Anyone work in a bank?

[237SJ]

Have bank branches got a little button that the staff press to get the manager out of his back office when someone deposits a largish amount of money in their current account? Not a panic button, but something on their computer (probably).

[ubasses]

Retired now, but they never did. If it is unusual for someone to pay in large sums, they do need to politely ask what the source of the funds are. A decision whether to make a Money Laundering report or not is then made with a member of Management.

[Traci66]

In my bank nobody seems to do much work.

[percypineapple]

how far back do banks keep copies of customer statements? would statements from 10 years ago still be available?

[percypineapple]

sorry, didn't mean to add that to your question.

[237SJ]

I think Lloyds must have something as a marketing tool. A while ago, I took some money out of a saving a/c to put it into a new ISA. It had to go via my Lloyds current a/c. I use the tiny branch where I live and a guy (who I presumed was the manager) who I had never set eyes on before came out of a back office and asked me what I was going to do with the money. He told me about their accounts. A couple of days later he phoned me to tell me the money had cleared. I told him I had plans for the money with another bank. I didn`t think anything of it until my Mum went into her branch of Lloyds for the same reason (over a large sum of money). As soon as she paid her cheque in, a woman came out of an office and asked her what she intended for her funds. My Mum is 82 and the next thing she knew, she was being whisked away to an office to "sign some papers". Basically, they were trying to get her to sign up to one of their savings accounts. We had plans for the money (in a much better a/c than Lloyds could offer). I felt they were trying to take advantage of someone who they thought was an `old lady` and were behaving very unethically. Luckily my Mum scarpered when they mentioned paperwork and signatures.

[Mosaic]

Ubasses answer explains why when I was paying in a largish cheque t'other day, the teller bust a gut trying to get me to tell her about it. I didn't like her attitude so just stonewalled her (i'm good at that). So now I'll be on their books as drug baron (suspected).

[Mosaic]

I wonder if they get commission for getting people to sign up to new accounts?

[ubasses]

They may have decided to send off a report if you were not very co-operative, but it would be looked at higher up before actually sending it off to the authorities. A lot depends on how long you have banked there, previous conduct of the account and if it was a cheque, who the drawer was. Say a firm of Solitors or known Company they will not bother.

I think statements are 6 years Percy.

[Maydup]

If you ever move the money again, go into the new place and open the account and they will then transfer the money across for you regardless of where it is at the time. No questions are asked then, no time lost on interest and no need for you to wander round doing all the work.

[chrissa1]

I hate banks.

[woofgang]

When I was handling my husband's estate I got fed up with the constant "have you got plans for the money? question. Eventually I said in the bank in front of all the other customers "Yes I am going to use it to pay for my husband's funeral and if you ask me again I will move my account." Sorted.
Actually most of the folk in my local branch have been there for years and are very nice. They had a new pushy manager and happily it was him I was talking to when I finally lost it. He didn't last long.

[237SJ]

Thanks Maidup. It was money that came via a cheque (in my Mum`s case) as per the terms of her postal savings account. Direct transfers were not possible. In my case, the money was coming from bl00dy Santander via my linked current a/c so it could only be done that way. I managed to be polite though when the manager told me what their interest rate was and I managed not to say "2.5% for an internet account? You`re having a laugh, mate"

[Maydup]

Oooh sorry - I had visions of you wandering around with the dosh!
Pleased you've moved it successfully.

[boxtops]

Yes - my mum aged 88 was depositing an insurance policy payout, she was grilled as if she was a money laundered. She took her business elsewhere.

I got a phone call a few months back when I had some extra income, asking if I wanted to shift it as it's not a good idea to keep a large amount in a current account.

It's sales, and making sure that your money isn't ill-gotten gains.

[ubasses]

Yes it will also be used as a selling tool. No commission as such though, they will all have been given targets which they have to meet and if they exceed a bonus will be paid. But do not confuse Branch Banking with Investment Banking, their bonus will be about £1000/2000 if lucky and a lot of them will not get a pay rise as they are at the top of their grade so bonus only. The cashier serving you will be on about £15k a year with quite a bit of responsilbility.

[237SJ]

They`re weren`t interested in where it came from though. They most definitely wanted to know where it was going. Preferably into their bank. I wasn`t bothered in my case although I do begrudge being asked in front of other customers what I`m going to do with my money. I think the way they tried to take advantage of my Mum was terrible though. For all they know, she might be mentally unable to make decisions as to what she does with her money and they were unethical. Shame really as I`ve been with Lloyds for years and they have never made any errors with me. All I can say is that they must be hard up for business if they have to resort to such practices.

[JonnyBoy12]

What is a very large sum of money, pardon my ignorance in this matter?

Who do you notify if a really large amount is paid in?

[ubasses]

Just seen your Mum's age, anyone over 75 should be asked if they would like to bring a family member/ third party to any discussions.

[Mirandajane]

When myself and my mother was dealing with my father's estate the bank did ask us not to leave the money in the current account as it could be withdrawn with a bank card and pin number.
The day after we paid the money in we issued a cheque to a building society for example and the cheque was presented as the funds cleared.
In my case they recomended I keep no more than £1,500 in my current account.
I have also asked the bank to cancel my overdraft facility as I never use it.
I think having an overdraft facility is a security risk and I do not forsee any requirement for an overdraft.

Miranda

[woofgang]

I got that security line from the bank. I asked them if they were saying that their accounts were not secure provided I kept my details secure.....again loudly in a packed bank, again that stopped that.