My bank doesn't want my money.

Robert7578

I wanted to pay £10,000 in cash into my bank and they said no, I would have to make 4 trips on seperate days and I live in a rural location miles from the bank so stuff that.

I seem to be stuck with it , back under the mattress it goes.

flaneurs_lobster

If you've just sold a thing for cash, why was a bank transfer not acceptable?

£2.5-3k is pretty much a standard daily limit across UK banks, the annual limits are pretty restricting too.

AML rules are to blame.

la531983

Couldnt you just pay it in at a Post Office in a few visits? They generally dont give a toss.

Rob5342

How did you end up with that much rather than having a bank transfer, and aren't there any post offices where you can pay some of it in?

Section62

https://forums.moneysavingexpert.com/discussion/comment/82004875#Comment_82004875

Making the customer deposit the same amount but spread over 4 days doesn't feel to me like something that helps with AML very much… an annual limit (or triggering an in-depth review) makes a bit more sense though.

I wonder the extent to which this might also be about not wanting to hold large amounts of cash in the branch at any given time?

eastcorkram

https://forums.moneysavingexpert.com/discussion/6669067/my-bank-doesnt-want-my-money

How much of it is counterfeit?

ChirpyChicken

Open several basic building society accounts and deposit gradually

Robert7578

https://forums.moneysavingexpert.com/discussion/comment/82005205#Comment_82005205

None of the £25 notes are counterfeit.

grumpy_codger

https://forums.moneysavingexpert.com/discussion/comment/82004875#Comment_82004875

If you've just sold a thing for cash, why was a bank transfer not acceptable?

Because if it's from a stranger, it's not secure for a recipient?

Transfer from a hacked account or some supposedly 'dirty' money in a chain?

The sender claiming to be a victim of fraud next day?

sheramber

Each bank has its own limit for how much cash can be deposited over the counter in one day.

saajan_12

https://forums.moneysavingexpert.com/discussion/comment/82005422#Comment_82005422

Vs the cash being counterfeit notes? Or having a friend down the road grabbing it back?

IMO a bank transfer is just as safe as cash if not more.

https://forums.moneysavingexpert.com/discussion/comment/82004937#Comment_82004937

Well it does if they're not really as worried about someone depositing £10k dirty money as they are £100k. You might be willing to make 4 trips depositing 2.5k at a time to total £10k, but not 40 trips to total £100k. Whereas if they allowed £10k at a time, the latter would be a much more manageable 10 trips.

A fixed limit of £2.5k a day is easier to enforce on the spot and dissuades some potential money launderers even if they later have additional pattern recognition on top.