I just want my cash

[Accyexplorer]

A friend recently went to withdraw some money from the bank (£6k),he was buying a new motor.
But as well as getting his money he got a (bonus,) verbal (,Gestapo) questioning
Eventually they got the manager to authorize it an once out the bank he rang me (stressing) saying what had gone on.I told him to "calm down" an explained "that's how it is with them nowadays"
(i should of told him to go back an empty his account ).
Knowing my mate i couldn't see how the bank thought he was a money-launderer, terrorist mastermind or Mr Big in the drugs world .
ANYWAY.....

Should we have to explain to the bank what we intend to spend our own money on? Besides it wouldn't be hard to make something innocuous up like "buying a motor".

Are they trying to discourage us from using cash because cash transactions can't be easily tracked/controlled?

What if he exercised his right to privacy and refused to tell them what he wanted his money for?

[Margaret Pilkington]

I had a similar experience a couple of years ago.
I had seen a bit of jewellery that I liked. I had looked at it a lot and eventually decided that I was, as the advert says, 'worth it'. It was not a cheap gee gaw, it was a lot of money.
I went to the bank to draw out the cash(I had just cashed in an endowment policy which mean that there was money in the bank) when I asked to withdraw this money I was given the third degree...they wanted me to prove who I was(passport required or photo driving licence - I have neither) this is the bank where I have been a customer for 50 years - having been given a tin money box when a pupil at Peel Park Junior school.

If it had not been for the account being in joint names I would have been sent away potless, but my husband has a photo driving licence so was able to withdraw the money in his name.
I wanted to close my account there and then, but was dissuaded from doing so by the fact that changing to another bank at that time would have meant lots of problems with bills and payments.
Now you have raised my awareness again I might just go in and stir the pot a bit.

[davebtelford]

I don't think it's entirely unreasonable for banks to use caution when issuing large sums. For one it's not really safe to be carrying £1000s around the streets in your handbag & we sometimes hear of people being scammed by rogue builders etc and forced to withdraw money in payment. There are often better methods of transferring cash - debit card, on-line transfer or banker's draft. (Just saying.)

[Margaret Pilkington]

Yes, of course there are other ways of transferring money, but some people still like to deal in cash(for whatever reason). In my case I was getting a very healthy discount for paying in cash. It is MY money. If I choose to take the risk of carrying it in my handbag that is my business - not the banks...and what was most irritating was thay they wanted to know what the money was for. That is none of their business.

It is all about money laundering. Nothing at all to do with security.
I am a long time customer who visits the bank on a weekly basis. I am known to the tellers and the manager. Surely it would have been easy for them to put my debit card in their machine and have me tell them what bills I pay and what debits go into the account. I could have done that quite easily(though I should not be questioned in order to get what is. my own money)I do not plan to get a passport or any form of identity card to access my money.

[Accyexplorer]

Originally Posted by davebtelford

I don't think it's entirely unreasonable for banks to use caution when issuing large sums. For one it's not really safe to be carrying £1000s around the streets in your handbag & we sometimes hear of people being scammed by rogue builders etc and forced to withdraw money in payment. There are often better methods of transferring cash - debit card, on-line transfer or banker's draft. (Just saying.)

You've a valid point Dave,Personally I think there's a far more sinister motive behind them trying to control our money.
Maybe to boost the bank's capital reserves so they meet higher ratios imposed on the banks in the wake of the financial crisis.Its easier to use our cash than build up their own reserves which would impact their profits and thus the bankers bonuses.
Remember Bank is a 4 letter word

[Neil]

I think it's right that they are being careful who they give your money to. After all if they make a mistake and give £6k to the wrong person they would have to give it back to the account holder.

[cashman]

Originally Posted by Neil

I think it's right that they are being careful who they give your money to. After all if they make a mistake and give £6k to the wrong person they would have to give it back to the account holder.

Utter crap, when yeh have banked wi em fer donkeys years, most of the staff know damn well who yeh are.

[davebtelford]

Originally Posted by Neil

I think it's right that they are being careful who they give your money to. After all if they make a mistake and give £6k to the wrong person they would have to give it back to the account holder.

Not a huge sum but we had a Xmas club at work with money in a building society. Someone stole a mailbag which contained a passbook being sent to the organiser. The thief withdrew our cash & it took us ages & a load of hassle to get refunded. (The post office had not reported the mail bag theft to the police btw!)

[Accyexplorer]

What would happen if you exercise your right to privacy and reufuse to tell them what it's for?
Would the bank be committing criminal offences If they refuse to give you your cash??

[Margaret Pilkington]

Originally Posted by Neil

I think it's right that they are being careful who they give your money to. After all if they make a mistake and give £6k to the wrong person they would have to give it back to the account holder.

Of course they have to safeguard the money of the customer, but why ask for photo ID...if you can give details about your account...like where and when your credits and debits are going(along with the fact that you have a valid and testable bank card) surely this should be enough...and WHY ask what the money is to be used for...that isn't protecting the customer in any way.

If an account holder were laundering money there would be evidence of this on the account history.
If someone is visiting a branch where they are not known then I can see some validity in asking for photo ID...but my incident was in the local branch where I am known and a regular customer....and have saved there for 50 years.

[cashman]

Common sense goes out the window Margaret, as Neil has just demonstrated.

[Margaret Pilkington]

Sometimes I think the money I have saved would be better stuffed inside the mattress......after all it isn't making anything for me......but it is making money for the bank.
Then they have the audacity to ask me to change my current account to a paid for account...telling me that my current account is 'old fashioned' - just like me was my response.
'But you get lots of perks' they said.......
'They aren't perks if you have to pay for them, and especially if they are not something you will use' says I.

I get hassle every time I go into branch.....insurance, mortgage advice(I don't have a mortgage)...investment advice.....fixed term bonds.....etc, etc.

[Hill Walker]

It's a tick-box world these days. In this case, more than £x, get form, tick boxes.

[davebtelford]

Originally Posted by Margaret Pilkington

Sometimes I think the money I have saved would be better stuffed inside the mattress......after all it isn't making anything for me......but it is making money for the bank.
Then they have the audacity to ask me to change my current account to a paid for account...telling me that my current account is 'old fashioned' - just like me was my response.
'But you get lots of perks' they said.......
'They aren't perks if you have to pay for them, and especially if they are not something you will use' says I.

I rarely go into a bank branch. Paid-for accounts aren't suitable for many people (I don't have one at present) but it's borderline for me. If I can get better interest rates, breakdown cover, travel insurance & one or two other 'perks' for £10 per month then it may become advantageous.

[Accyexplorer]

Does the government think that the only reason for large amounts of cash is to pay into the 'black economy',and as such,they won't get their sticky fingers on a share?