It didn’t exist until it was credited to your account. You can withdraw as much money as you need from your bank account at any time, but there are some regulations in place for amounts over $10,000. You can … You will need to go and visit the referral agency and they will likely be: They absolutely can ask you where you got the cash...its called Currency Transaction reporting. However, looking at some of these answers refusal might have made him look suss!It is a fairly crap system though. I paid a slightly larger sum into my (Co-operative) bank account without any grief at all. Report Comment. Predatory driving instructor. even though havin the same address for 30 years and banked with the same bank for nearly 50 years! I n a bid to protect customers from fraud, the UK’s big banks have published a list of things they will never ask you to do. 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. Well, I got phone from my bank asking me where I get my money from because of the amounts I get monthly ... Tell them you get it via their mom. Keeping any money wrongly credited to your account could lead to you being charged with retaining wrongful credit' under the Theft Act 1968. Answers to some of the most frequently asked questions about what the Bank of England does. He laughed. It isn't anyone's business where your income is coming from (as long as it's legal obv). Find out more about Making phone and online bank transfers. By Tom Searcy @tomsearcy. My father-in-law has recently received a lump sum of £60,000 – what are the easiest options for him to save or invest? There are also food banks run from churches, so you could try to call your nearest church and they could make a suggestion. Also, if they have reason to think the transaction may be illegal, they have the right to ask questions. ", I dont get it. Ask your bank where you can do your banking and what the costs are at each place. Susie. Try doing it in chunks of £900 if you don't want to answer questions. The good news is that companies like Monzo or Monese offer a UK bank account without proof of address. btw, i totally agree that it is a shit system for dealing with money laundering. How very odd. Sadly the list does not … Lloyds Bank would never call you about a … They ask over a certain amount, I thought it was over £7,000, though I put a cheque for a bit over that into my account 18 months ago and they didnt ask at all. 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. It's an understandable concern for bank customers, especially in … ANYONE can get a bank account. £7000 would be an unusual transaction on your account.and just to make you feel a bit better, my sister got stung by a money laundering scam, thinking she was getting paid in advance for a job. Automated payments When can you get hold of the money? How to Ask Your Bank for Money You're not pitching the upside--you're alleviating fears about downside risk. 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. Monese and Transferwise do not require you to have a UK address to apply for their current accounts. Don’t miss these 20 hidden fees you had no idea you were actually paying . Email us at money@the-sun.co.uk or call 0207 78 24516. 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. But remember always this:" Be good to your AM, like your friend. I think there are just checking it's not fraud. In David's case, the call from Santander was genuine. 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. 'Some accounts restrict the number of withdrawals you can make each year, so you need to check the terms and conditions before going ahead.' You’ll need to prove you’ve been given the right to live here. If you can show how you got it then do it all in one go and get it over with. You can still receive deposits into frozen bank accounts, but withdrawals and transfers are not permitted. It's a crap system, but it's the fault of a poor regulatory framework aimed at ticking boxes rather than actually addressing the problems of financial crime. It just feels so damned intrusive.Does anyone know why they do it? By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them. / 19 June 2018 I am typing this on behalf of my boyfriend Paul. Does anyone seriously think that this in any way addresses problems of money laundering? (we aren't but it's hardly an infallible system if that's the case), It's part of the banks ensuring the funds are obtained legally - better to be asked imo than have any old person going in with a cheque and getting funds, unless you like the idea of no security or crime being able to wash funds easily.IfYouWantToAvoidThisDon'tHaveABankAccountTiggaxx. 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. my sister could have been out alot of money if the cashier hadn't done her job. So no, I wouldn't say this sort of interrogation is standard practice at all banks. Published: 02:47 EST, 9 … You can set-up a UK bank account without a UK proof of address. They should be able to tell you more details about your mom’s account. I hope this helps. By George Nixon For Thisismoney.co.uk. These tricks can seem convincing and, if you don’t have your wits about you, the worst scenario could see your account emptied. ... Do you have a story for The Sun Online Money team? You can make sure you’ve got the right bank account for you by asking your bank the questions below. even the same account number!, and also being using ebay since it started in the U.K.! Can any one ask a bank if you have an account there and can the gain access to it - Answered by a verified Solicitor We use cookies to give you the best possible experience on our website. However, in most situations with withdrawals, the bank is trying to protect you from scammers. After you are close ,he could back your asss if something comes up. 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. At this point, you can ask the bank to close your accounts. I would tell him something mean...like "excuse me, how is that any of your business?". What a totally pathetic society we have become - where perfectly law abiding people are asked such ridiculous and intrusive questions. I said 'Spend it.' Open a bank account. By asking, and receiving a plausible explanation, Lloyds have discharged their requirement to the FSA. In David's case, the call from Santander was genuine. Your bank might have a cut-off time for this – ask them to find out. Tell them women pay you an obscene amount of money for your services in bed. 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!! Someone has posted a tiny bag of white powder through our letterbox! Only 15 UK banks offer the Paym system – but this includes all the largest ones. We'll explain how to access food banks and where to get help with money in an emergency. I was annoyed at DH initially for so willingly answering. Lloyds Bank would never ask you to move money to a ‘safe’ account. Generally, when a bank denies a claim, the next options include filing a claim with small claims court or filing a police report and seeking assistance from the authorities on how you can possibly get your money back. Well it's a woman and she very friendly and slimey on the phone so I will fix this I hope so ... because I'm thinking to get all my money out of the bank and put it somewhere safe .. Change banks. Pensions, property and more. It's a simple, first-step security measure and if the person declines to answer the question then, presumably, they won't accept the cheque. You’ll need to be registered to use the system with your bank before you can receive payments. If you pay cash into your account it’s usually available for you to spend on the same day. Because you can buy things with your bank account, we think of this as money even though it’s not cash. One of the most frequently asked questions for those nearing or in retirement is ‘How much money can you have before it affects your pension?’. Setting-off can cause endless problems - frankly, anything that affects how people budget can have long-term detrimental effects. Banks may freeze bank accounts if they suspect illegal activity such as money … If they say no, show them that list. Eight things that your bank will never ask you – but a fraudster will. You can withdraw money from the account at any post office using a card and PIN number, but you can’t get access to the money anywhere else. I got questioned recently when a savings bond I had matured. Pathetic - I wonder what they would do if you declined to answer? 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. If you don't normally bank big cheques they'll ask the question as a security measure. Yes, you can. It is a requirement that banks ask.Not their fault contact the EC. I bank with barclays, they havent ever asked me.....does seem to be a crap system, if you pay the cheques in at the machine who would ask? For a better experience, please enable JavaScript in your browser before proceeding. Then go and try to open a bank account, even if they say they can't ask them what your options are, also, just because it says on their website that they don't accept birth certificates doesn't mean that they won't if you … £7000 would be an … 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. Anyone with a damaged note can apply to the Bank of England to exchange it. 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 … £4000 isnt a large deposit. If they bother to ask and subsequently have any suspicion about the source of the funds they are legally obligated to refer your details to a supervisor. Read this. Latest news, expert advice and information on money. If you have a simple money advice question rather than a consumer complaint, email our 'Ask an Expert' panel at moneyexpert@telegraph.co.uk. 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. Tell them "never you mind, at least I do not rob it off the poor, unlike you". Can I Open A Bank Account Before I Arrive In The UK? But I assume he was following a script. 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'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. 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. 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. It’s worth saving the webpage on your phone or printing it out. There’s another hoop you’ve got to jump through if you weren’t born in the UK. Invariably, one of those questions will be, "Where do you hold bank accounts?" 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. 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. US bank tried pulling that with me, and I simply moved to another bank. You can choose to put your money … They ask not so much because of tax evasion but because of money-laundering. I was like wtf where has she been for the past 15 years ... On every country there are different laws. Like `` excuse me, how is that any of your business? `` an ATM why they do rob. There 6 weeks after my dads death in a form and send it, along the... Buy things with your mom ’ s worth saving the webpage on your bank might a! Do you have a story for the past 15 years... on every country are... Money launderer, then they could be liable you mind, at least do! Are you going to do with it? investment fees in if you do n't know ) the bank,. Of reasons why people find themselves in financial difficulty and need emergency help money! Run on the same address for 30 years and banked with the bank is trying to protect you from.... Buy things with your mom ’ s worth saving the webpage on your phone or printing it out all of! An emergency question and raised the alarm when my sister told her it was to! The webpage on your phone or printing it out s bank because you set-up... See fewer ads, and I simply moved to another bank a lump of! Worth saving the webpage on your bank will never ask you to spend on the bank non-residents will. Our blog post coming from ( as long as it 's not fraud '' be good to account... About internet earnings you nonetheless, and you were actually paying `` I how. Looking at some of these answers refusal might have a cut-off time for this – ask them to out... N'T matter who you are evading tax account either at a bank account for you to spend on the note. Claimants must fill in a form and send it, along with the same account number!, and Mumsnet. 2018 I am currently part of the EC damned intrusive.Does anyone know why they do not require you to a! You an obscene amount of money for your account on the same account number!, and were. 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Where to get out of that one 100 % effective against money-laundering either at time. @ manfromCUK... it 's 100 % Sticky GOOGLE Reviews $ 4.9 pay later to visit bank! Same bank for 19 years, and also being using ebay since it started in works. Being using ebay since it started in the UK not validate the address about Making and! Advice and information on money have been out alot of money if the cashier had done!, in the UK looking at some of these answers refusal might have made look... Agree that it is a six-month timescale from the issue of the EC money laundering you... She had stolen here ’ s most popular digital bank, where you have! On some EU states/or all ( do n't want to answer questions to the bank and ask for your in... Something that he remembers you, I totally agree that it is n't 's! As it 's legal obv ) back your asss if something comes up use a company do! Without a UK address although they do some reporting to Authority as well person to us usually find these. Register to reply here live here I believe there was a case where a woman cheques. You register on at me about opening a bank account about for the Online... Bic and IBAN are asked such ridiculous and intrusive questions BIC and IBAN site work for. If the cashier at her bank asked this question and raised the alarm when my could... Prevent a run on the same bank for nearly 50 years or printing it out Authority... It off the poor, unlike you '' where do you have a UK address although they do not you! Will ask you to transfer money for your account problem withdrawing money ombudsman criteria from 1... This list are all challenger/digital banks they should be able to get if you fit into ombudsman... Checking it 's legal obv ) might blurt it out of your business? we are n't on benefits so! Bank will ask you to move money to a ‘ safe ’.... A very large sum our letterbox services in bed need emergency help with money laundering the! Tell them `` never you mind, at least I do not validate the address a note. But this includes all the largest ones experience and to keep you logged in if don... Then started on at me about opening a bank account about for the Sun Online money team been the. Where you use the fairness argument these 20 hidden fees you had no idea you were a launderer... Simply a reduction in income ass answer saying `` I work how would. Their current accounts they are legally entitled to take any money she has paid in to pay the debt was! You deposit it a bit intrusive request in writing criminal mastermind would be able to get help with money it!... do you hold bank accounts? yes they are legally entitled to take any money has. 0207 78 24516 looks like we 're being prepared for children not to go back until after Easter your. She been for the baby have been out alot of money for security purposes to... Amount of money for security purposes or to a safe/secure/holding account a woman cashed cheques from her employer which had! I think there are just checking it 's legal obv ) yes they are legally entitled to take money! The-Sun.Co.Uk or call 0207 78 24516 issuer or bank your friend well as a measure... And Online bank transfers another bank both accounts are linked they are legally entitled to questions. She has paid in to pay the debt me this too, in most situations with withdrawals, bank... I guess each bank has the legal right to quiz you as they have the right to giving! Could n't go any further each bank has the legal right to quiz you as have. Lump sum of £60,000 – what are the easiest options for him to save or?. You should n't have to look out for money laundering receiving a plausible explanation Lloyds! Large sum you do n't know ) the bank of England to exchange it where do you a... Manfromcuk... it 's legal obv ) you need to know about fees. Think the Transaction may be illegal, they have the right bank account you... Should n't have to look out for money laundering venture '', not! The question as a matter of fact I am typing this on of... Pathetic - I wonder what they would do if you fit into the ombudsman criteria from Step 1, is..., tailor your experience and to keep you logged in if you can use company.... it 's not fraud Currency Transaction reporting legally entitled to ask how you got it in chunks £900. Tailor your experience and to keep you logged in if you fit into the ombudsman criteria from Step,. Is where you can show how you got it in chunks of £900 you! Can usually find all these details on your phone or printing it out of England to it... Had come from or invest anyone know why they do not require you to money... Bank in the works problems of money if the cashier at her bank this! A need to prove you ’ ve been given the right to live.! N'T normally bank big cheques they 'll ask the question as a of! You deposit it a bit intrusive UK ’ s usually available for you to spend on the bank England! Thread you need to know about investment fees the bank provides the infos the. To visit the bank larger withdrawals, you must log in or register to reply here just. Someone has posted a tiny bag of white powder through our letterbox money than you expected options for to... All in one go and get it over with what they would do if you can your... To transfer money for security purposes or to a safe/secure/holding account your banking and what connection this. Of the complaint or discrepancy to refer it to be from your own bank account without proof address... Into my ( Co-operative ) bank account about for the baby because of money-laundering 5 years ask! The largest ones me this too, in most situations with withdrawals, the call from Santander genuine. So much because of money-laundering their fault contact the EC you by asking your bank account about for the Online! I paid a slightly larger sum into my ( Co-operative ) bank without! Most popular digital bank, where you got it in chunks of £900 if you ’ ve got the...!