king here." Now it's hello 2025, goodbye common sense.

Back then the Internet was in its infancy. Online banking wasn't a thing, scammers using the threat of bank accounts being hacked weren't a thing. Handling large amounts of cash is no longer a thing. So when someone asks for a large amount of cash, it's not unreasonable for banks to be suspicious.

[Deleted User]

ZeroSum said:

[Deleted User] said:

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.

Of course. And this is how things were once done with no issues. That last time I bought a car from a dealer (Carcraft in the early 2000s) I went to the bank and asked for £17k. Five minutes later they'd handed it to me, in an envelope, without once insulting my intelligence or insinuating I was a drug dealer or a terrorist. When I turned up at the dealers I was ushered at once into a room ahead of those people applying for finance by a guy who told me, "Cash is king here." Now it's hello 2025, goodbye common sense.

Back then the Internet was in its infancy. Online banking wasn't a thing, scammers using the threat of bank accounts being hacked weren't a thing. Handling large amounts of cash is no longer a thing. So when someone asks for a large amount of cash, it's not unreasonable for banks to be suspicious.

It's not at all reasonable to be suspicious of someone using a bank for the purpose it's intended. If there are circumstances that genuinely raise suspicion then, under current legislation, the bank should put a hold in the transaction until they are satisfied one way or the other. A customer wishing to spend the money they earned on a service or item without wanting to share their private life with a bunch of randoms sitting behind a counter is not a sensible cause for suspicion, it's the expected outcome of living in a healthy democracy.

Laws that arguably have a role in preventing banks from being complicit in criminal enterprise have, like so much legislation, expanded into a vehicle for serving the agenda of government and big business, and as usual it's the sensible, law abiding citizen who gets the shaft.

born_again

[Deleted User] said:

What protection does the customer have if they pay a bill via bank transfer and the rogue (not rouge) trader decides to up sticks and take the money? The answer is none. So how is forcing such a transfer offering protection?

The fact is that if there is no suspicion that the money will be used inadvisedly or illegally, the bank should pay out, and if the money is then used in this manner the bank is not liable.

Never said it did.

Not heard of banks being fined for failure in AML regulations?

Inadequate AML monitoring resulted in Metro Bank's £16.6m fine
The FCA has fined Santander UK Plc (Santander) £107,793,300 after it found serious and persistent gaps in its anti-money laundering
Standard Chartered Bank received a£102m fine for breaching money laundering regulations.
 nearly £30 million for TSB Bank.

boingy

born_again said:

[Deleted User] said:

What protection does the customer have if they pay a bill via bank transfer and the rogue (not rouge) trader decides to up sticks and take the money? The answer is none. So how is forcing such a transfer offering protection?

The fact is that if there is no suspicion that the money will be used inadvisedly or illegally, the bank should pay out, and if the money is then used in this manner the bank is not liable.

Never said it did.

Not heard of banks being fined for failure in AML regulations?

Inadequate AML monitoring resulted in Metro Bank's £16.6m fine
The FCA has fined Santander UK Plc (Santander) £107,793,300 after it found serious and persistent gaps in its anti-money laundering
Standard Chartered Bank received a£102m fine for breaching money laundering regulations.
 nearly £30 million for TSB Bank.

Of course, hitting banks with those big fines just means the banks need to earn more money from us, their customers.

sheramber

I paid a local tradesman £4k by bank transfer.  RBS stopped the payment and it was like  20 questions  before it was released.

How did I choose the company?  Well known and recommended. 

Has the work been done? Yes

Are you happy with it?  Very

You transferred money from your savings account to your current account.  Yes, I don’t keep that amount of money in my current account.

This is a larger sum than you usually transfer out.  Yes, I do not get a new drive and dropped kerb installed on a regular basis 

Have you checked the invoice is  genuine?

Have you asked them to confirm the bank details ?  Guy handed the invoice to me personally at the door on completing the job.

Still insisted I contact him to confirm the bank details and was given a telephone number  to phone back.
.  He did so once he had stopped laughing.

At  intervals throughout the call she repeated’ ‘We are just having a frank and open discussion’. 

retiredbanker1

Several Banks now seem to have a limit of £5000 per day cash withdrawal.
How would I get round it if I did not want to be questioned? Withdraw £4500 from the counter and get £500 from the ATM.

Might work?

[Deleted User]

sheramber said:

I paid a local tradesman £4k by bank transfer.  RBS stopped the payment and it was like  20 questions  before it was released.

How did I choose the company?  Well known and recommended. 

Has the work been done? Yes

Are you happy with it?  Very

You transferred money from your savings account to your current account.  Yes, I don’t keep that amount of money in my current account.

This is a larger sum than you usually transfer out.  Yes, I do not get a new drive and dropped kerb installed on a regular basis 

Have you checked the invoice is  genuine?

Have you asked them to confirm the bank details ?  Guy handed the invoice to me personally at the door on completing the job.

Still insisted I contact him to confirm the bank details and was given a telephone number  to phone back.
.  He did so once he had stopped laughing.

At  intervals throughout the call she repeated’ ‘We are just having a frank and open discussion’. 

I can't recall reading that in Orwell's '1984', but I don't doubt it's in there.

ZeroSum

retiredbanker1 said:

Several Banks now seem to have a limit of £5000 per day cash withdrawal.
How would I get round it if I did not want to be questioned? Withdraw £4500 from the counter and get £500 from the ATM.

Might work?

Like many on here, have multiple banks