Hello ladies,

I'm in a huge panic and massive pickle financially and I urgently need some help and advice. It's for my own stupid mistake but this is the only place I am turn to and anyone helping me would be an absolute blessing.

My bank has given me a 60 day notice letter to say they are closing my account effective on the 30th of October. No explanation was provided in the letter but I presume that this is because of frequent cash deposits with no particular trend of the amount or day of the week/month that they are placed in.

Prior to speaking to them I wanted to gather as much information as possible from you girls.

After escorting for over 6 months, I have only very recently registered with HMRC. I know that this is my fault and I should have done this much sooner. This may still be registering.

Has anyone experienced this before where the bank has closed your account? How did you resolve the matter? Did you manage to open a new bank account? Or did this prevent you from opening a new one?

The more I research the matter the more I can see that generally banks have a limit for cash deposits to prevent money laundering and that banks are getting tougher on this. As with this profession we can't prove our income source I'm concerned about how I'm going to justifying where my money has come from. If anyone has managed to find a loophole around this aspect please let me know.

So effectively:
-Has anyone managed to sweet talk their bank from not shutting down their account?
-Has anyone who has been affected by this managed to open a new account? Did you face any difficulties?
-How to you deal with frequent cash deposits and avoiding arousing suspicion as we can't provide receipts?
-Has anyone experienced a fine from taking too long to pay their taxes?

Thank you for all of the help.

+1 to what Amy says, but also think about having more than one account. I have my long-standing personal current account with one bank, then opened another one for my civvy freelance payments, and a building society savings account for my tax/NI money. So, I have three options for paying cash into.

HMRC give you some leeway between earning as self-employed and registering with them, and the bank would have no idea about that anyway. You've still got plenty of time to submit a return showing your earnings for the whole of 2017. If in doubt, get an accountant.

I would go arrange an appointment to open a new account, and say you receive most of your income in cash - you can say you're anything from a stripper/lapdancer to a mobile hairdresser, nail technician or masseur. Even a gardener!

Could they be thinking you are using your personal account for business?

Really strange! I can see why it would make you panic, but I agree with the otherea about it not being to do with deposits. I'm a self employed hairdresser and make very irregular deposits, all different amount of money, and have done for years.
best to call the bank. Good luck and let us know what happens!

Years ago I was asked if I was saving up for something, they wanted to sell me a mortgage. I explained "I get paid in cash". Nothing was asked after that however a year or two later at a financial review I decided to disclose the real name for my occupation.

Could they be thinking you are using your personal account for business?

you can use only one account. at least to my accountant

you can use only one account. at least to my accountant

Yes you definitely can .

I only opened a second bank account originally because there were no branches of my usual bank in Belfast; I was working there a lot at the time and needed to be able to pay cash in. Now I use one as my work account (where I bank takings and pay for all my work costs including my flat) and the other as my personal account (which I pay myself a 'salary' into every month) and I find it makes things far easier, but there's no legal requirement to do this. Nor is there any requirement for a sole trader running a simple operation to have a business account - the banks will try to make you think there is but that's only because they make more money if you do.

Just to add both the banks I use know that I use my 'non-business' account for paying in income from my work.

Mine too. I have two ordinary current accounts at different banks and the one I've had for longer I've been paying in cash income for more years than I can remember; my last civvy job paid us in cash on a Friday lunchtime and I paid it into the bank on the way home. Nobody was interested then, either.

There was an item on R4 Money Box today about HSBC closing business accounts without reason or warning.

I personally know someone who is in a non-sex-work business who has had a lot of issues because of the way in which this particular bank is behaving towards some business account holders (innocent account holders) at the moment. They don't even deal in cash!!!!

Easy solution: close account and go to another bank who will be happier to have my money.