View Full Version : How much money can you put in a bank account before they get suspicious?


magician
18-10-2006, 18:13
i need to clear my drug money, so will they ask if i put a large amount in?





no seriously, am gonna be paying towards a mortage soon. but instead of lending all of it from the bank and paying stupid rates back. am gonna borrow as much as i could from friends interest free, so would it be ok if i just go to the bank and say here is 10-20 grand, put it into my account?

hmr44
18-10-2006, 18:15
Might look a bit dodgy to be honest.

Try speaking to your solicitor, or your bank?

magician
18-10-2006, 18:17
well the thing is i have all the proof, that ive borrowed from my mates and what i saved up.

i was just wondering is it a bank policy to ask over a certain limit.

sTaGeWaLkEr
18-10-2006, 18:20
I've paid large amount into an account in the past with no problem.

I think if you were trying to withdraw large amounts, there might be questions.

hmr44
18-10-2006, 18:22
Stagewalker, I think banks can get suspicous when paying in large amounts of money - I THINK, I'm no expert so don't quote me on this!

But its all to do with new money laundering regulations, I think they were introduced in 2004 when they started to get stricter, like Magician joked, they wanna check that you're not earning money from selling drugs or other illegal things..

Tony
18-10-2006, 18:23
It's 10k in a single transaction. You're unlikely to have any problem though it's wise to be able to have a clear conscience about where it has come from if you ever have to explain it to the tax man :).

princessL83
18-10-2006, 18:33
If you pay it in all at once or in a a couple of transactions you will be fine- try and pay in all at one branch! Think about when people get loans or sell a car etc and put the money in their bnk

If you sart putting 2k a week in for months on end- THEN they'll get sus

hmr44
18-10-2006, 18:35
Thats true Princess, I think I must be thinking about something else.

I work for a solicitors and we are not allowed to take cash for deposits on houses etc. because of the Money Laundering Act.

Sorry for my confusion!

never wrong
18-10-2006, 18:57
I believe the 10k rule only applies to relative new accounts they have to inform in this cae but I dont know who to.
if you have been with a bank a few years you can put in what you want and withdraw what you want. but most banks require notice for 5000 or more 24 hours notice

peardrops
18-10-2006, 19:21
I had over 20k paid in from my company when made redundant. We then paid most of it out clearing bills. The bank did ask what the payment received was for though.

tom3t0
18-10-2006, 19:35
i need to clear my drug money, so will they ask if i put a large amount in?





no seriously, am gonna be paying towards a mortage soon. but instead of lending all of it from the bank and paying stupid rates back. am gonna borrow as much as i could from friends interest free, so would it be ok if i just go to the bank and say here is 10-20 grand, put it into my account?
register as a business, pay your own wages with "profits" from your business, where they have come from is up to you

John
18-10-2006, 20:06
Why does it need to be cash?

Your friend is best making a bank/cheque transfer so that they have proof that they have lent you the money.

I don't know if it is possible but it may be worth investigating.

See if it possible for Mortgage lender to link their account to offset your Mortgage. This would means no money is required to be withdrawn from their account to yours and at the same time, they are protected from any dispute that could arise should you die.

savbaby
18-10-2006, 20:31
there is no set amount that would be suspicous, its the activity on account that would be suspicous and as long as you have all the proof you will be ok!

Bartfarst
18-10-2006, 20:47
there is no set amount that would be suspicous, its the activity on account that would be suspicous and as long as you have all the proof you will be ok!I beg to differ - I have been told by both a banker and a tax accountant that cash payments into an account of 10k or more have to be reported by the bank to the tax office.

Titian
18-10-2006, 20:50
i need to clear my drug money, so will they ask if i put a large amount in?





no seriously, am gonna be paying towards a mortage soon. but instead of lending all of it from the bank and paying stupid rates back. am gonna borrow as much as i could from friends interest free, so would it be ok if i just go to the bank and say here is 10-20 grand, put it into my account?

Don't worry, they have a nose for wrong doing and can spot it instantly.

Andy
18-10-2006, 20:52
I beg to differ - I have been told by both a banker and a tax accountant that cash payments into an account of 10k or more have to be reported by the bank to the tax office.

That is incorrect - a bank is obliged to report any suspicious activity to the law enforcement authorities (used to be NCIS - not sure who they have to report to now). The 10k is a guideline, but smaller transactions would be reported if they aroused suspicion, larger transactions would not be reported if they were not considered out of character for the customer.

What you need to bear in mind is that banks send through loads and loads of reports. I believe (although I have no proof of this other than hearsay) that most of them sit in cardboard boxes and never get looked at.

Claire18
18-10-2006, 21:08
All banks have money laundering departments who work closely with the NCIS (or whoever replaced them). If you pay the funds in in cash it will trigger on a report somewhere and the ml dept will make investigations in to the activity. To be honest the cashiers accepting the cash would more than likely report it as suspicious activity to the same department. They are not allowed to 'tip you off' that they are doing this though!

To try to avoid being 'investigated' you'll be slightly better having the payments made electronically to your account although this could be classed as unusual activity also.

I work for a bank and occasionally get queries asking for explanations re unusual activity on my customers' accounts. I'm not sure about the tax thing though.

joeyannie
19-10-2006, 06:48
I put 30K in to my student account when I bought my house 4 years ago...all that happened (as far as I am aware!) is that the bank got overexcited about the fact my account was finally in the black after 7 years and rang me to see if I wanted investment advice...sadly for them they hadnt noticed the funds disappeared to the solicitors almost as soon as they had appeared!
If I was reported/investigated no one told me about it!

El-Mariachi
19-10-2006, 08:42
i need to clear my drug money, so will they ask if i put a large amount in?





no seriously, am gonna be paying towards a mortage soon. but instead of lending all of it from the bank and paying stupid rates back. am gonna borrow as much as i could from friends interest free, so would it be ok if i just go to the bank and say here is 10-20 grand, put it into my account?

As you long as you deposit it in amounts of less than 10K at a time you should be okay. :thumbsup:

avid_merrion
19-10-2006, 08:44
its your bank, your money put it in there. If they dont like it close your account and tell them to get stuffed.

Cyclone
19-10-2006, 09:03
If you pay it in all at once or in a a couple of transactions you will be fine- try and pay in all at one branch! Think about when people get loans or sell a car etc and put the money in their bnk

If you sart putting 2k a week in for months on end- THEN they'll get sus
Yeah, they'll think your an IT contractor.

Cyclone
19-10-2006, 09:05
I beg to differ - I have been told by both a banker and a tax accountant that cash payments into an account of 10k or more have to be reported by the bank to the tax office.

I think that's probably correct about cash.

My cousin manages a car dealership (honda) and they have to report it to someone (bank/police, not sure) if someone pays more than 10k in cash for a car.

Guest_225
19-10-2006, 09:32
You can do what you want with the money, so long as it's legitimate you have absolutely nothing to worry about.

never wrong
19-10-2006, 09:38
You can do what you want with the money, so long as it's legitimate you have absolutely nothing to worry about.

I agree with you.
BUT go into a bank for the first time and deposit 10k OR a car dealers for the first time and pay in cash over 10k and the chances are you will have to explain to some one where did you get the money from in the first place.

venger
19-10-2006, 11:00
It is my understanding that cash transactions of 5000 and above are looked at, not sure about what detail.

Getting ever closer to a cashless society.