How much can you lodge without the 3rd degree?

what-a-save

Hi the_commander,
Banks and other similar financial businesses are required to report unusual bank transactions, cash movements etc to S.O.C.A (serious organised crime agency) due to P.O.C.A. (proceeds of crime act).
But as a previous poster said, dont worry, if you explain you have sold your vehicle there will be no-one rushing off to report you to 'soca'. Take a copy of the advert and log book if it makes you feel better, but you will have no problems unless you start taking large amounts every week and cannot provide a reasonable explanation.
Happy banking/camping.

PBA

The cashier will probably ask what the source of the money is, that's all they ask. The cashier may well inform their money laundering dept, but that's just procedure and won't affect you (unless you are actually up to something dodgy...)

bc3000

can the people buying it not pay with a cheque or something? :S
good luck!

the_commander

Thanks all, they were going on about paying by cheque but I said they would have to wait till it cleared. They wanted the van sooner. You hear all sorts about forged cheques etc, I was a little worried.

Thanks again for all the comments

whowants2brich

How about asking the buyer to pay the cash into your account, from their account - eg a bank transfer? Even easier if they bank with the same bank as you. This way, they get the 3rd degree, and you are certain that the money is safe, genuine, and that you won't get a possible shock later on if the money turns out to be illegal/fake etc...

I'd personally push this back to the buyer and (following the principle of ebay), ensure that the cash is paid into your account prior to handing over the keys.

If they transfer the cash to your account, you could in theory have it same day - especially if you go into the bank with the buyer (and the cash) when you pay it in. Extra time and hassle, but as you're protecting the buyer as well as yourself, if they really like the caravan, they should be all too willing to co-operate.

Good luck!

Whowants2bRich

nrsql

Suspect the reason is that he wants cleared funds on the day of the exchange.

I would call your bank to say you will be depositing the money to avoid the 3rd degree (I'm sure craftsmen do it all the time ).
I asssume you would be happy giving details of the sale so I don't think it would be a problem

Last time a paid in a cheque of that amount at the bank I was asked whether I had plans for the money which threw me a bit. I looked confused and she just said if I didn't I could talk to an advisor.

tradetime

the_commander wrote: »

Thanks all, they were going on about paying by cheque but I said they would have to wait till it cleared. They wanted the van sooner. You hear all sorts about forged cheques etc, I was a little worried.

Thanks again for all the comments

Two suggestions, a bankers draft, (cost if any minimal) which is in effect a certified cheque from the bank, as good as cash, or a chaps transfer which will cost circa £30 and will be same day. That way no-one has to explain anything to anyone, everybody is protected.

Ian_W

Using cash is just plain daft for both you and the buyer!
He'll have to make arrangements with his bank to take it out at one go [unless it really is "funny" money that ain't in a bank!], then keep it secure until it's handed over. You'll have to count it and go through the same security hoops just to get it to your bank.
Blank bankers drafts do get stolen and forged but as suggested above CHAPS gives secure electronic transfer of cleared funds and is ideal for transfers when houses or other high value property is sold/bought.
As it is going to save you both a load of hassle why not offer to share the costs with the buyer?

JimmyTheWig

But with CHAPS either the buyer has got to transfer the money before he's got the van, or the OP has got to hand over the van before the money is transfered.
I wouldn't want to be the one to go first.

notis7

Dodgy dealings huh?