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| Building society / bank accounts. | |
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| Topic Started: Dec 1 2016, 08:52 PM (73 Views) | |
| disgruntled porker | Dec 1 2016, 08:52 PM Post #1 |
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Older than most people think I am.
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Is is possible to close down a bank or building society account and demand cash rather than a cheque? I'm talking less than £10,000. |
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| Tigger | Dec 1 2016, 09:14 PM Post #2 |
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Senior Member
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You will be questioned on your need for such large amounts of cash, money laundering bollocks or something, but having convinced them you are not Pablo Escobar's younger brother you'll likely to be restricted to around 1.5-2k a day. They almost seem to forget who's money it really is. |
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| disgruntled porker | Dec 1 2016, 10:06 PM Post #3 |
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Older than most people think I am.
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Cheers Tig. I can always take out the daily limit until its gone, and it won't take long but it means chuffing about. I just wanted to do it in one fell swoop. I shall be going in to discuss it with them tomorrow anyway. |
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| ranger121 | Dec 1 2016, 10:26 PM Post #4 |
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From working with a bloke who ran a bank, three withdrawals of 3k, whilst explaining at the counter (which is recorded) that you are paying builders, etc., ("friendly chat" - from the cashier - "what do you need the cash for, something special?") would not attract attention if say at monthly intervals; however a £10k hit has to be reported to the Revenue as a matter of course. But it does depend on which financial circles you move in, of course. |
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| ranger121 | Dec 1 2016, 10:37 PM Post #5 |
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But, be careful the rozzers don't call if you have it in a shoe-box under the bed.
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| disgruntled porker | Dec 2 2016, 12:13 AM Post #6 |
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Older than most people think I am.
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Yes, it was the money laundering thing I as thinking about. However, how can taking your own money out be classed as money laundering? |
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| ranger121 | Dec 2 2016, 01:02 AM Post #7 |
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It appears 'the law' seems to think that anything over a thousand in cash is fair game unless you can prove there and then that it was 'legally' or 'legitimately' earned in some way. Don't try crossing a border, either. They seem to be unaware what a grand will buy you on the second-hand car market, for example, and the power of bartering with cash. |
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| disgruntled porker | Dec 2 2016, 06:29 AM Post #8 |
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Older than most people think I am.
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Funny you should mention cars. I got a new (old) one last year. When discussing the payment options, The guy at the dealership said that the limit on using cash is £7000. Over that amount, they have to inform the authorities. Anything under is fine. |
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8:31 AM Jul 11