Cash deposit limit?

Philly_Q

We still have a Post Office (upstairs at WH Smith) but the local Barclays (which was the old Post Office, oddly enough) has just closed and NatWest is closing in August.  There won't be many places to make cash deposits soon.

Offset said:

Well our village PO closed around a year back and so did our local branch of Barclays.  Mrs O has just been sent a tax rebate cheque but fuck knows when or where she's going to pay it in to our account.

Serious point - you can pay it in with a banking app (edit: @Jono111 beat me to it).

RaymondLin

Philly_Q said:

We still have a Post Office (upstairs at WH Smith) but the local Barclays (which was the old Post Office, oddly enough) has just closed and NatWest is closing in August.  There won't be many places to make cash deposits soon.

Offset said:

Well our village PO closed around a year back and so did our local branch of Barclays.  Mrs O has just been sent a tax rebate cheque but fuck knows when or where she's going to pay it in to our account.

Serious point - you can pay it in with a banking app.

And where do you drop off the cash? Post it in?

Philly_Q

RaymondLin said:

Philly_Q said:

We still have a Post Office (upstairs at WH Smith) but the local Barclays (which was the old Post Office, oddly enough) has just closed and NatWest is closing in August.  There won't be many places to make cash deposits soon.

Offset said:

Well our village PO closed around a year back and so did our local branch of Barclays.  Mrs O has just been sent a tax rebate cheque but fuck knows when or where she's going to pay it in to our account.

Serious point - you can pay it in with a banking app.

And where do you drop off the cash? Post it in?

Good point.  I honestly don't know, at this rate there'll be nowhere.

crunchman

Jono111 said:

Offset said:

Well our village PO closed around a year back and so did our local branch of Barclays.  Mrs O has just been sent a tax rebate cheque but fuck knows when or where she's going to pay it in to our account.

So a moot point :-)

Most good banks allow cheque deposits via their banking app, just need to take a pic of the cheque. Also gets instantly credited to the account

I don't want the banking app on my phone.  Online banking on my desktop PC that's plugged in with a network cable is one thing, but I don't want anything financial on my phone.

duotone

crunchman said:

Jono111 said:

Offset said:

Well our village PO closed around a year back and so did our local branch of Barclays.  Mrs O has just been sent a tax rebate cheque but fuck knows when or where she's going to pay it in to our account.

So a moot point :-)

Most good banks allow cheque deposits via their banking app, just need to take a pic of the cheque. Also gets instantly credited to the account

I don't want the banking app on my phone.  Online banking on my desktop PC that's plugged in with a network cable is one thing, but I don't want anything financial on my phone.

+1
I refuse to use banking apps.

BillDL

I have had to grudgingly concede and use the banking app on a mobile to verify online purchases and various other things, but the mobile I use is a spare without a SIM card that just uses my Wi-Fi when I turn it on for that sole purpose.  I did notice the "I want to deposit a cheque" option when I was using the app yesterday to transfer money between accounts, and that will make things a whole lot easier than having to try and find a parking space near the bank that I am still fortunate enough to have within a 10 mile radius of my house.  The problem, as always, is that in so doing I will then be adding to the problem of banks and building societies shutting their doors.

The last time I went to the bank to deposit somewhere in the region of £2,000 in cash (it may have been less) I was quizzed about where it came from.  Being able to tell them that it was an accumulation of cash paid to me by an elderly housebound relative to reimburse me for the shopping and other things I had bought for her over a lengthy period when she was in hospital and then unable to get out of the house seemed to satisfy them, but I was extremely annoyed at having been asked to explain where my money came from in the first place.  I can understand the need for vigilance to cut down on money laundering, but it wasn't as though it was a large amount of money.

CavemanGrogg

I'm just waiting until people realise that besides it becoming a tiny inconvenience to pay in moderate to large sums of cash nowadays - personally I've had no issues up to £10K and then have to answer question once I exceed that, that people are currently subjected to a daily maximum cash withdraw limit via their debit card, which is not related to either your balance, credit rating, or even law for that matter, which is next to nothing, some banks even restrict you to a maximum cash withdraw of £50 every 24 hours via ATM.  You can check your banking app to see what yours is, and some banks will even let you set your own, but again your daily cash withdraw limit, is not based on your balance, available funds, credit rating, or any laws.

BillDL said:

I have had to grudgingly concede and use the banking app on a mobile to verify online purchases and various other things, but the mobile I use is a spare without a SIM card that just uses my Wi-Fi when I turn it on for that sole purpose.  I did notice the "I want to deposit a cheque" option when I was using the app yesterday to transfer money between accounts, and that will make things a whole lot easier than having to try and find a parking space near the bank that I am still fortunate enough to have within a 10 mile radius of my house.  The problem, as always, is that in so doing I will then be adding to the problem of banks and building societies shutting their doors.

I do something similar, I have a second phone, which is Android - I find Android to be far far superior to IOS for finances though IOS to be superior at everything else, that never leaves the house that I manage most of my banking and finances on, and a second phone, which is an iPhone, that I actually ''use'' as a mobile phone.  Though both phones are ''active'' and have numbers, one is my personal phone, the other is my ''work phone'', I just have it set up so that anybody calling me on my personal number gets forwarded to my ''work phone'' which is the one that I carry around with me.

BillDL

CavemanGrogg said:

I'm just waiting until people realise that besides it becoming a tiny inconvenience to pay in moderate to large sums of cash nowadays ..... people are currently subjected to a daily maximum cash withdraw limit via their debit card, which is not related to either your balance, credit rating, or even law for that matter, which is next to nothing, some banks even restrict you to a maximum cash withdraw of £50 every 24 hours via ATM.  You can check your banking app to see what yours is, and some banks will even let you set your own, but again your daily cash withdraw limit, is not based on your balance, available funds, credit rating, or any laws.

To some extent it is based on law - being their duty under the financial services authority rules whereby they have to put procedures in place to mitigate losses due to fraud and theft.  The common sense part is that if somebody foolishly put a wee piece of paper in their wallet or purse with the PIN number along with their card, or somebody standing behind saw the PIN being entered at an ATM, and the wallet or purse was subsequently lost or stolen, then the daily withdrawal limit is there to protect the customer and to mitigate the losses.  The lowest daily withdrawal limit I've seen recently is £250.  £50 seems ridiculously low.  Virgin Money, for example, allow £500 per account per day at Virgin Money Stores and £250 per day at an ATM.  That's fairly standard.  One of the areas where banks lost control was with the chip & pin limit.  It started out pretty low then around the time of Covid lockdown it increased a few times until it is pretty standard at £100 per contactless transaction (although the retailer may have a lower limit).  I don't know if it is purely random that it declines the contactless card and you get asked to enter your PIN or whether it's every 4th transaction, but a thief could potentially buy something like £300 worth of stuff in 3 separate transactions without knowing the PIN.

DefaultM

The last time I was in Halifax a man wanted to send money to his own wife and they were putting him through a full fraud questionnaire.
There was one person on the counter and a huge queue while she stood there asking stuff like “has anyone asked you to come in to the branch and deposit this money today?”
”yes, my wife”
”do you feel coerced?”

Wazmeister

The Fretboard… guaranteed to make a mountain out of molehill ! Still, there’s loads of experts on here

It’s really simple - anti laundering.

Frsutrating, yes, but this is the ‘modern’ way…

Haych

The ATM withdrawal limit is there for two very good reasons. Having worked in financial services one learns stuff. 

1.) Although they are restocked regularly, there is only a finite amount of cash in each machine. If everyone was able to withdraw £20k in cash then ATMs would potentially run out very quickly. So a limit is placed to keep the machine serviceable for everyone under normal conditions. 

2.) It’s a safety feature. ATMs are not guaranteed to be able to communicate with the bank you are transacting with, basically they can operate offline for a short time until they are able to reconnect. 

Each ATM will keep offline records of transactions that will then be uploaded to the bank when it’s able to connect again at which time your accounts are updated. 

If during the offline period you had only £50 in your account but withdrew £200 then there’s a problem. If you only had £50 in your account but withdrew £2000 there’s a bigger problem. 

The withdrawal limit is a safety feature to mitigate risk to the bank and to the customer during such rare circumstances. 

Back on topic, I went to the bank, deposited the rest of the cash and asked the guy what the score was. He said if there’s a limit it’s imposed by the Post Office. When I showed him the declined transaction receipt that stated I may wish to take it up with my card issuer, he basically didn’t know but took an educated guess that it would have been a high level agreement between the bank and the post office if a limit was set in place. 

hollywoodrox

BillDL said:

CavemanGrogg said:

I'm just waiting until people realise that besides it becoming a tiny inconvenience to pay in moderate to large sums of cash nowadays ..... people are currently subjected to a daily maximum cash withdraw limit via their debit card, which is not related to either your balance, credit rating, or even law for that matter, which is next to nothing, some banks even restrict you to a maximum cash withdraw of £50 every 24 hours via ATM.  You can check your banking app to see what yours is, and some banks will even let you set your own, but again your daily cash withdraw limit, is not based on your balance, available funds, credit rating, or any laws.

To some extent it is based on law - being their duty under the financial services authority rules whereby they have to put procedures in place to mitigate losses due to fraud and theft.  The common sense part is that if somebody foolishly put a wee piece of paper in their wallet or purse with the PIN number along with their card, or somebody standing behind saw the PIN being entered at an ATM, and the wallet or purse was subsequently lost or stolen, then the daily withdrawal limit is there to protect the customer and to mitigate the losses.  The lowest daily withdrawal limit I've seen recently is £250.  £50 seems ridiculously low.  Virgin Money, for example, allow £500 per account per day at Virgin Money Stores and £250 per day at an ATM.  That's fairly standard.  One of the areas where banks lost control was with the chip & pin limit.  It started out pretty low then around the time of Covid lockdown it increased a few times until it is pretty standard at £100 per contactless transaction (although the retailer may have a lower limit).  I don't know if it is purely random that it declines the contactless card and you get asked to enter your PIN or whether it's every 4th transaction, but a thief could potentially buy something like £300 worth of stuff in 3 separate transactions without knowing the PIN.

I can withdraw £250 on my Santander Paupers account 

darthed1981

Philly_Q said:

Kittyfrisk said:

Philly_Q said:

stickyfiddle said:

Kittyfrisk said:

I would suspect that this was an anti money laundering control, but it does seem to have been taken to ridiculous lengths.

It’s definitely going to be an AML thing, but there’s no good reason they can’t just have you signed a form where you’ve ticked a box saying “proceeds from sale of car” or whatever. 

It’s bonkers. And of course it won’t change people over to using electronic payments for everything - everyone over 50 will just keep bigger stocks of cash at home

Everyone over 50?  We're not all living in the Green Shield stamps and rationing age, Mr 39-year-old!

I've got about £5.73 in cash in my house, and that's including a guesstimate of what I might find down the back of the sofa.

Oooh, hark at him with his sofa...

That was a bit of dramatic licence...  Actually I've got some old cane furniture, including a two-seater which has so much junk piled up on it that nobody's sat on it this century.

I kind of picture you like the grumpy old man from Up... except there aren't enough balloons in the world to lift your place with all your stuff in it...

Kittyfrisk

darthed1981 said:

Philly_Q said:

Kittyfrisk said:

Philly_Q said:

stickyfiddle said:

Kittyfrisk said:

I would suspect that this was an anti money laundering control, but it does seem to have been taken to ridiculous lengths.

It’s definitely going to be an AML thing, but there’s no good reason they can’t just have you signed a form where you’ve ticked a box saying “proceeds from sale of car” or whatever. 

It’s bonkers. And of course it won’t change people over to using electronic payments for everything - everyone over 50 will just keep bigger stocks of cash at home

Everyone over 50?  We're not all living in the Green Shield stamps and rationing age, Mr 39-year-old!

I've got about £5.73 in cash in my house, and that's including a guesstimate of what I might find down the back of the sofa.

Oooh, hark at him with his sofa...

That was a bit of dramatic licence...  Actually I've got some old cane furniture, including a two-seater which has so much junk piled up on it that nobody's sat on it this century.

I kind of picture you like the grumpy old man from Up... except there aren't enough balloons in the world to lift your place with all your stuff in it...

I kind of picture you like the construction developer from Up   
https://screenrant.com/pixar-up-real-life-house-explained/

TTony

Philly_Q said:

Actually I've got some old cane furniture, including a two-seater which has so much junk piled up on it that nobody's sat on it this century.

Now, that is proper-posh.

Most of us leave our junk scattered around on the floor.  You buy furniture to keep it on.

darthed1981

Kittyfrisk said:

 I kind of picture you like the construction developer from Up   
https://screenrant.com/pixar-up-real-life-house-explained/

Ouch - well my form as an evil capitalist stooge is well known...

CavemanGrogg

Kittyfrisk said:

darthed1981 said:

Philly_Q said:

Kittyfrisk said:

Philly_Q said:

stickyfiddle said:

Kittyfrisk said:

I would suspect that this was an anti money laundering control, but it does seem to have been taken to ridiculous lengths.

It’s definitely going to be an AML thing, but there’s no good reason they can’t just have you signed a form where you’ve ticked a box saying “proceeds from sale of car” or whatever. 

It’s bonkers. And of course it won’t change people over to using electronic payments for everything - everyone over 50 will just keep bigger stocks of cash at home

Everyone over 50?  We're not all living in the Green Shield stamps and rationing age, Mr 39-year-old!

I've got about £5.73 in cash in my house, and that's including a guesstimate of what I might find down the back of the sofa.

Oooh, hark at him with his sofa...

That was a bit of dramatic licence...  Actually I've got some old cane furniture, including a two-seater which has so much junk piled up on it that nobody's sat on it this century.

I kind of picture you like the grumpy old man from Up... except there aren't enough balloons in the world to lift your place with all your stuff in it...

I kind of picture you like the construction developer from Up   
https://screenrant.com/pixar-up-real-life-house-explained/

darthed1981 said:

Kittyfrisk said:

 I kind of picture you like the construction developer from Up   
https://screenrant.com/pixar-up-real-life-house-explained/

Ouch - well my form as an evil capitalist stooge is well known...

A similar thing actually happened about 10 miles from me, though it was over a much longer time frame, 3, possibly even 4 or more generations.

BillDL

CavemanGrogg said:

A similar thing actually happened about 10 miles from me ........

Hmmm. 10 miles you say.  Drumelzier?

CavemanGrogg

Wazmeister said:

The Fretboard… guaranteed to make a mountain out of molehill ! Still, there’s loads of experts on here

It’s really simple - anti laundering.

Frsutrating, yes, but this is the ‘modern’ way…

It's not really though, that's more the ''know your customer'' laws.  If you look at proper private banks, even the one that debanked Nigel Farrage - which isn't truly a private bank as it's owned by Nat West and I'm talking about proper small independently owned banks like Hoares the kind that don't advertise for customers, the minimum amount of cash that you can deposit at the ''till'' is over £10K - keep in mimd that these aren't banks that you can just turn up at to make a deposit you have to call them in advance to let them know that you want to come in and make a deposit.  It's not actually the amount that gets flagged, it's both a combination of an individual bank's policy - see here for example Halifax won't let you deposit more than £1K on a single pay in slip, and more so customer ''behavior'', simply put if you've had an account with the same bank for example's sake 10 years, and on average you deposit an average of a few K spread out over a year in cash into your account, and the rest of your deposits are done via transfers, then you start to deposit a K or 2  in cash a month on a fairly regular basis, that raises the banks suspicion of you, and that's when the law that the bank has to question the source of the cash kicks in, it's not the actual amount.  The UK doesn't actually have an amount that is a threshold for banks to start reporting - there's a £20K per transaction limit though no limit on the amount of transaction you can do in a day which the FCA has been wanting to alter this for as number of years now and to be honest their suggestions will make no impact as it doesn't take into account people having multiple accounts with multiple banks as in depositing cash into personal current accounts as well as savings accounts, or rather questioning the source of the cash, they can question a deposit of a tenner if they suspect that the deposit to be from a suspicious source.

BillDL said:

CavemanGrogg said:

A similar thing actually happened about 10 miles from me ........

Hmmm. 10 miles you say.  Drumelzier?

No it's not.

From my understanding, and I've only been in the UK since 2017/18, and have lived in the area that I live in for less than 5 years.  Is that somebody built the property in the early to mid 50's - maybe even earlier, and got into an argument with somebody who before the argument was their best friend, who had become a developer and really wanted their property.  The argument was so bad that the original builder swore his old mate would never get hold of the property, and of course the developer made it his life's mission to acquire the property.  So when the people who built the property died they had their will set up so that the property would always remain in the family, it could be sold, though never to the property development company that the ex-mate the house builder had fallen out with established.  And it worked for a long time, the property stayed in a largely barren and unlucky family - early deaths very few children so not always going from parent to child sometimes passing between siblings and cousins, until fairly recently - shortly before I returned to the UK I think around 2015/16, when the last member of the family to inherit the property moved overseas, and unknowingly sold the property to somebody who was acting as a front for the property developer - they literally bought the property on Monday and turned around and sold it to the property developer that the builder swore would never own the place on the Tuesday.  Locals joke that the builder put a curse on the place, as shortly after finally getting hold of the property that the property developer had wanted since starting his company - it was actually the founder's grand children or even great grandchildren that finally managed to acquire the property, the property developer went bankrupt - shortly after the one I used to work for shut down so they went belly up less than 5 years after finally acquiring the property.  It was a huge feud that lasted generations, the property developer had tried for many many years many many times to acquire the property.

drofluf

@CavemanGrogg seems to have a worryingly strong understanding of suspicious transactions reporting and how to get round them