to want to close my bank account after this gross invasion of privacy?

[somanymiles]

I went to get cash out of my bank account this morning to pay the builders (£6,000) and was told I could not take that amount out without hard copy proof of what I was spending the money on eg an invoice. I was given no notice of this so of course did not have anything except a quote on my phone which they did not accept, even though I offered to email it to them. This was not a question of confirming my identity- it was that they have a new policy where you gave to prove what you are spending your cash on. When I asked what the threshold was for the new policy I was told they were not allowed to tell me. I am furious. Surely what I spend my money on us nobodies business but mine. It certainly isn't HSBC's business.I am thinking of closing my accounts there with all the hassle that will entail. AIBU?

The last time I looked cash was a legal method of payment for goods and services - nothing 'suspicious' about it at all.
I can understand why a builder would want to be paid this way

• he knows he's got the money. Cheques and transfers can bounce. No need to pay to factor his invoices.
• he can immediately go and purchase any materials he needs for this job, or the next
• his workers may well be paid weekly and in cash (with appropriate deductions for tax and NI)
• he might save a couple of quid in bank charges

Banks have a legal obligation to check transactions over a certain sum (10k) but, despite all the noble-sounding claptrap, at £6k it's for securing a sales opportunity.

Paying in cash is not per se dodgy. There is nothing wrong with it. Money is designed to sette bills. It is quick, efficient and 100% secure.

We have become a nation of informers if people question other people's right to settle a debt with specie.

Caitlin I think the OP gave one. Builders need money for materials for Jobs. There's cases all over Contract Law about them if you're ever feeling that bored. A lot won't start the next part of the Job without it. Which is exactly what my employers used to do they built Tesco stores. Money upfront for clearing land for example. Then more needed upfront for manpower / wages to start the structure etc. Which might be where the money due tomorrow comes from. The Tramworks in Nottingham for example are running late. They're actually being charged 50k a day as per the penalty clause for every day late they are. That's why some times these things can't wait. Also seriously what Drug dealer is going to openly pull out such a sufficient amount of money. They would be pretty fucking stupid a novice if they didn't think that would get any bells ringing. The gist I get from the OP is that she's not saying the Bank was unreasonable for asking questions. She deemed them unreasonable for refusing to give it her. Which she's quite entitled too. Regardless of the money laundering rules etc. Oh and also I've seen a lot of my Bank Manager recently where I asked him a question in relation to another Banks Policy. He told me he couldn't answer for them as every Banks' Policy is different. So theroetically not ALL Banks Policies would be the same on everything.

The sentence starting also isn't aimed at you Caitlin. I'm on my shit phone that doesn't do paragraphs its to all the other posts that mentioned it could be drug dealers.

I tried to pay in a cheque for just over 10k into the Halifax. They wouldn't take it over the counter and I had to sit at a desk around the back and explain where this cheque, written by a solicitor, had come from. It was my inheritance from my mum's estate. Cheeky fuckers. I closed my accounts as soon as the cheque cleared.

LaGuardia :(

quangle I love that book, I always think it was the prototype Mumsnet.

Caitlin
I know it's not the point of the thread, but early on you wrote 'The cash sum we can accept is tiny.I can't recall offhand but it might be as low as £10.'

Please tell me that £10 is a typo! If not, then I'm just .

Btw if us poor rubbish people aren't of any use to a bank - why does HSBC feel the need to advertise? Brand equity anyone?

I think that belittling people for not having millions is a rather short sighted and yes, arrogant way of thinking.

No it's not a typo. I can't recall the exact sum but it is very small certainly significantly less than £50. We have no reason for accepting cash. It's not appropriate for my business.

Misspixie I don't need lectures in contract law. Your still missing the point that cash payments make banks, HMRC and my own profession not only nervous but we are obliged to act on that. Nothing in your explanation is a valid reason for paying in cash rather than a banker's draft or a same day transfer from account to account.

Another example of banks thinking the money is theirs.
My elderly df has an account with several thousand pounds (not boast) he has left this money in account for a few years untouched for emergencies. A few months ago he wanted to use some of the money but couldn't access it, I rang the bank on his behalf and was told that because he hadn't used the account they had made it dormant and to change this he would have to go into the bank in person. This is not easy because of the position of the bank difficult to park near even with disabled badge and df has extreme difficulty in walking.
They also require photo id he does not have passport or driving licence and will not accept disabled blue badge.
It has taken months of phone calls and arguing to get them to accept he doesn't have photo id and to accept his passbook as id.

I sometimes feel money better under mattress.

A lot of you seem to think these regulations are only aimed at drug dealers and forged money. That is only a part of it. The reason for being suspicious of cash in hand payments is tax and VAT fraud. Money is kept under the radar in the black economy. If the builders really were so desperate they needed cash that day every bank can organise a same day transfer. The OP can do it herself with online banking.

birthdaypanic As a solicitor I am obliged to update ID for all clients every 5 years.

Do you seriously think putting a temporary close on a dormant account is out of order?

Anyway rant all you like but the policy from bank to bank might vary in points of detail but they will all ask questions in relation to transactions like the OP's.

I actually saw this on twitter, Micky norcross (ex TOWIE man, sugarhut etc) tried to withdraw £6000 at Christmas to do his Christmas shopping, they wouldn't let him, they wanted to know what he was going to be buying! Of course he couldn't give a whole list because it was Christmas gifts etc, they didn't let him have it & he turned to twitter very angry!

Yes Caitlin17 I do think it's out of order this money was in a joint account when dm died and my df changed the account to his name he had a meeting with a financial advisor at the bank and explained that he wanted to leave the money in the account untouched unless an emergency arose and that this may not happen for years or possibly never, he was told that there was no problem in just leaving the money untouched, then when he needed the money he couldn't get it so yes I do think it's out of order and I don't understand the relevance of you having to update clients Id.

Caitlin I'm not giving you a lecture in contract law I'm just pointing it out. To be quite frank I'm finding many peoples attitudes on here a bit "well I work in the Financial Industry so we all know what I'm talking about" a bit because other people can't possibly know what they are talking about to if they don't list their qualifications first. futuredad is the only one that managed it without coming across with that attitude. Simply not agreeing with you is not 'missing your point'.

My fella works in fraud prevention at a major bank. I'll ask him when he wakes up, but I suspect he'll just say exactly what others who work in the industry have already posted.

I too have been asked in the past why I wanted to withdraw money in my case it was the extra money we had added to mortgage to pay for alterations the money was from the bank who knew why we had added extra to the mortgage and had paid it into our account but still wouldn't let us have money without detailed explanation.
I understand about money laundering but in my df case he was not trying to withdraw all his money just wanted some for an emergency - paying for a new boiler and he assumed because he had been told it was ok by the bank that it was ok to leave money untouched.

What you can't send by post

I didn't think it was a new list, though they may be more vigilant about checking it now. It came up a while back at work, because a disgruntled former employee in one of our overseas offices had sent the office a box of dung. I was surprised to learn that there are a number of online companies where you can order this to be done, because I always thought it was something you weren't allowed to send by post in the UK - and indeed, it's not. (Although actually, I could do with someone sending me a good load of dung for the garden.)

Ebear ???

I would have thought it clear which posters are involved in professions which require a compulsory understanding of the legislation concerning anti- money laundering and proceeds of crime.

There is a lot of ill - informed posts about this being outrageous and that being outrageous ,blaming the government for snooping and a lack of understanding that this legislation does not apply only to dodgy looking blokes selling coca one and AK47s

The bottom line is the sort of transaction which the OP wanted to carry out sets tax evasion bells ringing. One of the key triggers we are supposed to look out for is "does this transaction make sense?" Answer no, it doesn't.

It doesn't need to be clear. Last time I checked you didn't need to be qualified in certain subjects to comment on specific threads. The AML/Tax Evasion/POC have been mentioned as a reason countless times. The OP still has the right to feel pissed off at them if she wishes too.

Don't pay builders in cash. It is the black/criminal economy. Your bank was being reasonable.

Don't pay builders in cash. It is the black/criminal economy