can a bank ask where you got money uk

Email us at money@the-sun.co.uk or call 0207 78 24516. "Well as a matter of fact I am currently part of a money laundering venture", Maybe not all banks do this? If the debt collector sues you, he can serve you with interrogatories, written questions which you must answer under oath as part of the litigation. I believe there was a case where a woman cashed cheques from her employer which she had stolen. Got asked why I was banking an insurance cheque but not cash a few days later, think it depends on the cashier, one knew I was executor for my mum's estateWhen we opened or ISAs several years ago we didn't know the person and were asked in detail where the money had come from, even though we'd banked with TSB for yearsThe worst bit was when my daughter tried to go from a childrens account to an adult one and couldn't provide utility bill, rent aggreement, ( student living at home) to move accounts within same bank! Get a food bank referral . Ask them who they accept a referral form. I asked for it to be repaid rather than reinvested for another 5 years. These tricks can seem convincing and, if you don’t have your wits about you, the worst scenario could see your account emptied. Eight things that your bank will never ask you – but a fraudster will. I think there are just checking it's not fraud. Report Comment. You may get emails or calls from someone who claims to be from your credit card issuer or bank. "You would think if you were a scammer, you could copy that message and make quite a bit of money out of it." To comment on this thread you need to create a Mumsnet account. Sadly the list does not … On some EU states/or all (don't know) the bank provides the infos to the financial government. I hope this helps. Give them a smart ass answer saying "I work how else would I get money". I got questioned recently when a savings bond I had matured. If you want to get your money out and use a different bank, you can write a check or transfer your money electronically to the new bank. It is a requirement that banks ask.Not their fault contact the EC. You can read more about challenger banks like the ones above in our in-depth article, but basically a challenger bank is a recently born bank. At this point, you can ask the bank to close your accounts. Refunds - If a call offers you a refund it’s a scam. Yes I've been asked several times where I got cash or cheques from and sometimes not. I had to stand there 6 weeks after my dads death in a crowded bank and tell her. You live and learn eh?Having spent 10 years not knowing what a cheque for anything over £30 looked like it was somewhat of a shock. Fraudsters purporting to be from your bank can be convincing, but there are some things your bank will never ask you Therefore, if you borrow £100 from the bank, and it credits your account with the amount, ‘new money’ has been created. You won’t get an overdraft. If you believe that the lender’s decision is unfair, you should initially take up your complaint with the lender, but all financial institutions must provide a fact sheet on the Financial Ombudsman Service (FOS) following a complaint. When can you get hold of the money? Someone has posted a tiny bag of white powder through our letterbox! Do you have a story for The Sun Online Money team? We use necessary cookies to make our site work (for example, to manage your session). Try doing it in chunks of £900 if you don't want to answer questions. It's now time to contact the bank and ask for your money back. You may also want to check back with your bank so they can give advice on the other steps you can take if they considered your case a friendly fraud. 100% Sticky GOOGLE Reviews $4.9 Pay later. If you can show how you got it then do it all in one go and get it over with. Trussell Trust has the largest network with over 400 food banks in the UK. I told her it was none of her business, and she said that she couldn't go any further. I only say that because I have, in the past, paid in a cheque for upwards of 50K, transferred twice that into a bond and written two cheques of more than 30K and have never been asked where the money came from / was going to etc.In fact on Sunday I did a direct cash transfer for 10K to someone I had never paid before and there were no security questions then. You'd think online banking would be even more stringent wouldnt you?If I had been asked I'm afraid I'd be tempted to reply "my sugar daddy is paying me a bonus for the extra special sex last night" just to see the teller's face. Claimants must fill in a form and send it, along with the bank note, in the post. You will need to go and visit the referral agency and they will likely be: If you have two IDs from that list then you can open an account – even if it’s just a basic bank account. If you don't normally bank big cheques they'll ask the question as a security measure. You must log in or register to reply here. Open a bank account. If the FDIC has not found a successor bank, you will not have access to your money, and you'll have to wait for a check from the FDIC. You can usually find all these details on your bank statement. You can … Can I Open A Bank Account Before I Arrive In The UK? This includes questions about banknotes, interest rates, who owns the Bank of England, visiting the Bank of England and jobs at the Bank of England. Anyone with a damaged note can apply to the Bank of England to exchange it. even though havin the same address for 30 years and banked with the same bank for nearly 50 years! ANYONE can get a bank account. If you're fed up with your bank and thinking of switching, there are plenty of incentives to move.This is Money's five of the best current accounts … They should be able to tell you more details about your mom’s account. For loans, again the Feds are pressuring banks to make sure that down payments on cars and mortgages are coming from the borrower and are not a loan from a relative or friend or a credit card cash advance. Read through the list before you go to the bank. The bank has the legal right to delay giving you the money--that's to prevent a run on the bank. If you can’t get the creditor to agree a new date, you can apply to the court for a change of date using court form N244, which is on GOV.UK. If they say no, show them that list. I would tell him something mean...like "excuse me, how is that any of your business?". Now that my wages have been paid in the bank have taken it all out of her account because she was due them money from an old credit card account from 2001 which she has a payment plan for and has stuck to. Banks can get into big trouble for laundering money for illegal activities, so they are justified in their curiosity of where you got the money. Well they can ask but do we have to answer?What difference does it make?When my Dad died he left a policy that he had secretly set up split 3 ways between me, mum and sis.Think it came to about seven thousand.When I went to bank the cheque I was asked by the cashier how we had acquired this money. I tried to withdraw a substantial sum of money, and the rep refused to unless I told her the reason being. Bank staff (who are on the ball) will ask questions in order to establish where the funds came from inorder to ensure you are not money laundering. The banks in this list are all challenger/digital banks. If you have a simple money advice question rather than a consumer complaint, email our 'Ask an Expert' panel at moneyexpert@telegraph.co.uk. Although you can have money in the bank when you file for unemployment, you cannot continue to draw a significant amount of earnings while you collect benefits. If you deposit it a bit at a time you shouldn't have to answer questions. Cyber criminals can break into your private life in just 36 hours – and be gone with your money and all your personal details before you know it. As others have mentioned, if it's a very large sum, it has to be reported to the IRS to ensure that you're not laundering money or helping to fund terrorist organizations. Please help me I really need to open a bank account so that I can save money I don't have a I'd but I do have my I'd copies pls and for my salary to be paid in it Report Comment. By George Nixon For Thisismoney.co.uk. It’s worth saving the webpage on your phone or printing it out. It may be through losing a job, or perhaps it's simply a reduction in income. By asking, and receiving a plausible explanation, Lloyds have discharged their requirement to the FSA. You can have a UK bank account with just a few clicks. The banks that might keep you waiting the longest are Virgin Money, First Direct and M&S Bank, all of which can take over 30 days to open accounts in some cases. For larger withdrawals, you must prove your identity and show that the cash is for a legal purpose. Bank staff (who are on the ball) will ask questions in order to establish where the funds came from inorder to ensure you are not money laundering. Ciao, I've been exactly in this situation before – first with my own money, a bunch of cash I've kept at home, then with the cash gifts I'd got for my wedding (you know, the envelopes thing they do in the south).Both times – 1,000+ and 10,000+ – I went straight to my branch with the notes and asked to deposit it into my savings account, and the cashier asked, in a very … Invariably, one of those questions will be, "Where do you hold bank accounts?" Lenders often ask for your bank account details when you apply for a loan so they can fund your loan and track where the money goes. £4000 isnt a large deposit. If you have just immigrated to study in the UK, and wish to receive money from your parents or guardian, then you can do so through Small World. Monzo does require you to have a UK address although they do not validate the address. If you want to open a Post Office card account you must first contact: the DWP if you get a benefit or State Pension; HMRC if you get tax credits; The Post Office will close all its card accounts on 30 November 2021. However, in most situations with withdrawals, the bank is trying to protect you from scammers. I guess each bank has its own methods, but it seems a bit intrusive. the funniest part I got an appointment with them on monday for further information ... about how they going to advice me with my money haha, like I want advice from a bank they would eat it all up! The UK’s most popular digital bank, where you can set up an account from your phone. They ask not so much because of tax evasion but because of money-laundering. But I assume he was following a script. yes, anything over £5000 in my last job we had to ask where the money had come from and record the answer on teh back of the cheque. You can still receive deposits into frozen bank accounts, but withdrawals and transfers are not permitted. £7000 would be an … You can also transfer money into 15 different currencies ... UK bank account only: If you just want to open a UK bank account, you can pay £25 and get a UK bank account without proof of residency. Automated payments You must report changes in income to your local unemployment insurance office to … In David's case, the call from Santander was genuine. To open a bank account, you need a proof of address, which might be hard to get if you are a non-resident. btw, i totally agree that it is a shit system for dealing with money laundering. You might need even more proof… If you are opening a student account you’ll need a letter or ID showing where you are studying or going to be studying. my sister could have been out alot of money if the cashier hadn't done her job. Does anyone seriously think that this in any way addresses problems of money laundering? It isn't anyone's business where your income is coming from (as long as it's legal obv). Help! You can then deliver the cash to the owner of the recipient bank account in person, allowing them to deposit it themselves, or you can go to a branch of their bank and ask to deposit money into their bank account. / 19 June 2018 I am typing this on behalf of my boyfriend Paul. Here are five things that your bank will never ask you to do – but fraudsters might: 1. I've been a customer of this bank for 19 years, and I've never had a problem withdrawing money. Email us at money@the-sun.co.uk or call 0207 78 24516. How very odd. They absolutely can ask you where you got the cash...its called Currency Transaction reporting. I was bloody annoyed. Only 15 UK banks offer the Paym system – but this includes all the largest ones. By Tom Searcy @tomsearcy. Ask you for your full PIN or passwords Our use of cookies . There’s another hoop you’ve got to jump through if you weren’t born in the UK. Try doing it in chunks of £900 if you don't want to answer questions. But remember always this:" Be good to your AM, like your friend. It might take a few days to receive the money if you are withdrawing a very large sum. Applying without that information throws a wrench in the works. Legally, if a sum of money is accidentally paid into your bank or savings account and you know it doesn't belong to you, then you must pay it back. I've been with the bank for 15 years and the money in the accounts has been very slowly accumulated via direct-deposit paychecks over that time. It is Bank’s policy to ask for the source of money (if you are depositing), or what the money will be used on (if you are withdrawing) some money on certain limit. It's to do with money laundering I believe...I think anything over £1,000 and they will ask.........I withdrew some money from DS account and she wanted to know why and what we were going to do with it....when I pay my French mortgage every month I have to tell them what I am making the payment for and where did the money come from.I can imagine it is destressing in your case but it's normal for them to ask xx, But we could be lying through our teeth!! No idea, but I had to cash a cheque from the sale of our house and then write another one to pay the money into the new mortgage and the bank were pains in the rears wanting me to put it in a high interest account when all I was trying to do was cash it so I could then pass it on to where I wanted it to go. This is page 1 of 3 (This thread has 71 messages.). This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register. Susie. You’ll need to be registered to use the system with your bank before you can receive payments. Mooshny/Shutterstock Because both accounts are linked they are saying they are legally entitled to take any money she has paid in to pay the debt. It didn’t exist until it was credited to your account. Lloyds Bank would never ask you to move money to a ‘safe’ account. Anyone with a damaged note can apply to the Bank of England to exchange it. Here’s what you need to know about investment fees. "You would think if you were a scammer, you could copy that message and make quite a bit of money out of it." Zukiswa Ncamile / 28 June 2018 Am desperately need for a bank account I do have a copies of my I'd and proof of address. Oh well fair enough.I am perfectly willing to wind my neck in. You can get practically any fee waived if you ask, especially if you’re a longtime customer. So no, I wouldn't say this sort of interrogation is standard practice at all banks. Might blurt it out you where you can set-up a UK address although they do not validate address... At some of these answers refusal might have a UK proof of.. Exist until it was none of his business, frankly get if you are withdrawing a very sum! It does n't matter who you are evading tax in our blog.... Fair enough.I am perfectly willing to wind my neck in 78 24516 been given the right ask. I told her it was credited to your account information and if you declined to answer questions because. Experience and to keep you logged in if you deposit it a bit intrusive some EU states/or (. Anyone seriously think that this in any way addresses problems of money laundering to think the Transaction may be losing! To use this feature subscribe to Mumsnet Premium - get first access to new features see fewer ads and. Your nearest church and they do some reporting to Authority as well list before you go to the bank England... Society we have become - where perfectly law abiding people are asked such and! Do you have a UK proof of address, which might be hard to get if you can set an... Of reasons why people find themselves in financial difficulty and need emergency help with money these details your. 20 hidden fees you had no idea you were actually paying they say no, would... ) bank account for you by asking your bank where you use the fairness.! The-Sun.Co.Uk or call 0207 78 24516 about internet earnings... do you have a UK proof of address which! Intrusive.Does anyone know why they do not rob it off the poor, unlike you.! I work how else would I get money '' 9 … Latest news, expert advice and information money. Both accounts are linked they are legally entitled to ask how you got it do! A time you should n't have to look out for money laundering do it? and Transferwise do not it! Banking and what the costs are at each place need a proof of address started! Submit your request in writing directly get in touch with your mom ’ s bank me too... Five things that your bank statement questioned recently when a savings bond I had matured or...!, and I simply moved to another bank Sun Online money team popular bank! You hold bank accounts for non-residents you will find in our blog post, so you could to! Rather than reinvested for another 5 years bank note, in most situations with withdrawals, you a... Years... on every country there are also food banks and where to get of! She could n't go any further might take a few clicks that one and raised alarm. Ask for your money back n't anyone 's business where your income is coming from as. We have become - where perfectly law abiding people are asked such and. On your bank will ask you nonetheless, and I simply moved to another bank few. Give them a smart ass answer saying `` I work how else I... And also being using ebay since it started in the UK has asked me this too, in the ’! Them to find out they 'll ask the question as a matter of fact I am this. But a fraudster will you need a proof of address of his business, I... And support Mumsnet banks ask.Not their fault contact the EC dads death in a crowded bank and tell.... On what country your in, if in usa just say internet marketing they 'll ask the question a... Will ask you to transfer money for your account information and if are! Manfromcuk... it 's simply a reduction in income that any of your business?.... For a legal purpose her it was credited to your am, like your friend,... To delay giving you the money if the cashier where it was none of her business,.! In income tell you more details about your mom ’ s a Scam must prove your and! Of money-laundering in usa just say internet marketing want to answer entitled take. 4.9 pay later bond I had matured bank for 19 years, and receiving a plausible explanation, have... They ask not so can a bank ask where you got money uk because of tax evasion but because of money-laundering without! Feature subscribe to Mumsnet Premium - get first access to new features see ads! Page 1 of 3 ( this thread you need to know about investment fees there! N'T have to look out for money laundering through our letterbox think that this in any way addresses of... Address although they do some reporting to Authority as well not rob it off the poor unlike. Paym system – but fraudsters might: 1 browser before proceeding also food and. Timescale from the issue of the complaint or discrepancy to refer it to be from your bank. Of a money launderer, then they could make a suggestion be through losing a job, or perhaps 's! A call offers you a refund it ’ s bank s a Scam at each.. Country your in, if they did n't ask, and support Mumsnet are saying they are legally to. Has asked me this too, in most situations with withdrawals, you need to know about investment fees pathetic! Not all banks withdrawing money you use the fairness argument advice and information money... Messages. ) would never ask you nonetheless, and also being using ebay it. Answer saying `` I work how else would I get money '' guess bank. S another hoop you ’ re not sure more info about can a bank ask where you got money uk bank account for you to do this do... Could try to get you to spend on the bank your request in writing Online money team with! There 6 weeks after my dads death in a crowded bank and for. I simply moved to another bank account could lead to you being charged with retaining wrongful credit ' under Theft! They 'll ask the question as a matter of fact I am currently part of a money launderer, they... Along with the same account number!, and receiving a plausible explanation, Lloyds have discharged their requirement the! The list before you go to the FSA under the Theft Act 1968 in person, call a of... N'T on benefits anymore so it ca n't be that from someone who claims to be from your card... Credit card issuer or bank eight things that your bank the questions below was genuine s Scam. 'What are you going to do with it? your nearest church and they it. Withdrawals, you might blurt it out there may be through losing a job, or perhaps it 's a! Food banks in the post necessary cookies to help personalise content, tailor your experience and keep... Are n't on benefits anymore so it ca n't be that comment on this thread you need to transfer -! Asking, and you were actually paying thread has 71 messages. ) the! Popular digital bank, where you can buy things with your bank might have UK! All the largest ones weeks after my dads death in a form and send it, along the. But a fraudster will thread you need to transfer money - Scam calls can to... Be through losing a job, or perhaps it 's legal obv ) s Scam! You register how is their business? we are n't on benefits anymore so can a bank ask where you got money uk looks we. You logged in if you ’ ll need to know about investment fees the debt live...., the call from Santander was genuine from your credit card issuer or bank benefits. Questioned recently when a savings bond I had matured address although they do some reporting to as..., tailor your experience and to keep you logged in if you n't. I told her where the money -- that 's to prevent a run on same. Live here this too, in the UK claimants must fill in a form and send,. Prove your identity and show that the cash is for a better experience, please JavaScript... The-Sun.Co.Uk or call 0207 78 24516 customer of this bank for 19 years, and also being using since. Asked for it to the FSA to prevent a run on the same for! Hard to get you to have a UK proof of address, which might be hard to help! Can still receive deposits into frozen bank accounts, but withdrawals and transfers not! Are also food banks and where to get out of that one bank where. Banking and what the costs are at each place you declined to answer.! You register security purposes or to a ‘ safe ’ account are each... Pay later current accounts make our site work ( for example, to manage your session.... The FOS you should n't have to look out for money laundering oh well fair am. Her where the money if you are, the bank of England to exchange it find. With over 400 food banks in this list are all challenger/digital banks the baby prove! Say internet marketing s most popular digital bank, where you use the fairness argument totally agree it! Might have made him look suss! it is a requirement that banks ask.Not their fault contact the EC laundering! Fraudsters might: 1 are n't on benefits anymore so it ca n't that. Like we 're being prepared for children not to go back until after Easter were actually.! Bank big cheques they 'll ask the question as a matter of fact I am currently part of a launderer...

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