Banking Questions

[chrisuk013]

1, whats this new law that if anything costs over �250.00,That you cant pay by cash and has to be paid by debit/credit card..?,Me dad wanted to buy a car for �5,000 cash but was told by the dealer he couldnt because of a new law coming in on 1/10/2006

2,Now that me dad has to put this �5,000 in the bank first before he can buy his new car,Will they bank start asking questions about where he got this amount from..?

[imd123]

I asked similar question a couple of weeks ago.

We bought a car and dealer said we could legally only pay up to �500 cash and that he had turned down sales where buyer wanted to pay cash in full (hard to belive I know).

I think if a bank cashier is suspicious they can report the deposit but unless you make alot of large deposits unlikely to happen.

[maviscoull]

it all comes down to protection against money laundering.

[chrisuk013]

thnax for the advise anyway guys,i will let you know what happens

[meltoadhall]

where did you hear about this new law?
I have just searched on google and the net for over 20 mins and didnt find anything.

[chrisuk013]

it was the guy in the car showroom who told us about it,something to do with money laundering according to him.Thats why me dads having to put the money in the bank first and then pay via his debit card

[yummymummy]

I can't find anything on it either! As far as the law is that I am aware, traders can ask for payment by whichever method they want, so they can refuse debit cards, but this reason sounds a bit silly!

Basically, there isn't a rule and car dealers are notorious at making their own laws up to suit their purposes.

[themas]

There are anti-money laundering laws but I don't think there is a new one. The law does not prohibit acceptance of cash for payments above a certain amount, but the seller can be in serious trouble if he accepts a lot of cash and subsequent investigations reveal it is money laundering. Hence some traders take an over cautious approach.


I you haven't already done so, put "imd123" into the Search the site box and look at the answers to the earlier post on this subject.

[Toureman]

It's strange how things like this always seem to originate in the car dealer areas, there must be a scam in it somewhere as there always trying to deceive car buyers, and getting away with it most of the time.

[imd123]

If this is so how do gypsies ever buy anything!!!!