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

Theleak250

I walked into a bank once with £5000 in cash, it took multiple pay ins via the machine. Nobody said a word. 

kimwp

If you are really worried about it, he could keep £100-200 in cash, for groceries. Give you £250 of the cash, same to the other parent and you both do transfers to his bank account with reference "birthday money". Then he only has £300 to pay in. 

Uriziel

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  I've also withdrawn 3 grand to buy a car.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

I am shocked that this has gotten 3 likes. Banks would be more than happy to take fraudulent money because any money is money for them which helps them grow. The reason they ask is because of laws that compel them to and punish them. If a bank fails to spot fraud they can face the exactly same punishment as the criminals themselves. If you are ever queried by a bank, and if they do it will not be at a counter but via email or mail as it will come directly from their fraud team that works at their head offices, you should cooperate unless you want them to escalate this and flag you.

Banks report any amount over £500 and have systems in place to determine whether something looks off but a one time deposit will mean nothing to them. What they care about is someone making money somehow and frequently inserting the money into their bank. One lump sum of cash does not make you a potential criminal.

HampshireH

Very generous of them. 

I do find it funny when people strongly insist on giving cash rather than transferring money.  Putting the person they give it to in a position where they have to carry a large amount of cash on them to actually get to a bank I'd be more worried about carrying it in my bag around town than being able to pay in it (depending on location of course)

Rob5342

HampshireH said:

Very generous of them. 

I do find it funny when people strongly insist on giving cash rather than transferring money.  Putting the person they give it to in a position where they have to carry a large amount of cash on them to actually get to a bank I'd be more worried about carrying it in my bag around town than being able to pay in it (depending on location of course)

And add to that the fact that they would have had to go and get it themselves with all the hassle and risks that that involves, when they could have trasnferred it safely in 20 seconds.

Suzycoll

Rob5342 said:

HampshireH said:

Very generous of them. 

I do find it funny when people strongly insist on giving cash rather than transferring money.  Putting the person they give it to in a position where they have to carry a large amount of cash on them to actually get to a bank I'd be more worried about carrying it in my bag around town than being able to pay in it (depending on location of course)

And add to that the fact that they would have had to go and get it themselves with all the hassle and risks that that involves, when they could have trasnferred it safely in 20 seconds.

It's the older generation. My parents (both late 80s) regularly ask me to give their granddaughters (my daughters) £x

They then give me the cash, which I have to deposit into my bank (via Post Office), then transfer to x

I have even 'suggested' they give a larger sum less regularly or set up a standing order for an amount of their choice (they would have to visit the bank or ring to do this though)

They are having none of it ! They insist it's no trouble to do it their way. I have given up 🤣

HedgehogRulez

Suzycoll said:

Rob5342 said:

HampshireH said:

Very generous of them. 

I do find it funny when people strongly insist on giving cash rather than transferring money.  Putting the person they give it to in a position where they have to carry a large amount of cash on them to actually get to a bank I'd be more worried about carrying it in my bag around town than being able to pay in it (depending on location of course)

And add to that the fact that they would have had to go and get it themselves with all the hassle and risks that that involves, when they could have trasnferred it safely in 20 seconds.

It's the older generation. My parents (both late 80s) regularly ask me to give their granddaughters (my daughters) £x

They then give me the cash, which I have to deposit into my bank (via Post Office), then transfer to x

I have even 'suggested' they give a larger sum less regularly or set up a standing order for an amount of their choice (they would have to visit the bank or ring to do this though)

They are having none of it ! They insist it's no trouble to do it their way. I have given up 🤣

I suspect it gives them something to do. An adventure! Transferring sums in app is less exciting 

Zanderman

HampshireH said:

Very generous of them. 

I do find it funny when people strongly insist on giving cash rather than transferring money.  Putting the person they give it to in a position where they have to carry a large amount of cash on them to actually get to a bank I'd be more worried about carrying it in my bag around town than being able to pay in it (depending on location of course)

I wouldn't call it 'funny'. It's a traditional way of giving money. An actual physical handover.  Much more gift-like than saying "we transferred some money to you". It's an event. 

Just because money can be transferred in seconds doesn't mean it has to be, or that it's odd not to.

Many people still use cash regularly. I see it in shops every time I'm shopping. But you'd never guess that's the case from browsing the banking pages of this forum where the readership is, I would suggest, biased to those who manage money online, so it shields us from the significant number of people (of many ages) who don't. 

Ergates

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?

If they ask, he can just tell them it was a birthday gift.   The bank know his date of birth so will be able to cross check.   Gifts of cash at birthdays are not unusual.

Chief_of_Staffy

Zanderman said:

Just because money can be transferred in seconds doesn't mean it has to be, or that it's odd not to.

1086 years of transactions being primarily cash.
11 years of transactions being primarily online.

Cash surely did get funny quickly.