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Volume Cash Withdrawals
Comments
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Yes. If they feel AML or tax regulations might be broken.
Forget about your friend & the TSB branch manager, they have no power now. Any decision will be taken in Halifax towers.
So for real advice just contact Halifax.£80K will have all sorts of alarm bells ringing & not telling Halifax will see a stop on the withdrawal.
As someone else said you can pay for materials by card. With added protection. Worst case bank transfer.
Life in the slow lane0 -
sure - why wouldnt you?
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You're not a fool for asking the question but in answer, yes they do have the right to refuse your withdrawal in cash. The banking protocol places a responsibility on the financial institution to identify unusual behaviour which, I think we can all agree, withdrawing £80,000 in cash is unusual. They would ask questions about the withdrawal and if not satisfied with the answers should call the police who would also ask questions about the withdrawal. If they are still not satisfied with the answers, i.e. they feel you are being coached about what to give as answers to the questions you are being asked or they can identify a scam you are falling for, then it is expected of them to refuse your withdrawal.
Aside from the scam aspect withdrawing £80,000 in cash may be considered a sum substantial enough as to be involved in financial crime, again something they are duty bound to prevent. Only by asking questions can they determine whether the needs for this amount of cash are legitimate or not.
You have been asked questions from the bank, they need to determine you are not at risk of being scammed or into something dodgy, hence the need for invoices etc. Whilst it seems unfair they are doing what is expected of them by the FCA and Government.
If you really need cash then you're going to have to do so in smaller sums but even then, they may identify a pattern and start asking questions again.
With regard to your friend, he is mis-informing you.
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I've already replied so I'm not sure what more can be added. Get it out in stages. Transfer some to other accounts and draw cash from them as well. I find it hard to believe any bank will hand out £80k in cash in one go. I've paid for building work before as cash which was around £40k but staged over several months. All drawn from ATMs.
Remember the saying: if it looks too good to be true it almost certainly is.3 -
OP - it is no longer possible to withdraw large amounts of cash from a bank, certainly not £80k as that is very irregular and flags up "criminal / fraudulent/ tax evasion" as well as "co-ercion / exploitation".
New Anti Money Laundering rules no longer allow banks to let customers withdraw large amounts of cash without a legit reason why it can't be done through the normal means of bank payments or card payments.
I withdrew £7,000 last year and I had to attend a 30 minute interview and bring the invoice from the roofer that asked for payment so that they could note down his company's details and look his company up on the internet. They probably reported the transaction to HMRC no doubt. They said they wanted to make sure that I wasn't being co-erced into getting the cash out of my account and giving it to him.
After that ordeal, I won't be withdrawing large amounts of cash again!
Putting in large amounts of cash will result in the same disdain. So large and cash are two words that banks no longer like to go together.
If you persist, you may find your account locked and flagged for investigation, so I would drop it and find other means to pay rather than cash as it ain't happening.
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Jackanory !
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Hopefully, even if paying by cash you will pay to an invoice. Invoices usually have a time set out for payment - 7 days….30 days …etc.
You could then take each invoice in successively to satisfy Halifax about what you want to do.
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I wouldn't personally say you've been overly combative - there were a lot of posters with pointless comments like why don't you pay on debit card or implying that money laundering was involved. Others are talking about a possible internal LBG policy as if it automatically has legal effect.
I would check the T&Cs of your accounts and take it from there. From a practical perspective, they could arrange for the funds at Lloyds or BOS branch that has a business banking desk, these are designed to deal with large cash withdrawals and deposits.
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why is it pointless to suggest payments can be made by debit card?
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