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Cash to open bank account

11 replies

helplessharriet · 07/10/2022 10:36

Genuinely asking for a friend!

Will she have any problems opening a new bank account with approx 20K cash?

OP posts:
DenholmElliot1 · 07/10/2022 10:44

They will probably ask for an audit trail to show where the money has come from.

uggmum · 07/10/2022 10:46

They will ask her the source of the cash.
That is a substantial sum and even if accepted they will probably report it for further investigation.

helplessharriet · 07/10/2022 11:20

She is elderly and has been keeping cash "under the bed"

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eyeteevee · 07/10/2022 11:21

She must have a bank account?

bestbefore · 07/10/2022 11:22

Open it with £1k then pay in rest in instalments?

DenholmElliot1 · 07/10/2022 11:26

helplessharriet · 07/10/2022 11:20

She is elderly and has been keeping cash "under the bed"

Yes, but where did it come from originally? That's what she'll have to evidence. Has she been concealing money in order to obtain means tested benefits?

StillNotWarm · 07/10/2022 11:27

Yes,it's a massive amount of cash, and it sounds like there is no obvious place it has come from, if just squirrelled away over the years.

Are all the notes even legal tender? All paper notes are expired, I think.

Under £6500 doesn't raise too many flags, according to Google. So maybe get a quarter of it in?

KangarooKenny · 07/10/2022 11:36

She needs to pay it in a bit at a time. I believe she can pay £300 per day at the PO.

BarbaraofSeville · 07/10/2022 11:39

If it's genuinely just savings, it might raise flags but not lead to further actions if she can explain that she's just lived with cash up to now, it's been over a few years, and wasn't benefit fraud.

How did she come by the cash? Did she either receive a pension or other income in cash, and she's just saved some by not spending as much as she received? Or it was paid into a bank account and she can show regular cash withdrawals?

She could try to pay it in by a few instalments, but it still might raise flags if the system spots her doing this, but she could come up with reasons if they ask in the bank like 'I sold a car'.

But then again, it's getting harder to get larger amounts of money out of banks these days, because people don't need them for legitimate reasons, so banks don't make it easy and could be suspicious about any large amounts being paid in.

Even people doing things like buying second hand cars from private sellers can send the money instantly using their phones so don't need to use cash. A friend tried to get a few thousand pounds out of his bank account to pay a builder under the table and he was turned away because they correctly suspected it was aiding tax evasion.

Yucca78 · 07/10/2022 11:44

StillNotWarm · 07/10/2022 11:27

Yes,it's a massive amount of cash, and it sounds like there is no obvious place it has come from, if just squirrelled away over the years.

Are all the notes even legal tender? All paper notes are expired, I think.

Under £6500 doesn't raise too many flags, according to Google. So maybe get a quarter of it in?

She would still be able to pay into a bank......they will ask questions though!

uggmum · 07/10/2022 12:02

All banks have different reporting amounts. Some as low as £5k

If you are confident the cash is genuine then open and account with a nominal amount and gradually add the cash

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