Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Wulfserc
    • By Wulfserc 15th Sep 19, 5:35 AM
    • 2Posts
    • 1Thanks
    Wulfserc
    Depositing a large sum of cash
    • #1
    • 15th Sep 19, 5:35 AM
    Depositing a large sum of cash 15th Sep 19 at 5:35 AM
    Hi,
    I've recently received money from my deceased father's insurance policy, it came to the amount of 30k, my uncle was the executor and has now released it to me but it is all in cash (odd I know), how do I go about putting this in the bank? Will I have to pay tax on it?

    Cheers.
Page 2
    • Zinger549
    • By Zinger549 15th Sep 19, 8:42 PM
    • 961 Posts
    • 579 Thanks
    Zinger549
    I know someone who paid 20k in cash into there bank account. They won the jackpot on the slots at the casino and took the winnings in cash. Didn't have any problems with his bank.
    addict
    Come on you Irons
    • 18cc
    • By 18cc 15th Sep 19, 8:44 PM
    • 1,840 Posts
    • 1,361 Thanks
    18cc
    it's sunday night in the uk agreed but elsewhere in the world....
    • eskbanker
    • By eskbanker 15th Sep 19, 10:55 PM
    • 11,390 Posts
    • 14,141 Thanks
    eskbanker
    it's sunday night in the uk agreed but elsewhere in the world....
    Originally posted by 18cc
    ....it'll be somewhere between Sunday morning and Monday morning, depending on which side of the International Date Line they're on, but everyone has moved on from Saturday night!
    • 18cc
    • By 18cc 16th Sep 19, 7:19 AM
    • 1,840 Posts
    • 1,361 Thanks
    18cc
    You are forgetting - it's always Saturday night in Vegas ...
    • parking_question_chap
    • By parking_question_chap 16th Sep 19, 8:06 AM
    • 2,399 Posts
    • 2,658 Thanks
    parking_question_chap
    How about withdrawing 4,000 cash of your own money before the weekend tell them its for gambling. Be honest its your money and its perfectly legal to gamble.
    Then go back on monday and pay back in a random amount like 16,070

    Tell them you won it at a casino or playing poker. Obviously you will need to add details to your story. If all is well go back a few weeks later and pay in the rest.
    • stehouk
    • By stehouk 16th Sep 19, 8:23 AM
    • 282 Posts
    • 123 Thanks
    stehouk
    The atm won't ask questions, 1k at a time (50 note max) but you can keep paying in when it ask's if you want to make further transactions.
    i think some are jumping to conclusions here, some are assuming questions will be asked when in reality they don't, iv'e taken over 10k in cash and payed it in with no questions and other times between 5-6k, thats why i said break the money down into smaller amounts.
    Last edited by stehouk; 16-09-2019 at 8:31 AM.
    • eskbanker
    • By eskbanker 16th Sep 19, 9:14 AM
    • 11,390 Posts
    • 14,141 Thanks
    eskbanker
    The atm won't ask questions, 1k at a time (50 note max) but you can keep paying in when it ask's if you want to make further transactions.
    i think some are jumping to conclusions here, some are assuming questions will be asked when in reality they don't, iv'e taken over 10k in cash and payed it in with no questions and other times between 5-6k, thats why i said break the money down into smaller amounts.
    Originally posted by stehouk
    Bank systems and staff aren't stupid - if it was possible to circumvent AML controls simply by breaking larger cash sums into multiple smaller ones then there'd be queues of money-launderers out of the door every day! They're perfectly capable of spotting significant and unusual cash deposits into an account without them having to be made in one transaction....

    The fact that you've paid in a significantly smaller sum than OP's can't be extrapolated to give OP the assurance that you suggest - nobody can say that they definitely will ask questions but equally it's rash of you to assert that they definitely won't if the money is paid in gradually, which is obviously suspicious behaviour in itself. Clearly an ATM can't ask questions but if you believe that exclusively using ATMs for this will mean that the bank is incapable of pursuing the matter with the account-holder then that's just naive....
    • stehouk
    • By stehouk 16th Sep 19, 9:35 AM
    • 282 Posts
    • 123 Thanks
    stehouk
    Obviously if you walk in a bank with 30k every day or weekly questions will be asked, but for the average person with an account in good standing and regular deposits I do not believe they would be overly concerned, I have never personally been asked.
    • Penelopa.Pitstop
    • By Penelopa.Pitstop 16th Sep 19, 11:13 AM
    • 595 Posts
    • 220 Thanks
    Penelopa.Pitstop
    What if the OPs father had kept a lot of cash at home,which was then distributed to him by the executor.Would he find it troublesome depositing it?
    Originally posted by metrobus
    There was a post about someone finding 60K stashed in cash in father's house after his death and problem how to pay it into bank account. I don't remember seeing final post from OP how it was solved.

    I would just keep cash and spend it over time. 30K is not that much.

Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,117Posts Today

7,388Users online

Martin's Twitter