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Stupid question alert -what is procedure for withdrawing large sum of cash from bank account?

57 replies

Thisoldheartofmine · 08/07/2024 15:02

Paying for building works .
Son has several thousand in current account and will be funding .
Is it going to involve personal visits to bank , on line checks etc .
Sorry to be dense .

OP posts:
Kovus · 08/07/2024 21:45

PrincessW11 · 08/07/2024 15:27

Banks are super hot on fraud now as so many especially elderly persons are being scammed;as well as debit card & ID you'll be asked a series of questions about where the money is going. Unless this is a tradesman you know/trust, I wouldn't pay cash

Some are all too aware of tax evasion, such as paying tradespeople in cash. If you do it too often you may find your banking is withdrawn. The tax gap has to be funded by all of us.

behindthemall · 08/07/2024 21:48

GasPanic · 08/07/2024 15:21

There is often a reason why they want it in cash and not by bank transfer.

Yes, there is and no one should want to enable tax evasion in a country where public services are creaking from lack of funding.

When all the manifestos talked about reducing tax evasion and closing the tax gap, this is what they meant. Insisting on a payment by BACs (and paying any extra they charge for this) is part of operating in a functioning society.

caringcarer · 08/07/2024 22:32

I've got a daily transfer limit of £10k. You need to check what your daily limit is and raise it if you need to.

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Runnerinthenight · 08/07/2024 22:36

WowIlikereallyhateyou · 08/07/2024 19:46

Here we go

What do you mean, "here we go"? Are you someone who is happy to enable fraud?!

Runnerinthenight · 08/07/2024 22:40

Roseyjane · 08/07/2024 21:33

Never been asked to produce an invoice to access my own money ever. It’s my money, I’m allowed to take it out. The bank just needs to be satisfied I’m not being scammed or coerced. Past that we are all allowed to take our own money out our own accounts.

Says it all that you are content to be complicit in tax fraud, I have more integrity.

CherryBombe · 08/07/2024 23:02

They like you to let them know in advance I've found. They don't always have enough cash in the bank at short notice.

OnTheBoardwalk · 09/07/2024 10:30

If I’m paying cash at the end of the job I’d still have an invoice and a signed receipt, I’m not just going to hand over cash. Paying cash for an invoice is totally legitimate

i paid a mixture of bank transfer and cash (£5k) and sent the the bank a secure message a couple of days in advance

the teller asked me a few standard questions then the manager had a chat. As I told them in advance I was coming was very straight forward

They don’t care about any 'potential, made up dodgy dealings' by the trade, just that I’m not being scammed or coerced out of my cash

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