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

[savbaby 10]

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 10]

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 10]

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 10]

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 10]

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 10]

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 10]

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.

[avid_merrion 10]

its your bank, your money put it in there. If they dont like it close your account and tell them to get stuffed.

[Cyclone 10]

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 10]

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 10]

You can do what you want with the money, so long as it's legitimate you have absolutely nothing to worry about.

[never wrong 10]

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.