Cash deposit limit?

Haych

So, just went to pay not an insignificant amount of cash into my bank at the post office, because all the banks have closed branches for miles around.

The lady counted the cash and when she went to pay it in it declined because it was too large - wasn't massive in the grand scheme, only £4k.

She then tried to deposit it in two sums of the same amount.  The first went through ok but the second deposit was declined so I was only able to pay half the amount into my account!

The lady in the post office couldn't tell me why; whether it was a limit imposed by Lloyds or a limit imposed by the Post Office.

I've just phoned my bank and they claim there is no deposit limit on the account, but that I can only pay in £2995 per month in cash via the post office.  So not even a daily limit!

Yet, the post office, according to their website, claim the daily cash deposit limit is set by the bank!

So, in order to pay the rest of the cash in I have to travel way out of town to visit a branch of Lloyds, if any still exist, or wait a whole month!

Anyone else had issues paying into Lloyds via the Post Office?  Or is this just the death knell of using cash?

57Deluxe

is part of the push to Cashless Society... I have same issue with my PO because of the closure of ALL HSBC branches within a 25 mile radius

Kittyfrisk

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

Haych

Kittyfrisk said:

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

I used to work for a well known building society and if due to AML policy then things have become much tighter since I quit during covid.  Cash deposit limit before having to raise suspicion or ask for the source of funds then was £10k.

I think this was an FCA thing, not set by the financial organisation accepting deposits.  Weird!

stickyfiddle

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

Dontgiveupyourdayjob

"Look at me! Look at me! I've got £4000!"

Pathetic...









  

Haych

Dontgiveupyourdayjob said:

"Look at me! Look at me! I've got £4000!"

Pathetic...









  

Ha!  If only!  It's not my money, I'm just caretaker.

Philly_Q

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.

Penn

I normally launder that kind of money through a couple of shell companies based in Gibraltar. It works well for me. If you want to give me the cash I can help you out and double your money. 

Haych

Penn said:

I normally launder that kind of money through a couple of shell companies based in Gibraltar. It works well for me. If you want to give me the cash I can help you out and double your money. 

I'll let you know.  I've just given my account details to a Nigerian prince, so I'm expecting to be minted by the end of the day.

StormshadowGuitars

Have you got another account you can pay the rest into and transfer it over? 

Dontgiveupyourdayjob

Haych said:

Dontgiveupyourdayjob said:

"Look at me! Look at me! I've got £4000!"

Pathetic...









  

Ha!  If only!  It's not my money, I'm just caretaker.

That's what every good money launderer would say. Bank was clearly right in having these limits! 

Haych

Dontgiveupyourdayjob said:

Haych said:

Dontgiveupyourdayjob said:

"Look at me! Look at me! I've got £4000!"

Pathetic...









  

Ha!  If only!  It's not my money, I'm just caretaker.

That's what every good money launderer would say. Bank was clearly right in having these limits! 

Kittyfrisk

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...

hollywoodrox

Haych said:

Penn said:

I normally launder that kind of money through a couple of shell companies based in Gibraltar. It works well for me. If you want to give me the cash I can help you out and double your money. 

I'll let you know.  I've just given my account details to a Nigerian prince, so I'm expecting to be minted by the end of the day.

He’s moved to his aunty &his uncles in Bel Air 

Philly_Q

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.

Penn

Haych said:

Dontgiveupyourdayjob said:

Haych said:

Dontgiveupyourdayjob said:

"Look at me! Look at me! I've got £4000!"

Pathetic...









  

Ha!  If only!  It's not my money, I'm just caretaker.

That's what every good money launderer would say. Bank was clearly right in having these limits! 

Surely you mean half the money is resting in your account? 

west

I sold a tom anderson recently , went to deposit cash  in in the coventry b/s  after the usual hookers and coke (mind your own buisness quip)   they wouldnt accept it unless i told them where it was from and show a receipt , i got the manager and they 'let me off' without a receipt this time ... Fuckers  !!

Offset

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 :-)

Kittyfrisk

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 :-)

Whoa, I didn't realise you lived in the same village as me!

Jono111

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