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

RAS

Check his bank's limit. Some may be as low as £400 but that's really two transactions, three if he refuses to hold any cash.

I used to use cheques but that caused issues for one rellie who worked shifts and lived in the countryside making paying in during bank hours. So it's either physical presents or a boring bank transfer. 

Nasqueron

Chief_of_Staffy said:

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.

Or rather, it became so much easier to catch criminals laundering or stealing money, which then means everyone who insists on cash gets caught in the net

Kim_13

Ergates said:

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.

This. I went to the bank to pay in money I’d received for my birthday one year (2-300, rather than £1,000) and the cashier, perhaps making conversation, asked if I’d had a nice birthday. Struggling financially at university explains a larger than usual birthday gift.

If he is worried about it, split over multiple banks if he has them or pre empt any questions by asking if there is a limit as his grandparents gave him a larger than usual birthday gift. 

I find that those that aren’t online prefer to pay cash. 

Chief_of_Staffy

Nasqueron said:

Chief_of_Staffy said:

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.

Or rather, it became so much easier to catch criminals laundering or stealing money, which then means everyone who insists on cash gets caught in the net

The irony is that the real criminals are almost entirely unaffected by these restrictions. AML operations routinely recover less than 0.1% of all estimated laundered funds in the UK, the level of which has set new annual records for two decades. But there's now a whole industry around it and it can be cited as evidence that 'things are being done', so if you find you can't pay your builder without a gestapo-style interrogation, well, put on a stiff upper lip in the sure knowledge you're doing your bit.

artyboy

HedgehogRulez said:

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 

This absolutely. For the first time in a year I went into my local branch because I needed to arrange a large CHAPS payment (ok I could have done it by phone but I was in town anyway...). I ended up waiting the best part of 20 minutes to see anyone because of the number of 'more senior' folk that were clearly in there as much as for a social life proxy as they were to actually do any real financial transactions.

Rabbit
Rabbit
Rabbit...

(which is of course, the sound that a dyslexic frog makes)