SAAFE forum
General Category => Questions and Answers => Topic started by: DiscreetLady on 04 July 2023, 09:33:01 pm
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i got the email today from natwest which im sure many of you got it too, about tightening the rules for cash deposits and payments etc... i know that for now there's a 24000 cash deposit limit per 12 months. my question is if this limit is per bank or including all the banks you have accounts? so if i have an account in 4 banks, is my limit 96000 ? do banks communicate with each other or else how do they know if a customer is putting cash in other bank's accounts?
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is it a personal or business account? I'm with two other known English banks (none NatWest) and can deposit whatever I want in cash. Unless they smell something dodgy I don't see why they would send you that letter?
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Hi
I think it may be under umbrella. For example HSBC also owns first direct. So they be in contact with each other.
But Barclays and LLoyds separate.
But just taking a guess. Any updates let me know.
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i got the email today from natwest which im sure many of you got it too, about tightening the rules for cash deposits and payments etc... i know that for now there's a 24000 cash deposit limit per 12 months. my question is if this limit is per bank or including all the banks you have accounts? so if i have an account in 4 banks, is my limit 96000 ? do banks communicate with each other or else how do they know if a customer is putting cash in other bank's accounts?
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Natwest been shutting accounts down of nigel farage and other political people. There's a lot on social media in papers about banks shutting down accounts suddenly.
I think they trying to close a lot of cash based businesses under the money laundering shit!
I've had pockit suspend my account and still waiting to have it verified 4 days on and supplied all my info. All cards blocked and no bank transfers. Only have 83 quid in it as well and only use it to book hotels and trains . So no major money going in it.
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NatWest has had the £24K limit for cash deposits on their site for a while now, although that's only for personal accounts as Ana said. If you're concerned you could open a business account.- presumably if a £96K limit isn't enough then you'll have all the VAT paperwork and so on ready with whatever details you're registered as?
I wouldn't think the different banking groups can pass customers' details around, although they'll be on the system for the banks within that group. So Lloyds can share info with Halifax and Bank of Scotland, but not HSBC or Barclays :)
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Natwest been shutting accounts down of nigel farage and other political people.
NatWest own Coutts, where Farage's closed account was. Coutts requires customers to have a minimum of £3 million in savings or £1 million in investments or borrowing. Go figure ;D
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Wow I didn’t know that about NatWest. I changed from Santander to NatWest at the end of last year because I was having issues paying money in at Santander and with their terrible opening hours.
I’m wondering what the best solution is, as I thought having more than one bank account that you pay money into looks suspicious.
I do my tax returns, so have nothing to hide, apart from fact I don’t say I’m a sex worker on my tax returns.
A business account is expensive and is like to avoid that if possible.
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Yes, I switched from Santander too for much the same reason (plus they closed two of the branches near me, although I still have one within walking distance). I did immediately open another basic account for emergencies just because their outdoor ATMs are the only ones I've found that let you pay cash in instantly rather than with the envelope that doesn't go in until the next morning.
I pay cash into one of my current accounts and pay my work bills/expenses out of the same one; the Santander one is backup in case I need to get money in quickly and can't go until the evening but I try not to do it often because of the 10K limit. I try to not to pay cash into NatWest because that's my personal account, but it's a massive pain in the arse.
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is it a personal or business account? I'm with two other known English banks (none NatWest) and can deposit whatever I want in cash. Unless they smell something dodgy I don't see why they would send you that letter?
personal. it was not a letter but a generic email that was sent to all natwest customers. nothing dodgy on my account
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From The Telegraph. :o :o
Nat West imposes new cash limits in latest de-banking row
Warning that customers are being forced towards a cashless society as bank grants itself 'sweeping new powers'. 'Tomorrow begins today'.
"NatWest announced the changes in a leaflet first sent in June, entitled
"tomorrow begins today", advising customers of changes to their terms and conditions."
"The new rules, which come into force on Sept 11, state that: "We may apply limits to payments to and from your account, for example, to the amount of cash you pay in or withdraw, or to payment types where there is a high risk of fraud, scams or other crimes."
"NatWest has granted itself "sweeping new powers" to limit cash deposits and withdrawals, fuelling warnings that banks are forcing customers towards a "cashless society".
'The high-street bank has told current account holders it is bringing in new conditions "giving us the right to set limits on inbound and outbound payments".In a leaflet it said that could include imposing "daily and annual" cash withdrawal and deposit limits and "limiting the amount of cash" paid in or taken out."
This is true? Will other banks follow Natwest? :'(
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I have many account, and a business account id just open other accounts if NatWest are going to be difficult id rather save myself the hassle.
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It’s across all your bank accounts with NatWest.
NatWest told me they did not want people paying cash into their personal accounts. Period. I asked twice after the lovely letter they sent me in the post (which I arrived after a long tour).
They told me they were closing my accounts and credit cards if I paid anymore cash in unless it was wire transfer.
I closed it and used one of my other accounts.
They are cunts.
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Natwest have lost the plot. How can you limit how much someone takes out of there own cash. Ridiclous!
I am on a Facebook group regarding Natwest closing accounts. It is shocking how many people are getting their accounts closed and they keep your money for about 60/90 days. It's disgusting !
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Is this yearly amount only for personal account? As i know 2 businesses that operate in cash, complete legit business and they not had their accounts closed as of yet?
I know they want a cashless society but if it's a business account and you trade mostly in cash how can this work especially if other banks follow suit.
So grateful for (Nige) highlighting the issues which has put more pressure on government and banks to make changes. It's terrible how they are punishing people for dealing in cash or political views.
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Yes, it's only for personal accounts. Many banks don't want these used for business even though there's no legal obligation for sole traders to use a business account - banks are businesses too and can set their rules for customers as they see fit, just like we can. Which means we can vote with our feet when we disagree, just like punters can :)
And yes, racist scum need bank accounts too.
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Is this yearly amount only for personal account? As i know 2 businesses that operate in cash, complete legit business and they not had their accounts closed as of yet?
I know they want a cashless society but if it's a business account and you trade mostly in cash how can this work especially if other banks follow suit.
So grateful for (Nige) highlighting the issues which has put more pressure on government and banks to make changes. It's terrible how they are punishing people for dealing in cash or political views.
spoke to natwest at the branch. the 24k limit is for personal only. if you hv a business account there's no limit on how much cash you can put
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I have spent the past year sampling most of the banks, largely to get the switching money most of them have offered.
NatWest paid £200, and I think it should have been more because the experience is so horrible.
I opened an account with Starling just to 'switch' it to another bank, but it turned out to be so good that it's been my main account since then. They also do business accounts, but unfortunately for here, not only do they have a low limit on cash payments in, they also don't want any business accounts associated with - amongst other things like antique sales - "dating or escort services" and "pornography or adult entertainment".
I know freelancers and sole traders who like Tide - they charge 0.5% for cash payments in via a Post Office - but I don't know how fussy they are around what your trade is.
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Hi
I think it may be under umbrella. For example HSBC also owns first direct. So they be in contact with each other.
But Barclays and LLoyds separate.
But just taking a guess. Any updates let me know.
The inevitable happened to me a few weeks ago when trying to pay into my usual First Direct personal account at the PO and the screen said 'payment declined'. The PO worker seemed baffled and kept trying but it kept saying same so I'm guessing it's because I'd exceeded 24K cash in this year.
It did however accept payments into my back up First Direct personal account and has continued to do so ever since. So far so good, same bank, but I really must set myself up with another bank as well - not linked to HSBC - just in case.
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The inevitable happened to me a few weeks ago when trying to pay into my usual First Direct personal account at the PO and the screen said 'payment declined'. The PO worker seemed baffled and kept trying but it kept saying same so I'm guessing it's because I'd exceeded 24K cash in this year.
It did however accept payments into my back up First Direct personal account and has continued to do so ever since. So far so good, same bank, but I really must set myself up with another bank as well - not linked to HSBC - just in case.
Some POs now have a sign on the counter advising bank limits to tackle money laundering may mean cash deposits are declined. I'm guessing the POs have had a few issues and questions from people paying in.
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I spoke with a client recently who works at a building society about this, as I use Santander for the rent and council tax for my working flat. I couldn’t pay in cash at the machine as I hit £10,000 which is their new yearly limit. I went to the counter and asked why. They said new money laundering rules but I could still pay in more cash at the counter.
My client said to have several accounts in several places, they do not link up. Or to put some cash into savings accounts and then transfer to the current account as they are not monitored as heavily as current accounts. Same with business accounts, cash is not monitored the same way either.
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Is there an account that would let me pay in cash at the post office? That would be convenient.
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Is there an account that would let me pay in cash at the post office? That would be convenient.
Most UK high street banks will.let you deposit cash at the Post Office; the problems people are having are because the limit is now relatively low. There is a thread about it here (https://saafe.info/main/questions-and-answers/post-office-money-deposit-cap/) :)
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They really are trying to kill cash at this point in time - Barclays has now said that the limit is 20K a year from July.
Cash deposit limits
From 1 July 2024, we’re introducing an annual limit of £20,000 to the amount of cash you can pay into your personal accounts. This limit will reset in January of each following year.
Even if you have more than one personal account with us, the total amount of cash you can pay in across all of them is still £20,000.
This limit includes any children’s savings accounts you have with us, but doesn’t include cash you’ve paid into any business accounts. You can also receive payments and cheques using your app or Online Banking.
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Even my bloody Barclays business has limited me to 20 thousand a year cash deposit. WTF!!
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This is sort of what my other thread was about re sex workers going digital
I wouldn't mind using a card machine but worried about charge backs and privacy etc
Maybe I'll bite the bullet and get a PO account too. Although don't like them after their scandal but guess beggers can't be choosers.
The other thing that bugs me is I have friends (escorts and otherwise) that earn their money cash in hand but then spend their money using card and to me that doesn't help.
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This is sort of what my other thread was about re sex workers going digital
I wouldn't mind using a card machine but worried about charge backs and privacy etc
Maybe I'll bite the bullet and get a PO account too. Although don't like them after their scandal but guess beggers can't be choosers.
The other thing that bugs me is I have friends (escorts and otherwise) that earn their money cash in hand but then spend their money using card and to me that doesn't help.
I spend cash wherever I can so that I don’t hit the cash limits
It’s not hard to do
I removed my card details from Amazon 😂
I buy Amazon vouchers in cash to use on my Amazon account
I buy gift card vouchers in cash for Netflix so I upload the voucher and use that 😂
I buy hotels .com vouchers to pay for my hotels on hotel .com
I always check at hotel if I can pay cash and a surprising lot will accept cash
I pay for my holidays in a travel agent so pay cash
I buy neosurf vouchers if I need them for Adultwork
If I want something of asos /bo hoo I get the vouchers in cash
Petrol /eating out buying food I pay for in cash
I always keep a min of a £100 in cash in my purse
I only use my cards if I really really have to
I just keep all the receipts for hotels .com Amazon for my expenses
Birthday presents for nieces and nephews I just give them cash in a card
This week I think I’ve only spent less 80 quid on my card and that was in a restaurant
It also means I don’t spend nowhere near as much as I used to on random shit online