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  • 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 1
    • Sea Shell
    • By Sea Shell 15th Sep 19, 6:14 AM
    • 2,598 Posts
    • 4,692 Thanks
    Sea Shell
    • #2
    • 15th Sep 19, 6:14 AM
    • #2
    • 15th Sep 19, 6:14 AM
    No you won't have to pay tax on the deposit (on the interest it then earns, maybe, depending on your own circumstances)

    However, you need to ask your bank for advice, and prepare to be asked a lot of probing questions. Can you provide any paperwork, copy statements from the estate?

    How on earth has it ended up in cash? Surely it would have been paid by cheque or transfer to the executor account. Why can't they transfer to you?
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow " JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!!
    • Wulfserc
    • By Wulfserc 15th Sep 19, 7:16 AM
    • 2 Posts
    • 1 Thanks
    Wulfserc
    • #3
    • 15th Sep 19, 7:16 AM
    • #3
    • 15th Sep 19, 7:16 AM
    Thanks for the reply, I have no idea how it's ended up in cash, that side of the family has always been very old fashioned and distrusting of banks but that's just made it extremely awkward and annoying for me to actually use the money!
    • Old Lifer
    • By Old Lifer 15th Sep 19, 8:22 AM
    • 138 Posts
    • 78 Thanks
    Old Lifer
    • #4
    • 15th Sep 19, 8:22 AM
    • #4
    • 15th Sep 19, 8:22 AM
    An insurance company doesn't pay-out a large wad of cash in a plain brown envelope. Your uncle will have had a letter from the the insurer saying either that an amount had been paid by bank transfer or enclosing a cheque. Ask your uncle for a copy of the letter to show to the bank.



    From your own point of view, I would imagine that perhaps you may want to see the letter so you can be sure of the actual amount paid under the policy.
    • born again
    • By born again 15th Sep 19, 1:09 PM
    • 355 Posts
    • 155 Thanks
    born again
    • #5
    • 15th Sep 19, 1:09 PM
    • #5
    • 15th Sep 19, 1:09 PM
    You are going to have to prove where the funds came from to pay in to a branch. Better to give it back to your uncle and get him to send it from his bank acc to your bank acc.

    That must have been a interesting conversation he had to get the 30K in cash from the branch..
    • Tom99
    • By Tom99 15th Sep 19, 2:04 PM
    • 4,918 Posts
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    Tom99
    • #6
    • 15th Sep 19, 2:04 PM
    • #6
    • 15th Sep 19, 2:04 PM
    Your uncle is trying to use you to launder this cash. As said above it will not have come from the insurance co and I don't see a bank just accepting your uncle gave you £30k in cash.
    If it were that easy they would be no need for expensive money laundering schemes.
    • 18cc
    • By 18cc 15th Sep 19, 2:29 PM
    • 1,834 Posts
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    18cc
    • #7
    • 15th Sep 19, 2:29 PM
    • #7
    • 15th Sep 19, 2:29 PM
    Be very careful. You stand a high chance of being asked some very awkward questions by the authorities.
    • Chino
    • By Chino 15th Sep 19, 3:02 PM
    • 1,112 Posts
    • 747 Thanks
    Chino
    • #8
    • 15th Sep 19, 3:02 PM
    • #8
    • 15th Sep 19, 3:02 PM
    ]You stand a high chance of being asked some very awkward questions by the authorities.
    Originally posted by 18cc
    You mean such as:
    Q: Where did these funds come from?
    A:
    money from my deceased father's insurance policy
    Originally posted by Wulfserc
    Yes, that was awkward.

    Who exactly are these "authorities" and what would be "very awkward" about their questions?
    Last edited by Chino; 15-09-2019 at 3:05 PM.
    • Sea Shell
    • By Sea Shell 15th Sep 19, 3:06 PM
    • 2,598 Posts
    • 4,692 Thanks
    Sea Shell
    • #9
    • 15th Sep 19, 3:06 PM
    • #9
    • 15th Sep 19, 3:06 PM
    It will be, if the next question is, can you prove that!!??
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow " JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!!
    • Thrugelmir
    • By Thrugelmir 15th Sep 19, 3:29 PM
    • 64,860 Posts
    • 57,225 Thanks
    Thrugelmir
    Thanks for the reply, I have no idea how it's ended up in cash, that side of the family has always been very old fashioned and distrusting of banks but that's just made it extremely awkward and annoying for me to actually use the money!
    Originally posted by Wulfserc
    Return the cash and ask for the money to be transferred from the executors bank account.
    “If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.”
    ― Niall Ferguson
    • Clifford_Pope
    • By Clifford_Pope 15th Sep 19, 4:08 PM
    • 4,315 Posts
    • 5,257 Thanks
    Clifford_Pope
    .

    That must have been a interesting conversation he had to get the 30K in cash from the branch..
    Originally posted by born again



    From the Barclays website:
    "
    How much money can I withdraw over the counter in branch?

    There’s no limit to how much money you can withdraw over the counter in our branches – as long as you’ve got the money in your account.

    If you want to withdraw over £2,000, please give us 24 hours’ notice so we can make sure the money’s ready for you to collect."


    In practice the ease will probably depend on how much and how often you regularly move large amounts in cash. If your uncle is a one-man dealer in cars for example he might quite often carry very large sums in cash.
    • kazwookie
    • By kazwookie 15th Sep 19, 4:11 PM
    • 10,977 Posts
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    kazwookie
    I suggest you return the cash, and ask for a bank transfer and a copy of the letter saying it is from the insurance company, and keep that letter safe.
    Sun, Sea

    • stehouk
    • By stehouk 15th Sep 19, 4:18 PM
    • 278 Posts
    • 117 Thanks
    stehouk
    Why don't you split the money up and pay in smaller amounts over several days/weeks
    • eskbanker
    • By eskbanker 15th Sep 19, 4:24 PM
    • 11,373 Posts
    • 14,099 Thanks
    eskbanker
    Why don't you split the money up and pay in smaller amounts over several days/weeks
    Originally posted by stehouk
    You appear to have omitted the requisite smilies to clarify that there's no way that you think this is a serious suggestion....
    • 18cc
    • By 18cc 15th Sep 19, 5:06 PM
    • 1,834 Posts
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    18cc
    The authorities are the authorities and anyone who walks into a bank with £30k in readies with no proof where they came from is likely to find out exactly who they are.
    • jonesMUFCforever
    • By jonesMUFCforever 15th Sep 19, 5:15 PM
    • 26,114 Posts
    • 13,279 Thanks
    jonesMUFCforever
    Sorry but I don't believe a word of this.
    What goes around - comes around
    give lots and you will always receive lots
    • born again
    • By born again 15th Sep 19, 7:27 PM
    • 355 Posts
    • 155 Thanks
    born again
    From the Barclays website:
    "
    How much money can I withdraw over the counter in branch?

    There’s no limit to how much money you can withdraw over the counter in our branches – as long as you’ve got the money in your account.

    If you want to withdraw over £2,000, please give us 24 hours’ notice so we can make sure the money’s ready for you to collect."


    In practice the ease will probably depend on how much and how often you regularly move large amounts in cash. If your uncle is a one-man dealer in cars for example he might quite often carry very large sums in cash.
    Originally posted by Clifford_Pope
    While they state that. Do you think they will simply hand over 30K even if you have it in your account without wanting to know what it is for.
    If they do then they are in for a massive hiding and fine if caught out.
    If they were told what it was for. They should have advised that there are far safer ways to transfer cash...
    Just think if the uncle had been mugged.... He would have had to find another 30K to pay the OP...

    Could go on, but that would be classed as tipping off....
    • 18cc
    • By 18cc 15th Sep 19, 7:30 PM
    • 1,834 Posts
    • 1,351 Thanks
    18cc
    I don't believe a word of it either but hey it's Saturday night and there's nothing on TV so I will sit back, close my eyes and imagine someone walking into a bank with 30K in a suitcase and asking to deposit in their current account....
    • Terry Towelling
    • By Terry Towelling 15th Sep 19, 8:07 PM
    • 1,971 Posts
    • 1,662 Thanks
    Terry Towelling
    I don't believe a word of it either but hey it's Saturday night and there's nothing on TV so I will sit back, close my eyes and imagine someone walking into a bank with 30K in a suitcase and asking to deposit in their current account....
    Originally posted by 18cc
    I hope you haven't got a job to go to on Monday morning because it's actually Sunday night and you might turn up a day late

    Even the cricket highlights (which were actually quite good - apart from the bloody adverts) must have been better than imagining someone walking into a bank.
    • metrobus
    • By metrobus 15th Sep 19, 8:23 PM
    • 1,515 Posts
    • 773 Thanks
    metrobus
    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?
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