Volume Cash Withdrawals

aliababa

Just for one moment, ill ignore the advice I didn’t ask for, and pretend that what everyone says and is thinking is sensible indeed and I am absolutely the fool for even asking the question….but can we just focus and humour me for a moment on the actual question…do Halifax have any legal stance to refuse me withdrawing my money, and how could I in theory actually get it out?

aliababa

You know when you start regretting asking anything……

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82029778#Comment_82029778

I don't. Do you?

MattMattMattUK

If you have been even half as combative with Halifax as you have been on here then they are going to be hitting every flag they have, it screams of scam and/or tax evasion.

They can refuse to provide you with cash yes, they are not refusing to let you have your money, just the method you want. You could transfer it elsewhere, pay with a card, or close the account and they will issue you with a cheque. They are under no legal obligation to give you the funds in your account as cash.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82029701#Comment_82029701

As this is a money saving site, the more appropriate question might be "Why are you keeping £80k with Halifax when their interest rates are so poor?"

OP, Halifax presumably have an internal policy requiring proof before allowing large cash withdrawals. The branch staff won't have the ability to bypass this policy. There's no point arguing with them.

Check your T&C's to see what they say about cash withdrawals in branch. There may be a daily limit. If the T&C's say nothing about requiring proof what the money is for then make a complaint. It may be rejected because it is a 'policy', not an error.

If you are likely to need to get hold of large amounts of cash in future at short notice then you are probably better off spreading your banking around different banks - less convenient having to make visits to multiple branches, but it would enable you to access your money over a shorter period of time, rather than having to withdraw only up to the daily limit of the one bank spread over a number of days. You'd also reduce the risk of having all your banking stopped while your one bank investigates whether your request to withdraw £80k in cash indicates some form of money laundering or other illegal activity.

aliababa

https://forums.moneysavingexpert.com/discussion/comment/82029831#Comment_82029831

combative?

Politely came here for guidance and got ‘why on earth….’ And lots of ‘here’s some opinions I know you didn’t ask for but I’m saying my piece’.

however, thank you for your reply.
Their stance was not around refusing to give me in cash, they stated they will not because I haven’t provided proof of purchase, which to me doesn’t sound right and was hoping for some formal recourse on principle.

Thanks for your contribution.

flaneurs_lobster

There's a recent (2024) case considered by the Financial Ombudsman that may be of interest (I'm sure there are others)

https://www.financial-ombudsman.org.uk/decision/DRN-4321525.pdf

aliababa

https://forums.moneysavingexpert.com/discussion/comment/82029834#Comment_82029834

This is useful thank you.

I can assure you it’s not either of the indications :). Thank you.

Farway

I don’t mind withdrawing in multiple stages due to the large amount of money, but Halifax are refusing to allow me without a proof of purchase invoice for whatever I want to spend it on.

Possibly more unasked-for advice, but recent tax, benefit & banking changes may trigger HMRC / DHSS investigations if this is not your "normal" banking behaviour

flaneurs_lobster

Their stance was not around refusing to give me in cash, they stated they will not because I haven’t provided proof of purchase, which to me doesn’t sound right and was hoping for some formal recourse on principle.

The rules, regulations and laws under which banks operate mandate the kind of enquiries and requests for documentation that you have experienced.

Failure to do so on their part will make them liable for extensive penalties (and the disciplining of individuals) - regardless of the legitimacy of your need for cash or otherwise.

The only "formal recourse on principle" would be a formal complaint to Halifax and to the ombudsman if this complaint's outcome did not satisfy you.

Perhaps you should review the appropriate rules under which the banks operate before considering this action.