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What's the maximum you can put in to a bank account (UK) at any one time? |
I have heard that if you put any more than 拢50k in to an account at any one time then bank staff have the right to ask you where you got the money from in case it is connected to criminal activity. Is this figure right? If so, could you not just wait a month then put another 拢50k in, and so forth? I'm referring to a normal account with a high street UK bank, e.g., Lloyds. I'm not involved in any criminal activity myself but am just curious how the system works- thanks! Banks have a duty to report routinely any account with over 拢10000 and to report as suspicious any transaction they suspect may be criminal. For this there is no set amount, it depends who is depositing the money. But naturally, the bigger the amount, the more suspicious it becomes. Not too sure about the 拢50K limit but there are limits to the amount of transactions per day on a single account you can have (Halifax). Send me a cheque made out to CASH for 拢100,000 and I'll see what happens! Believe me, Banks love money!!!!!!!!!!!!!!!!!!!!!!!!!... I didn't think there was a limit, as a general rule banks like people giving them money but don't like handing it out! I don't believe it is just the value being transacted - after all, what if you are buying/selling a house & not using a solicitor? I think it is based on a pattern of transactions which has been ascertained by observations of known criminal's bank accounts! There's a maxim in banking - it applies over the whole spectrum of the business - 'distrust anything sudden.' This was around long before we had the current laws on money-laundering, etc., which have mandated that banks be on the alert. So it makes more sense to think in terms of banks being alert for any sudden change in your activity, rather than in terms of specific amounts. Hope that clarifies. |
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