The end of cash?

[moochedit]

Barclays introducing a limit for cash deposits of 20k a year (for personal not business customers)

Barclays is making major change at its branches that will impose £20,000 limit

The banking giant wants to prevent money laundering at its branches

www.manchestereveningnews.co.uk

 

[newme]

the illiectually bereft seem to think that retail banking for small businesses is fee free as retail personal banking is.

Interesting spelling given the insult attached.

 

[InArduisFouette]

Mine is fee free as long as I keep a float of at least £10k in the business account. No limit on transactions. I don’t think that would apply if I started rocking up with sackfuls of cash for them to bag up, though.

indeed and perhaps where the 'pwoerful built company director' types who run or did run personal service companies whicch transact a lot via BACS fail to apprecaite the cash handling charges

 

[Cerv]

good news cash fans. you can swap your old liz notes for charlies from June 5th.

How to get the new King Charles III banknotes

The new King Charles III banknotes will start appearing in shops and banks from early June onwards, but if you want to guarantee getting your hands on the first banknotes as soon as they are released, you can.

www.ianvisits.co.uk

 

[ouirdeaux]

Interesting spelling given the insult attached.

Muphry's Law states that any correction of someone else's grammatical, lexical or orthographic error will itself contain an error.

Perhaps there's room for another law referring to wider aspects of pompous behaviour that sabotage themselves.

 

[newme]

.

 

[Rob Ray]

good news cash fans. you can swap your old liz notes for charlies from June 5th.

How to get the new King Charles III banknotes

The new King Charles III banknotes will start appearing in shops and banks from early June onwards, but if you want to guarantee getting your hands on the first banknotes as soon as they are released, you can.

www.ianvisits.co.uk

Much as I was never a fan of having a monarch on the notes in the first place it's annoying af that my twilight years will be spent looking at high-quality images of sausage fingers and Will-I-Fuck-My-Neighbour

 

[MickiQ]

Much as I was never a fan of having a monarch on the notes in the first place it's annoying af that my twilight years will be spent looking at high-quality images of sausage fingers and Will-I-Fuck-My-Neighbour

An unexpected benefit of going cashless then

Barclays introducing a limit for cash deposits of 20k a year (for personal not business customers)

Barclays is making major change at its branches that will impose £20,000 limit

The banking giant wants to prevent money laundering at its branches

www.manchestereveningnews.co.uk

Tbh if your making under £20K a year as a criminal perhaps you ought to consider jacking it in and getting an actual job

I had a mate who sold his camper van for £25K in cash a few years back (pre-Lurgy) and took the money to Nationwide in a carrier bag, apparently they didn't bat an eyelid whilst counting it for him.

 

[Rob Ray]

An unexpected benefit of going cashless then

Quite a shallow topic to use for a snide comment but you do you I guess.

 

[og ogilby]

Tbh if your making under £20K a year as a criminal perhaps you ought to consider jacking it in and getting an actual job

I would imagine plenty of criminals do have jobs. 20K a year from a dope dealing side line is pretty damn good money.

 

[emanymton]

An unexpected benefit of going cashless then

Tbh if your making under £20K a year as a criminal perhaps you ought to consider jacking it in and getting an actual job

I had a mate who sold his camper van for £25K in cash a few years back (pre-Lurgy) and took the money to Nationwide in a carrier bag, apparently they didn't bat an eyelid whilst counting it for him.

Well if you are professional you wouldn't.
Doesn't mean they didn't flag it or anything and if assume he told them of was from the sale of a vehicle which is reasonable for a 1 time deposit.

 

[emanymton]

I would imagine plenty of criminals do have jobs. 20K a year from a dope dealing side line is pretty damn good money.

I do take exception to the idea that criminals don't want to work for their money. A lot of it looks like quite hard work, with a lot of risk for not a great reward. I'll stick with my boring office job I think.

 

[og ogilby]

Well if you are professional you wouldn't.
Doesn't mean they didn't flag it or anything and if assume he told them of was from the sale of a vehicle which is reasonable for a 1 time deposit.

Yup. I would imagine it was flagged and easy to check behind the scenes without the person even knowing they had been investigated.

 

[emanymton]

Yup. I would imagine it was flagged and easy to check behind the scenes without the person even knowing they had been investigated.

Also "tipping off" is a criminal offence in itself.

 

[hash tag]

I would imagine plenty of criminals do have jobs

Depends on definition of criminal. Most of us have broken the law in one way or another. I probably break the law most days yet am fully employed complete with an enhanced DBS check.
But this is a whole different topic.

 

[og ogilby]

I can't imagine someone could put 20k a year in a personal account for any length of time without getting investigated and caught, if it was from criminal activities.

The only way I can think it could be done is by having their wages paid into the bank and spending the cash in some situations where they would normally use their wages.

 

[pbsmooth]

20k per year is nothing and would not merit any suspicion or investigation.

 

[emanymton]

20k per year is nothing and would not merit any suspicion or investigation.

It would depend, it's not just the payments in its what happens after. If someone suddenly starts making regular largish cash payments into their account followed soon after by similar sized electronic payments out, that's a potential red flag.

 

[UnderOpenSky]

It would depend, it's not just the payments in its what happens after. If someone suddenly starts making regular largish cash payments into their account followed soon after by similar sized electronic payments out, that's a potential red flag.

Money laundering 101. There's loads of posts on reddit from people whose accounts have been frozen for far less.

 

[Elpenor]

Money laundering 101. There's loads of posts on reddit from people whose accounts have been frozen for far less.

Yeah, often people trying to MS to get credit car SUB. You used to be able to buy - with a credit card - £200 of special edition coins from the royal mint - and then pay these into your bank account, and then use the £200 to pay off your credit card

There are people who did this for 5 and 6 figure sums to get the Air Miles from the credit card spend.

 

[og ogilby]

20k per year is nothing and would not merit any suspicion or investigation.

Really?

I opened a business account with santander just before the pandemic hit. I had to pretty much take all my company accounts in with me and they checked everything, invoices from my suppliers, previous bank statements, certificates of company registration, a letter from my accountant saying how long they had been doing my accounts, the lot, and they didn't just take a casual glance, they took photocopies of everything and told me they'd be in touch to let me know if they were prepared to offer me an account with them.

I'm a one man band Ltd Co, so no big deal in terms of turn over.

What I took from that was that they were very serious about preventing anyone using their bank to launder cash, and I'm sure that goes for the personal bank accounts too.

 

[pbsmooth]

That’s opening a business account… somebody asked if putting in £20k over a year to an existing account would raise suspicion. It’s not enough for anti-fraud to notice.

 

[og ogilby]

That’s opening a business account… somebody asked if putting in £20k over a year to an existing account would raise suspicion. It’s not enough for anti-fraud to notice.

If I had 20k a year in cash from criminal activities, there's no way I would dare put it in any bank.

If they are so keen on stopping a business from laundering cash I'm sure they must have a system in place to flag up cash deposits into personal accounts. What reason could anyone have for putting 20k cash a year into a personal account?

 

[skyscraper101]

Just have accounts with multiple different banks innit.

 

[teuchter]

What reason could anyone have for putting 20k cash a year into a personal account?

Someone who gets their wages paid in cash? Maybe that doesn't happen any more.

 

[og ogilby]

Someone who gets their wages paid in cash? Maybe that doesn't happen any more.

It must do, somewhere. I would imagine anyone who did get paid in cash if it was all above board would find it very inconvenient.

 

[og ogilby]

Just have accounts with multiple different banks innit.

Wouldn't that arouse suspicion from the authorities?

 

[Elpenor]

Someone who gets their wages paid in cash? Maybe that doesn't happen any more.

I remember hearing when tax filing stopped being done by paper that some religious orders won’t use computers due to faith and can opt out of electronic filing of payroll taxes etc and still send manual returns, so I expect they would also pay in cash

However i haven’t got a real world example of one of these. Payroll software sometimes still has a coin analysis report too

 

[skyscraper101]

Wouldn't that arouse suspicion from the authorities?

Well not that I'm involved in anything dodgy, but I have four personal bank accounts all for legit stuff. One for paying bills and rent from (Natwest), one for accruing air miles which my salary goes into (Barclays), a Chase one which I just set up as a possible alternative to Natwest because the cashback was better (tbh I've barely used it), and an HSBC one which I set up purely because they were offering cash money to just set up and deposit some money into (from moneysavingexpert advice). I also have a Revolut account but that's not really a bank, but I use it in much the same way - mainly for fee free foreign transactions.

If Lloyds or Nationwide, or TSB or someone were also offering any good reason to open an account, I'd go for it. I can't see anything stopping me.

 

[og ogilby]

Well not that I'm involved in anything dodgy, but I have four personal bank accounts all for legit stuff. One for paying bills and rent from (Natwest), one for accruing air miles which my salary goes into (Barclays), a Chase one which I just set up as a possible alternative to Natwest because the cashback was better (tbh I've barely used it), and an HSBC one which I set up purely because they were offering cash money to just set up and deposit some money into (from moneysavingexpert advice). I also have a Revolut account but that's not really a bank, but I use it in much the same way - mainly for fee free foreign transactions.

If Lloyds or Nationwide, or TSB or someone were also offering any good reason to open an account, I'd go for it. I can't see anything stopping me

All legit, so no reason for you to think twice about opening multiple accounts.

You might give it a bit more consideration if the cash you intended to put in them was from illegal activities.


There's also no reason why someone shouldn't own an expensive car, unless of course you intend buying it with ill gotten gains and then, you're just asking to get nabbed.