Son given large cash present for birthday - concern there may be issues paying into the bank

NormalforNorfolk

My son is a very lucky boy who has just been given £1000 in cash for this birthday from his grandparents - he’s at university and money is very tight for him, hence their generous present - they are also strong advocates of using cash rather than doing everything electronically.  He obviously wants to pay the money into his bank account but I have heard stories of banks being suspicious of large amounts of cash being paid into accounts and it can sometimes be difficult.  Can anyone offer any words of wisdom on whether this might be an issue and how to deal with it if it is?

la531983

£1000 is a drop in the ocean.

If you are worried, use the automated paying in machines (where no human is involved), or go to the Post Office and pay it in where, in my experience, the staff there couldnt give a toss.

ButterCheese

There shouldn't be a problem.  I have paid in more than that before, I think they asked where I got it once and I just said I'd sold my motorbike (which I had) and that was it.  I've also withdrawn 3 grand to buy a car.  I'd tell your son that if there is any argument, I would remind them that he is paying money in, not taking it out, and if there's any problem with that then he will take his custom elsewhere

Rob5342

I'd just try and see how he got on. £1000 isn't all that much really, Halifax for example say you can pay in £2995 of cash a month at a post office. 

ZeroSum

One of the advantages of having multiple accounts with different banks. £1,000 shouldn't be an issue as a one off since you have a valid explanation. Might get suspicious if it happens regularly 

jimjames

NormalforNorfolk said:

 Can anyone offer any words of wisdom on whether this might be an issue and how to deal with it if it is?

No issue at all, £1000 isn't a big amount. I've paid in over £10,000 before with no problems

MyRealNameToo

NormalforNorfolk said:

My son is a very lucky boy who has just been given £1000 in cash for this birthday from his grandparents - he’s at university and money is very tight for him, hence their generous present - they are also strong advocates of using cash rather than doing everything electronically.  He obviously wants to pay the money into his bank account but I have heard stories of banks being suspicious of large amounts of cash being paid into accounts and it can sometimes be difficult.  Can anyone offer any words of wisdom on whether this might be an issue and how to deal with it if it is?

AML checks are stepped depending on the value of a transaction, hence you dont have to go through a long questionnaire and interview when you put £10 into your account. 

£1k is not a large sum, a fantastic and generous birthday present but not a big number for banks or organised crime. Banks ultimately have to set their own processes and procedures but since July banks won't be committing an offence if a transaction under £3,000 turns out to be money laundering, before that the threshold was £1,000. Some banks may not have done anything in response but most probably have changed their own internal processes to reflect the changes. 

greyteam1959

£1000 is not a big amount but for a university student it might be considered an out of character deposit. 
Especially as it is cash.

13thlegion

If asked by the bank just tell the truth and all will be well.

Suzycoll

NormalforNorfolk said:

My son is a very lucky boy who has just been given £1000 in cash for this birthday from his grandparents - he’s at university and money is very tight for him, hence their generous present - they are also strong advocates of using cash rather than doing everything electronically.  He obviously wants to pay the money into his bank account but I have heard stories of banks being suspicious of large amounts of cash being paid into accounts and it can sometimes be difficult.  Can anyone offer any words of wisdom on whether this might be an issue and how to deal with it if it is?

No issue here 

Deposit the cash & spend it as he wants 

Eco_Miser

ButterCheese said:

There shouldn't be a problem.  I have paid in more than that before, I think they asked where I got it once and I just said I'd sold my motorbike (which I had) and that was it.  I've also withdrawn 3 grand to buy a car.  I'd tell your son that if there is any argument, I would remind them that he is paying money in, not taking it out, and if there's any problem with that then he will take his custom elsewhere

Don't do that, it sets off money mule alarms.

Just smile widely and say it's a birthday present from my grandparents - that's if there's any question at all. It's a long time since I've paid cash in over the counter, I use a machine, or an envelope and paying in slip into a daysafe; depending on bank.