Nosey G**s

[colly]

It is also the case that if stopped by a police man woman person officer and found to have a huge sum of money on you (we are talking a massive £1000) they have the right to confiscate your money unless you can provide an explanation as to where it came from.

It isn't like a grand is all that much money anymore is it?

I can see that pulling over Mr or Mrs Looksdodgy only to find they have a lot of cash on them can raise questions but I thought the coin of the realm was ''legal tender''.

You can't open a bank account unless you provide the ins and out of your arse, you can't buy anything for cash over a couple of thousand without being quizzed, it seems you can't even draw your OWN cash out of the bank without being questioned and now it seems you can't even PAY IN a cheque either.

All to keep a check on money laundering?? Ballcocks !
It is more to do with control.

Successive governments have made it all but impossible to get by without using the banking system so we are forced into using these institutions all of which are money grubbing, shyster outfits.

The powers that be 'worry' about a few grand here when it comes to you and I but let these organisations overcharge, swindle and filch cash out of people with nary a word.

As for the financial (bank inspired) mess that we are having to stump up for as taxpayers.........................

 

[ColinJ]

I can see the day coming when the governments of the western world get together and abolish cash altogether.

Once we all have to use eMoney they will be able to keep track of exactly who spends what, where and when. Scary thought...

Mind you - it would make it harder for crooks (of the non-banking-industry kind) to steal your money.

 

[puddleglum]

Colly I totally agree. I had no idea about the police being able to confiscate your cash...
This semi police state we are living in is so depressing

 

[Dayvo]

This semi police state we are living in is so depressing

Thank God I got out when I did!

 

[Saddle bum]

What I do with my money is my business.

I'm afraid the prevailing view is that your business is not private. If you are seen to be scratching your arse, it will be perceived you are hiding something up there.

 

[Crankarm]

It is also the case that if stopped by a police man woman person officer and found to have a huge sum of money on you (we are talking a massive £1000) they have the right to confiscate your money unless you can provide an explanation as to where it came from.

Under what legislation and power?

OP who do you bank with so we can avoid them and you can shame them. I've never had a single prob that you describe with the banks I use.

Under Money Laundering Rules banks, etc have to establish provenance of all funds of £500 and above. They are not allowed to tell an individual who they are scrutinising as this could be seen as "tipping off" and is an offence in itself. As a previous poster said a bank will have a Money Laundering Officer who will advise and his duty to report suspicious activity to SOCA. Can't see why a bank would be interested in what you would spend withdrawn funds on? None of their business. My impresssion is the only time they should be wary is when they receive large cash deposits for obvious reasons.

As for writing what you intend to buy on the back of the cheque you are cashing LoL . What if you change your mind? Are the bank going to pursue you to make sure you made that purchase? Sounds like some junior clueless manager has too much time on their hands or is pushing for a promotion.

 

[Arch]

As for writing what you intend to buy on the back of the cheque you are cashing LoL . What if you change your mind? Are the bank going to pursue you to make sure you made that purchase? Sounds like some junior clueless manager has too much time on their hands or is pushing for a promotion.

That's the answer - write, in as tiny writing as you can, a long rambling essay along the lines of: "well, I was going to get a new teapot, but then our mam said I could have hers, but my sister said I'd be better getting one of them new coffee machines, so I said, what if I don't want coffee, and she said they make tea too, so I went and looked at them in John Lewis and they seemed pricy, but my friend Mavis (you know, the one with the knees) she said they had them in Tesco, so I thought I'd go there, but the buses are only every hour....."

I reckon you could get a good 15 minutes of reading on a cheque, with a fine pen.

 

[asterix]

This year I presented a cheque to pay into my account. They asked if I had any plans for the money (which at the time I didn't) and I agreed to meet a financial adviser. They also upgraded my account to VIP status which was nice since it gave us free roadside assistance and travel insurance.

Unfortunately the financial adviser failed to come up with a good plan for the dosh so I took it away from them. Still got a VIP account tho'.

 

[GrahamG]

Name and shame - which bank?

 

[tyred]

Stupid and an invasion of privacy if you ask me. But banks like to put customers through hoops.

My uncle, who runs several businesses and is in his bank regularily, recently moved house. When he tried to get the address on his personal account changed to reflect this, he was asked for all sorts of ID to prove who he was. He also plays golf with the manager. He queried how it was possible to come to the same bank, at least once a week since 1958 without them actually figuring out who he was before now. He queried why they needed proof of his old address when they post a statement to it once a month.

I have an account in a different branch of the same bank since I was 19. Last summer, completely out of the blue, they phoned me and asked if they could see my drivers licence as they needed ID of who I was. I pointed out that I had shown them my licence previously when I opened the account about ten years ago. Apparently they had photocopied the back of my licence by mistake and had only just noticed when they were preparing for an audit by head office.

 

[Gerry Attrick]

Name and shame - which bank?

I may well do so in the future, but it is only fair to allow them time to respond to my letter of complaint. The content of that response will decide whether or not I stay with them.

 

[colly]

Under what legislation and power?

The Proceeds of Crime Act 2002

"31 Jul 2006 Police can now take any sum over £1,000 in money suspected to be proceeds of crime

Police and customs officers will now be able to seize smaller sums of money suspected to be the proceeds of crime.
From today the minimum cash seizure threshold has been lowered from £5,000 to £1,000, to tackle those who have tried to transport money in amounts just below the previous threshold in order to evade the Proceeds of Crime 2002 (POCA) provisions.


To quote a well known source:

''If you have done nothing wrong............then you have nothing to worry about.''

That's ok then.

 

[Night Train]

The Proceeds of Crime Act 2002

"31 Jul 2006 Police can now take any sum over £1,000 in money suspected to be proceeds of crime

Police and customs officers will now be able to seize smaller sums of money suspected to be the proceeds of crime.
From today the minimum cash seizure threshold has been lowered from £5,000 to £1,000, to tackle those who have tried to transport money in amounts just below the previous threshold in order to evade the Proceeds of Crime 2002 (POCA) provisions.



To quote a well known source:

''If you have done nothing wrong............then you have nothing to worry about.''

That's ok then.

So criminals will just transport cash in £995 amounts then!

 

[Mortiroloboy]

The Proceeds of Crime Act 2002

"31 Jul 2006 Police can now take any sum over £1,000 in money suspected to be proceeds of crime

Police and customs officers will now be able to seize smaller sums of money suspected to be the proceeds of crime.
From today the minimum cash seizure threshold has been lowered from £5,000 to £1,000, to tackle those who have tried to transport money in amounts just below the previous threshold in order to evade the Proceeds of Crime 2002 (POCA) provisions.


To quote a well known source:

''If you have done nothing wrong............then you have nothing to worry about.''

That's ok then.

Suspected to be the proceeds of crime, which will have to be proved beyond all reasonable doubt.

I think someone in the bank has got a bit confused regarding POCA 2002.

 

[dellzeqq]

I paid in some large-ish sums last year, and withdrew some large-ish sums. Large-ish for me, that is. About £100k in, and two lots of £31k out. And nobody asked me nuffink.

Of course I have an honest face. And I did pay it in in Sloane Square, so it wasn't out of the ordinary for them.