CupraT

It's the money laundering regs......we moan when the banks don't follow the rules and moan when they do!

RA Dunk

Either way we shoulden't have to explain what we intent to do with our money, it's like being a kid and getting pocket money on a Saturday again and having to tell your mother what you will be spending it on.

Turbohot

Well, yeah! What if the child ends up spending it on cannabis??? In child's case, parents perform control because it is their hard-earned money that they reward the child with, and they don't want to misuse it and ruin themselves. I can understand it to some extent.

But as an adult, with your own money in the banks, you shouldn't have to explain what you're withdrawing that money for; no matter how big the sum is. Yes, if you get a loan out, they'd want to know what you'd do with every penny, and that is, I think, justified.

I didn't know that you have to tell them the reason for withdrawing large sum tbh.

I recently shifted a grand and a half from my account to someone else's on line. My bank didn't ask me why and what. it could be because a grand and a half is **** all! If it was 20 grand (which I don't have), then may be? I don't know.

WRXBOB

The reason why most banks have a daily cash withdrawl limit is so they don't have to carry too much cash in the bank. Less cash in the bank = less likely to be robbed.
Tell them the day before and no issue.
Tell them you want to close the account and they'll give you a cheque for the total amount!

billythekid

I think in the case reported in the mail the guy had indeed booked the withdrawal the day before. IIRC....

scoobyboy1

iTrader: (16)

Same goes for customs, you cant take more then £8k abroad, and if you do then you have to notify customs that you want to take large amounts of cash to another country, and they will question you what your doing with that sort of cash, what you spending it on blah blah.

Funny but if I want to launder cash and take it abroad, Id buy plenty of gold(no limit how much you can carry) and take it on the plane, and then sell it when I was in another country, no one questions gold, and you can pretty much sell it in any country for cash!!!

Banks, Government, Tax man, wife/girlfriend always want to keep tabs where your money is at all times!!!

G.Mac

iTrader: (2)

TSB have been great with me, I was told when I opened my account that I did not have a withdrawal limit but did say that if I wanted more than say 5 grand a days notice would be preferred to ensure enough cash in branch.
Think the largest withdrawal I have made to date was 3K and all I was asked to do was enter my card and pin number and which denomination I wanted my money in.

Santander however were a fecking joke, anymore than 300 quid and you need to give a days notice to get your hands on your OWN money Abbey National went down the toilet when Santander took over

Never heard of being asked wheat you wanted your money for TBH even with crappy Santander but I think if you deposit either 3 or 5 grand or more you need to explain where the money came from as I think they need to report large deposits of cash rather than withdrawals

fatscoobfella1

iTrader: (1)

I have recently withdrawn £15,000 and £25,000 from Santander..

I booked the money for 2 days in advance on both occasions and no questions where asked..Just went in and they gave me the money with 2 forms of ID..

scoobyboy1

iTrader: (16)

What was your address again mate!!!