withdrawing money

[Hgrove]

I went to Abbey Nat'l and requested �5k cash which I wish to withdraw next week. The cashier said he is under an obligation to ask me what the money is for.  Am I under an obligation to answer?  Have I got the right not to answer under the Human Rights Act (Right to private and family life)? N.B. I have nothing to hide but I like to know my rights.

[Loosehead]

The cashier is talking rubbish, it's your money you do not have to explain what it's for. He is probably thinking of the money laundering laws and they apply to deposits not withdrawals. Ask to talk to a manager they should know. Legally they have no way of stopping you withdrawing your own money.

[Oneeyedvic]

I concur (unless this is a loan - in which case they have the right to ask you for what reason the loan is to be used for - after all credit is a priveledge not a right).

 

I once went in to Halifax at around 2.30pm to arrange to withdraw �6000 in cash the next day - (was buying a car). They said they couldn't arrange it as it was past their cut off time. I said fine - don't worry, please arrange for my account to be closed and the total amount to be available in cash the following day then. After a quick conflab, they arranged for the �6k immeadiatley.

 

I would suggest that if they ask you again, you tell them wine, whisky and (wo)men. They can't stop you spending your money 

[kempie]

Oneeyedvic - I'm not attacking your stated position since I agree most of it but, in terms of right and privilege, why do you think credit is any different to depositing your money in a financial institution to earn interest? Is this not also a privilege?

Moneylenders give credit with the express aim to make a profit on the return and as such I cannot see why they should have any right (although they may have reason to ask because of legislation) to know the purpose of the loan.

[zmudge]

The Money Laundering Acts and associated other legislation place a cap of �9000 upon cash transactions. However, a cashier has a legal duty to ensure the propriety of lesser amounts and someone withdrawing �5000 cash can raise a legitimate suspicion. If not satisfied then the cashier's legal duty, upon pain of severe penalty for failing to do so, is to make a secret Suspicious Activity Report about you to the National Criminal Intelligence Service. This has consequences. Also, contrary to the above postings, if alarmed by a cash, cheque or other transaction of any amount a Bank has a legal duty to immediately freeze all of your accounts and then pass the matter to the National Criminal Intelligence Service for instructions (this also applies to solicitors, accountants, estate agents and others). Your accounts cannot then be released until the National Criminal Intelligence Service gives permission. There is no compensation for innocence. Many other countries also subscribe to the same legislation, so far there has been no Human Rights challenge.

[kempie]

It's nice living in a free country!

[Hermia]

I had to take a couple of thousand out once to pay for my dad's funeral and I was asked what I wanted it for.

[londondave]

you also get asked where you got the money from if you are paying a large amount in

[twiglet4frog]

i know i was asked once and i asked why they needed to know and the girl said that it was a lot to be removed from one account and that the bank likes to know u are not dissatisfied with there service to u

[stevie21]

Oneeyedvic, if you demanded �6K with insufficient notice then it might be that the branch would be left with no money to give to every other customer in the branch that next day because they'd given it to you.
Is it really asking too much to give them some notice?

To the original poster, is it the fact that the cashier said that he was under obligation that's got you thinking or just that he asked at all? You have the right to blatantly lie about what it's for if you're that concerned, but then you're breaking one of the 10 commandments and will burn in hell.
Amen ;-)

[Didwot]

No doubt it is money laundering nonsense. Tell them that you want to buy a plane, and invade a neighbouring coun try.

[Hgrove]

Thanks for the replies.  Thinking about it, I realise that when I made previous withdrawals, the cashiers asked me sneakily by smiling and saying "having your loft done then" or similar.  I realise now that they were sneakily trying to find out.  Thanks for all the replies. I was just thinking, he may have the duty to ask, but have I got the right not to answer, that's all.  As Zmudge says, there has not been a challenge under the HRA yet, but it seems to me there could be...  not only private and family life, but also the right to own / dispose of one's own property??? A question for Zmudge:  What if the bank's suspicion was so blatantly ridiculous as to be totally unreasonable?  I mean:  I am a frumpy housewife with a child in a local school, familar face round here, and half of the town knows I am having my loft converted;  everybody knows everybody else's business here, it's a small place. I am not a director of any company, I only have a Nat West current a/c etc etc.  I mean, it is pretty ridiculous to say this transaction is suspicious... we are not in London's Oxford St.after all.  And... what if I wanted the money to gamble or to pay for an abortion:  these are legal activities but I would not wish to disclose them. I'd have to lie!!!

[zmudge]

I'm afraid, Hgrove, that the only consideration for the cashier is whether there is an element of suspicion about a transaction. If so, a Suspicious Activity Report must be submitted without your knowledge (the cashier does not have to refer to a Supervisor or Manager). The reasons that you have given you would then have to prove beyond reasonable doubt to an NCIS Agent or to the local police if the NCIS sent it there (both tend to call upon you at 5 am to conduct the first interview, that is why it is called "receiving the Five O'Clock Knock"). If they are not satisfied then its up before the beak you go. It can be a very stressful and expensive matter if you do not from the very start behave transparently and so draw suspicion to yourself.  

[Hgrove]

Thanks for the reply... when I come to extending the kitchen I'll keep the money under the mattress!!!

[ludwig]

It sounds like a really ingenious security measure.
Presumably criminals, when faced with the question
'Why do you need the money?, or why the large deposit?' will be taken off guard and blurt out
'Actually I'm just laundering some money for the mob - DOH! YA GOT ME!'
or something along those lines, before fleeing from the bank taking their ill gotten gains with them. Simple yet brilliant.

[Dom Tuk]

Its like the computer system at work which says in large letters..'this system contains very sensitive information...please log out if you are not allowed access to this information'....like that will stop a hacker...it will goad him to enter.