Jump to content
We’re excited to announce the forum is under new management! Click here for details.

How much money can you put in a bank account before they get suspicious?

Recommended Posts

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?

Share this post


Link to post
Share on other sites

Might look a bit dodgy to be honest.

 

Try speaking to your solicitor, or your bank?

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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..

Share this post


Link to post
Share on other sites

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 :).

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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!

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
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

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.