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Money > Spend & Save Questions of Cash: Will money laundering rules mean banks stop us paying £15,000 into our accounts? The FCA requires banks to be confident that their customers are not using.


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Questions of Cash: Will money laundering rules mean banks stop us paying £15,000 into our accounts? | The Independent
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Questions of Cash: Will money laundering rules mean banks stop us paying £15,000 into our accounts?
The FCA requires banks to be confident that their customers are not using accounts to receive the proceeds of crime Destination Lanzarote: but a reader is worried about confusion in the flight arrangements Getty Images Q.
We have held current accounts with HSBC, Barclays and Lloyds for more than 30 years.
We sold some possessions for cash and have around £15,000 to pay into our accounts.
But cash deposits uk banks are concerned that the banks may not accept this because of money laundering regulations.
We do not have any records for the transactions.
GE, by email A.
The Financial Conduct Authority FCA requires banks to have "adequate policies and procedures sufficient to counter the risk that they might be here to further financial crime".
In addition, banks must "identify and monitor customer relationships".
In effect, this is a requirement for banks to "know their customers" and be confident they are not using accounts to receive the proceeds of crime.
There is no specific limit on cash receipts imposed by the FCA.
So the attitude of the banks will depend on their prior knowledge of you.
We spoke to Barclays, which indicated that its response would vary according to the type of account you hold and your history in relation to the receipt of large sums.
It confirmed that your lack of records to explain the cash receipts is a potential problem.
It was unable to provide clear guidance specifically because that could assist criminals who are trying to money launder.
You can form your own view.
HSBC said simply: "We don't have restrictions for how much customers can deposit in their accounts.
Why the surcharge for paying by card?
A 3 per cent surcharge has been levied on me for using a debit card when paying a holiday deposit.
I thought new EU legislation prevented traders imposing surcharges.
ZG, by email A.
The new rules banning surcharges on debit and credit cards do not come into effect in the UK until January 2018.
Visa Europe told us that the current position in the UK is that all cards can be surcharged, so long as this is in accordance with the Consumer Rights Payment Surcharges Regulations 2012, which prohibit merchants from charging more than their direct costs for using cards.
The Interchange Fee Regulations 2015 cap the fees paid between banks for the acceptance of Debit and credit card transactions.
The revised Payment Services Directive will, from 2018 in the UK, prohibit surcharges on cards regulated under the Interchange Fee Regulations; this does not cover some commercial cards.
In January I bought two tickets from Thomas Cook to fly to Lanzarote in June.
The flight was £379.
But when the paperwork came through, the extras, though shown as all paid, were on a separate invoice.
And the only payment taken from my account was £379.
We are afraid that when we get to the airport, we will be told that no extras have been booked.
We have tried to contact Thomas Cook, but have got nowhere.
AH, by email A.
Thomas Cook said the extras have been booked and apologised for a systems error.
I'm trying to obtain compensation for a delayed flight.
My partner and I returned from holiday in Sarajevo to Manchester last September with Austrian Airlines, with a connection at Vienna.
The departure from Sarajevo was delayed three hours, we missed our connection, got diverted via Heathrow and arrived at Manchester seven hours late.
I emailed a complaint to the airline but have heard nothing.
As you booked through Lufthansa, we took the matter up with the German company — it referred the issue to Austrian Airlines.
You have now received compensation of nearly £600 — which was more than you paid for the flights.
I went through Expedia in November to book flights to Mauritius, leaving at the end of this month.
But if you've booked through a travel company then Emirates says this is where you should go to claim a refund.
I have emailed Expedia and it seems to have no idea what I am talking about.
The Government removed APD on flights for children aged over 12 but cash deposits uk banks wwe inthe bank from the beginning of March.
An Expedia spokesman said it urban trust bank app arrange for you to be refunded.
He added: "We are aware of the changes.
We will ensure our customer service agents are fully briefed.
Try Independent Minds free for 1 month.
About The Independent commenting Independent Minds Comments can be posted by members of our membership scheme, Independent Minds.
It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more.
Our cash deposits uk banks will try to cash deposits uk banks by joining the threads when they can to create a true meeting of independent minds.
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Here are the rules and procedure for depositing cash into banks If you have considerable cash-in-hand, here are three ways that can help you stash it into your bank account as per the rules.


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Challenger banks are struggling to break the stranglehold of the big five banks on the UK's £1.3 trillion cash deposit market, despite often paying better interest rates. The report estimates.


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The Currency and Foreign Transactions Reporting Act of 1970 – usually just called the Bank Secrecy Act – sets the guidelines for banks to report large currency transactions. The goal of the act is to prevent tax evasion and money laundering by criminals using cash deposits to disguise the illegal source of their funds.


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Here are the rules and procedure for depositing cash into banks If you have considerable cash-in-hand, here are three ways that can help you stash it into your bank account as per the rules.


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This compensation may cash deposits uk banks how and where products appear on this site including, for example, the order in which they appear.
These offers do not represent all deposit accounts and credit cards available.
Credit score ranges are provided as guidelines only and approval is not guaranteed.
Do you spend it, or save it?
You decide to take the sensible option by picking the latter choice, so you go to the bank to deposit the entire amount, either by cash or check.
And, find out if there's any difference if you deposit the same amount in the form of a check.
The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.
This begins the process of Currency Transaction Reporting CTR.
This includes theft, money laundering, or helping to fund criminal organizations or even terrorists.
Note: Private businesses need to go through a similar reporting process if a customer makes a large, big-ticket purchase, cash only, like a car, a house or other major amenity.
If you were a potential counterfeiter, authorities would want cash deposits uk banks first see if the serial numbers on each bill are genuine.
Their reporting to the IRS happens after you make the deposit.
Depending on the banking institution, you should best bank money orders immediate access to your funds.
Your bank will notify you that your cash deposit has been reported for the above reasons, and provide you with contact information phone, email to follow up with any questions.
Note: It doesn't matter who makes the deposit into the account.
Many banks have caught onto suspicious activity where a person deposits a large amount cash deposits uk banks cash into another person's account.
But, the bank might not look at it that way.
visit web page, you have several bank accounts set up at several banks.
This can seem out of the ordinary to your bank, triggering their investigative process.
Your deposit will still be reported by your bank to the IRS as usual, only your bank may apply a temporary hold on your money.
Most checks deposited in person at the teller window are.
Is it a personal or business check?
Think of it like you would if your checking account or.
It could mean your card was stolen and someone went on a spree; or, you might just be on vacation and spending more than usual.
The bank will sometimes put a temporary freeze on your account until the activity can be verified.
If not, you and your money are good to go.
But if having a hold placed on your account is a total inconvenience, contact your bank to see if they can free up or advance some of the funds before they clear.
When will the IRS be notified?
Is there going to be a hold on my check, and for how long?
Can I provide any more information to expedite the process?
Demonstrating awareness and cooperation goes a long way in encouraging transparency.
Paul Sisolak is a personal finance journalist with an extensive background in news reporting.
He covers saving, investing, real estate, and the economy.
Paul has contributed cash deposits uk banks major publications, including CNN, CBS, Yahoo, U.
Well, first of all, if it's coming in as a check, your bank will not allow you to deposit something with her name on it without definitively identifying her.
Her plan is not likely cash deposits uk banks going to work.
There would be no reason for a bank go report it to the IRD Editorial Disclosure: This content is not provided or commissioned by the bank advertiser.
This site may be compensated through the bank advertiser Affiliate Program.

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DEPOSITING CASH? WATCH OUT FOR THE IRS! Most of us dont have occasion to deposit large amounts of cash very often. But it does happen sometimes as an individual, and if you own a small business, you might have occasion to do it a lot.


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A deposit account is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank and represents the amount owed by the bank to the customer.


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A deposit account is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank and represents the amount owed by the bank to the customer.


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The Currency and Foreign Transactions Reporting Act of 1970 – usually just called the Bank Secrecy Act – sets the guidelines for banks to report large currency transactions. The goal of the act is to prevent tax evasion and money laundering by criminals using cash deposits to disguise the illegal source of their funds.


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I recently found out about a new rule (law? I don't know) that at least affects Bank of America customers: the tellers will not accept cash deposits by anyone other than the account holder. A friend owed me some money, so I gave her one of my checking deposit slips and she went to BofA to make a cash deposit. They refused it.


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Our service helps savers, businesses and cash deposits uk banks advisers find some of the top tier savings rates, year-in, year-out.
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Octopus: part of an experienced group of companies Octopus Cash is part of Octopus — a group of companies that transforms break the bank bingo no code industries with expertise in investments, energy, healthcare and property finance.
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If you currently cash deposits uk banks or choose to save with any partner banks in the future, money held directly at the banks will be protected ahead of money held with Octopus Cash.
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The Financial Services Compensation Scheme FSCS is the compensation scheme for customers of UK banks that are authorised to hold deposits.
It protects savers if the bank goes bust Octopus Cash is not a bank.
But we partner with banks which are FSCS protected.
Prior to being deposited with our partner banks, your money will be kept in a segregated HSBC trust account, which is also FSCS protected.
The FSCS offers £85,000 of protection per person per institution, or £1,530,000 for a couple.
Any deposits you hold above the limit won't be covered.
For further information, visit AER stands for Annual Equivalent Rate.
It shows what the interest rate would be if interest was paid and compounded once each year.
Octopus Cash is offered by Octopus Co-Lend Ltd.
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DEPOSITING CASH? WATCH OUT FOR THE IRS! Most of us dont have occasion to deposit large amounts of cash very often. But it does happen sometimes as an individual, and if you own a small business, you might have occasion to do it a lot.


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(NaturalNews) Few could have envisioned it even just a few years ago, but it's happening now, and on an ever-widening scale. More big U.S. banks are shunning cash, because the banking system has become so dependent on other "assets" that large cash deposits actually pose a threat to their financial health, according to The Wall Street Journal.


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Our service helps savers, businesses and financial advisers find some of the top tier savings rates, year-in, year-out.
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Octopus: part of an experienced group of companies Octopus Cash is part of Octopus — a group of companies that transforms broken industries with expertise in investments, energy, healthcare and property finance.
All of our partners banks are protected by the Financial Services Compensation Scheme FSCS.
Only £85,000 is protected at each bank.
If you currently save or choose to save with any partner banks in the future, money held directly at the banks will be protected ahead of money held with Octopus Cash.
Octopus Cash offers savings solutions for individual savers, businesses and financial advisers.
How can we help you?
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The Financial Services Compensation Scheme FSCS is the compensation scheme for customers of UK banks that are authorised to hold deposits.
It protects savers if the bank goes bust Octopus Cash is not a bank.
But we partner with banks which are FSCS protected.
Prior to being deposited with our partner banks, your money will be kept in a segregated HSBC trust account, which is also FSCS protected.
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Octopus Cash deposits uk banks is offered by Octopus Co-Lend Ltd.
Registered office: 33 Holborn, London, EC1N 2HT.
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We’ve explained how cashing a Canadian check works, highlighted issues that may arise, and provided information on banks that will be best to work with. Spoiler: you’ll have to deposit a Canadian check at a US bank account before you can get at the cash. Keep reading to learn how to turn your loonies and toonies into American cash.


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I recently found out about a new rule (law? I don't know) that at least affects Bank of America customers: the tellers will not accept cash deposits by anyone other than the account holder. A friend owed me some money, so I gave her one of my checking deposit slips and she went to BofA to make a cash deposit. They refused it.


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The “authorities” don’t monitor individual bank accounts, but they do expect banks to implement anti-money laundering policies. Here is the regulation: Anti money laundering controls and monitoring You must put in place certain controls to prevent...


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Third-party cash-deposit rules on the high street. Which? contacted other major banks with a high street presence to check their rules on cash deposits from third parties. Barclays has also changed the way third parties can deposit cash. Non-customers will need a printed paying-in slip from the recipient’s account.


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Nationwide and Santander both say they have introduced the ban on cash deposits in order to crackdown on money laundering and track cash more closely.
Customers of Nationwide have been subject to the ban on third-party credits since 12 March 2018, while Santander closed this option just last month.
A Santander spokesperson told Which?
However, some customers have taken to Twitter to vent their frustration at the change.
Existing Nationwide members can pay money into their own account and transfer this to another, which can be done in branch or online.
The building society says that third parties can continue to pay in cheques.
Santander says if a customer who is not named on the account asks to pay money into that account, staff will discuss alternative ways of completing the transaction.
The bank said other methods of paying into an account include a cheque, regular standing order or a one-off transfer.
Third-party cash-deposit cash deposits uk banks on the high street Which?
Barclays has cash deposits uk banks changed the way third parties can deposit cash.
Tesco Bank, which allows customers to pay in cash at selected stores, told Which?
Lloyds Bank, Halifax and Bank of Scotland will also accept both cash and cheque deposits from third parties as long as they are able to provide a valid sort code stanbic ibtc bank sort account number to credit.
Metro Bank told us they had no restrictions on third parties paying into accounts, but said it would ask additional questions on the source of the cash for larger deposits.
This article has been updated to include information on Barclays Categories:Tagged as:.

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I recently found out about a new rule (law? I don't know) that at least affects Bank of America customers: the tellers will not accept cash deposits by anyone other than the account holder. A friend owed me some money, so I gave her one of my checking deposit slips and she went to BofA to make a cash deposit. They refused it.


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Bank of America implemented this policy in early December.
Kristopher Dahl, a Wells Fargo spokesperson, says the change reflects concerns about various forms of criminal activity, including money laundering.
In 2014, Chase became the to declare that it.
The move was meant to prevent money laundering and fraud.
Customers can still have others deposit cash into their business accounts.
Alternatives to cash deposits Prohibiting customers from making certain cash deposits could be another indication of how the role of bank branches in the financial industry is changing.
Still, there are some consumers who want to deposit cash cash deposits uk banks person from time to time.
Make an electronic transfer.
Zelle is also a good option.
Funds sent through Zelle are usually available almost instantly.
Though is increasingly becoming an issue for many organizations, checks pose less of a threat to banks than cash deposits.
Add an owner to your account.
But like a joint credit card, joint bank account ownership can cause problems, especially if the other owner drains your cash deposits uk banks or misuses your money.
See what other banks offer.
According to a recent Bankrate survey, the idea that switching banks is a hassle is one of the main reasons why consumers avoid leaving their financial institutions behind.
Two examples are and PNC and neither bank says it has plans to change its policies.
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