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Building society / bank accounts.
Topic Started: Dec 1 2016, 08:52 PM (73 Views)
disgruntled porker
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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
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disgruntled porker
Dec 1 2016, 08:52 PM
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.
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
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Tigger
Dec 1 2016, 09:14 PM
disgruntled porker
Dec 1 2016, 08:52 PM
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.
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.
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
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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
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But, be careful the rozzers don't call if you have it in a shoe-box under the bed.

Quote:
 
The Law

A customs officer, constable or UKBA officer may seize any cash (or part of it) over £1,000 if he or she has reasonable grounds for suspecting that it is either recoverable property (obtained through unlawful conduct) or intended by any person for use in unlawful conduct. Cash has a wide meaning and includes notes and coins in any currency, postal orders, cheques of any kind (including travellers’ cheques), bankers’ drafts, bearer bonds and bearer shares found at any place in the United Kingdom (interestingly as conceded at first instance in one case, not Premium Bonds). Unlawful conduct is not defined in the Act but certainly covers all criminal conduct. Section 308 of the Act sets out specific exceptions to what constitutes recoverable property. These include cash obtained in good faith, for value and without notice, cash received in satisfaction of a county court judgment and cash received in satisfaction of a compensation order.
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disgruntled porker
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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
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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
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ranger121
Dec 2 2016, 01:02 AM
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.
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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