Bank questioning our deposit of 4k ! Why?

152 replies

Selfraisings · 05/09/2023 17:19

Dh has sold his electric bike as he has arthritis and it wasnt for him anymore . He sold it for cash at buyers behesr.
we took it to the bank today.. was treble quized.. thats a lot od cash, where is it from , told them , rhen we got grilled what sort of bike was it , on and on.. then they asked again.. how did you get the money again.. felt like we were really being grillled / suspicious.. what going on ?? !! Are they going to put the spotlighy on us or something?!!!
feel like the implication is we have done something wrong?!

OP posts:

Tryingtokeepgoing · 06/09/2023 21:30

Q2C4 · 06/09/2023 08:57

@Flakey99 yes, genuine question. I can't see Tesco etc paying for milk in used notes... I'd imagine that cattle markets have to insist on electronic payments given the large amounts involved to avoid farmers having to register as high value dealers with HMRC www.gov.uk/guidance/money-laundering-regulations-high-value-dealer-registration#:~:text=A%20high%20value%20dealer%20under,currency)%20in%20exchange%20for%20goods.

It’s easy enough to see how a smallish scale farm could have plenty of cash. Tesco don’t buy direct from the farms…they buy from the likes of Arla who will, I’m sure, pay by BACS.

But, you’re a local farmer, with a mixed farm and various bits of kit. You top or mow a few people paddocks a week at certain times of the year for a couple of hundred pounds a go. You rent some paddocks out. You’ve cleared some woodland and sell 10 or 20 loads of logs for a similar amount per load. The stall at the end of the drive selling eggs/veg/whatever takes a few hundred a week. You’re at £2/3k cash some weeks I’m sure. Cash is, after all, still, legal tender! If you’ve got a farm shop, even more likely.

Sure, many people pay online or by card, but by no means all even today. Many businesses across the country take cash, account for it correctly and pay tax accordingly. Plenty also do not I am sure :)

Tryingtokeepgoing · 06/09/2023 21:37

Toooldforthisshit49 · 06/09/2023 20:58

Just a question for all the people that don't want to be asked questions about moving/paying in cash would you be happy for your bank to ask no questions, make no checks that all is ok with payments? As I bet you would be first in line to complain if anything happened to your money wouldn't you? As for the poster who didn't like being asked "are you buying something nice"etc the bank are making sure you are aware that there are other methods/being friendly! Also your home insurance doesn't cover you having large amounts of cash sitting in it.

Personally I’m happy to take full responsibility for what I do with my money. I’m the last person to complain about anything really. I’d I’d like my banks to mind their own business. But I can see it does offer protection to the vulnerable, the gullible and the stupid. I can see why we should protect the first lot, but am less fussed about the other two. It’s easier now just to say ‘gambling’ as a reason for paying in or withdrawing cash as that’s a box they can tick and move on. But maybe that’s because I live near a racecourse 😂

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