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Original poster

Large isn cash deposit in bank?

28 replies

BeyondTheSea · 13/05/2015 20:05

A relative has very kindly given me a lump sum of cash for my birthday.

For some reason she has taken this out in cash. Can I just deposit this in my savings account? Or will this flag up as some kind of dodgy transaction?

OP posts:
FishWithABicycle · 13/05/2015 20:11

They will ask where it's from, and may have procedures in place to check that it isn't proceeds-of-crime but the checks they do will give the all clear so just be cooperative and it will all be fine.

Original poster
BeyondTheSea · 13/05/2015 20:17

Can I just say who it is from and they check if needed?
Thanks for your answer.

OP posts:
FishWithABicycle · 13/05/2015 20:24

When I made a large deposit they asked what it was, I said it was my share of my recently deceased grandfather's legacy, and that was it. I imagine there could have been some checking but if there was I wasn't aware of it. Maybe they only check if there is some other reason to suspect you of shady dealing. Would there be a problem if you were asked to prove the money is legitimate?

Original poster
BeyondTheSea · 13/05/2015 20:28

Not at all. I guess I am just bit embarrassed. I could ask the relative maybe to write a note saying it's a birthday gift with her contact details on for queries? Or would this be over the top? Probably enough to give the details if asked...

OP posts:
ImperialBlether · 13/05/2015 20:32

How much is it? Could you transfer money from your current account to your savings account for a couple of months and spend the cash?

Original poster
BeyondTheSea · 13/05/2015 20:35

[amount removed at OPs request - MNHQ]

It's to help with a house move we hope too have in next couple of years.

OP posts:
FromMeToYou · 13/05/2015 20:36

CASH???

That's a lot. I thought you meant £1000 at the most!

FromMeToYou · 13/05/2015 20:37

How the hell was she able to withdraw that?

YaTalkinToMe · 13/05/2015 20:40
Shock I come on to say I have done £5000 no questions and £200 and been questioned- just depends on the cashier I think. If its legit no need to worry. But get it in the bank quick.
Original poster
BeyondTheSea · 13/05/2015 20:42

I know. She said she's been getting money out for the past 2 weeks to give to me by going into the bank and now has a box of cash for me!

OP posts:
TheDailyWail · 13/05/2015 20:44

I would probably have flagged it up as potential money laundering but would have asked you questions - if you said you were moving house I would have Referred you for a mtge quote

Original poster
BeyondTheSea · 13/05/2015 20:44

Obviously vv nice of her, but DH and I will have to try and find a way of going to bank together to pay in (work in different areas). And also the logistics of getting to a bank safely...

OP posts:
ImperialBlether · 13/05/2015 20:44

But... but... why didn't she just write you a cheque?

You lucky thing, anyway! What a kind woman.

Original poster
BeyondTheSea · 13/05/2015 20:45

I have no idea why not a cheque...

I know. Totally unexpected and very kind.

OP posts:
Original poster
BeyondTheSea · 13/05/2015 20:47

Thedailywail - if I am flagged up, what does that mean?

Sorry for all the questions.

OP posts:
YouMakeMyHeartSmile · 13/05/2015 20:48

It is quite likely to be flagged as potential money laundering. You also need to check the potential tax implications, I believe you can only be gifted a certain amount without being liable for tax.

Original poster
BeyondTheSea · 13/05/2015 20:50

oh it all sounds so complicated - what is the right thing for me to do?

OP posts:
RudyMentary · 13/05/2015 20:52

This reply has been deleted

Message withdrawn at poster's request.

YaTalkinToMe · 13/05/2015 20:53

You are only liable to pay tax on any gifted amount if the person gifting dies within 7years

and the original estate was over a certain amount I believe?

YaTalkinToMe · 13/05/2015 20:57

Beyond
If the money is completely legit and not being laundered and/or a person trying to syphon off their money so they do not go over certain thresholds e.g. to not loose/be liable for certain benefits, there is no problem- bank can do all the checks in the world, if its legit you have nothing to worry about.
But get that money in the bank ASAP, it would not be covered under your insurances, and certainly not if its being kept in a box.

Chasingsquirrels · 13/05/2015 20:59

if you are in any way identifiable on MN then I would get this thread pulled

Chasingsquirrels · 13/05/2015 21:00

(and how lovely of her!)

soontobemumofthree · 13/05/2015 21:01

Happy Birthday!

Original poster
BeyondTheSea · 13/05/2015 21:04

Thanks everyone, it is 100% a gift and being given as a lovely thing. I don't claim benefits, neither does the person giving the gift. She plans to pass on more money to me in time. I need to talk to her about not giving me cash....

I don't think I am identifiable but can get thread pulled.

OP posts:
Original poster
BeyondTheSea · 13/05/2015 21:05

I don't give info re where live/work so don't think anyone could know me??

OP posts: