SAAFE forum
General Category => Questions and Answers => Topic started by: Fashionfoodie on 08 September 2017, 05:34:52 pm
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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.
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The bank isn't closing your account because of you making sporadic cash deposits; if this was a problem no fish and chip shop, pub or bookies in the land would have a bank account and nor would any of us :).
Your relationship with HMRC is also none of their business beyond being obliged to provide them with information if you're ever investigated. That said, it's a private enterprise and just like us, they can decide who they want or don't want as customers. If they don't have an occupation down for you it's possible they suspect something odd is going on if your normal activities have changed but I imagine it's more likely they think somebody is up to no good with your account than anything else.
If you've had a letter it ought to have a contact phone number on it - I would ring them and speak to whoever sent it, or better still arrange a meeting with your account manager in branch if you have one. I'd also be opening a new account somewhere less flaky and more sensible :).
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+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!
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You can't presume anything, phone customer service and ask why they are doing this.
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Could they be thinking you are using your personal account for business?
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If you have a regular, free current account, the odds are that they've simply flagged you up as not profitable. Banks only give free current accounts because they want to sell you a loan or mortgage. And cash deposits mean you are costing them more money in man hours. They can't be arsed, is all.
I have a business account. It was free for the first year. Now it's ?50 a month. This is annoying, but they'll never dump me.
Banks (and the HMRC) prefer businesses to use business accounts. It's not the law, it's just what they prefer.
You should be able to open another account with another bank. It's likely that you will be able to stay with the new account for a while.
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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!
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Last December the Natwest phoned me to ask why I was putting in unusual amounts and when I explained they said somebody would be in touch about opening a business account. They never did. I would maybe have been slung off if my pension wasn't going in there too.
Clydesdale nag every time I go in and I just keep promising to arrange a meeting. Never have.
Nationwide don't do business accounts but I used to have wages paid in years ago.
I had my TSB taken off me when I lost the rag with the woman on the phone and called her a cunt. I was given 60 days notice. But my letter had the reason.
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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.
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But my letter had the reason.
Usually.
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Could they be thinking you are using your personal account for business?
you can use only one account. at least to my accountant
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Just to add both the banks I use know that I use my 'non-business' account for paying in income from my work.
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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.
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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!!!!
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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.
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This could be for any reason but constant deposits of cash can be alarming to banks if they don't know exactly what business your in but also you haven't said if this is a personal or business account if its under certain terms and you are not doing this they can close it down. Do you have adverts adult ones that come out of this account?
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It's not because they think that the OP is dodgy... They just don't want her because she's costing them money.
The HSBC business account thing is because they got in trouble for not preventing money laundering with the US and they're being overly cautious. There was some paperwork everyone had to fill in regarding their accounts and there have been a bunch of clerical/admin errors in their system regarding that form.
Plenty of businesses deposit cash regularly. They just prefer you to pay a monthly fee for this.
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It's not because they think that the OP is dodgy... They just don't want her because she's costing them money.
The HSBC business account thing is because they got in trouble for not preventing money laundering with the US and they're being overly cautious. There was some paperwork everyone had to fill in regarding their accounts and there have been a bunch of clerical/admin errors in their system regarding that form.
Plenty of businesses deposit cash regularly. They just prefer you to pay a monthly fee for this.
I'm with HSBC and never had an issue, even when speaking to advisors about opening other (free) accounts. I even asked once if it was better to have a business account but they told me that I didn't have to,I would just get some extra benefits to go with.
Hope I haven't jinxed things now, probably get a letter Monday morning!
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I'm with HSBC and never had an issue, even when speaking to advisors about opening other (free) accounts. I even asked once if it was better to have a business account but they told me that I didn't have to,I would just get some extra benefits to go with.
Hope I haven't jinxed things now, probably get a letter Monday morning!
my accountant told me opposite..it is better to have just one! now, i am wondering if they (bank) want to sell you it....i m guessing!
maybe you could have some benefits, but you will be charged to have it?....
bankers...they do business, i do not trust sooo much! (am i wrong?) they do not care your interests...accountant should care about your interest..
Anyway i will ask to my accountant...what are interested to open a business account...
To me is more ease to have just one to handle better....even when i worked as escort and i worked in a civy job all money went in the same...without issues!
i am with barclays and never had this kind of issue, but i am paying tax and bank can see that because i payed tax from my bank account!
to get attention from bank... i think you should transfer a lot of money.... but really a lot constantly...
i do not think that ?3000/?4000 they notice....it is not sooo much for them (my opinion but i do not work in a bank)
the best thing it is calling to them and ask for an explanation...
Anyway there are a lot of banks in uk, so you have a lot of choice!
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my accountant told me opposite..it is better to have just one! now, i am wondering if they (bank) want to sell you it....i m guessing!
maybe you could have some benefits, but you will be charged to have it?....
bankers...they do business, i do not trust sooo much! (am i wrong?) they do not care your interests...accountant should care about your interest..
Anyway i will ask to my accountant...what are interested to open a business account...
To me is more ease to have just one to handle better....even when i worked as escort and i worked in a civy job all money went in the same...without issues!
i am with barclays and never had this kind of issue, but i am paying tax and bank can see that because i payed tax from my bank account!
to get attention from bank... i think you should transfer a lot of money.... but really a lot constantly...
i do not think that ?3000/?4000 they notice....it is not sooo much for them (my opinion but i do not work in a bank)
the best thing it is calling to them and ask for an explanation...
Anyway there are a lot of banks in uk, so you have a lot of choice!
Yes it is advisable to have just one account, but it's not a requirement or rule.
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I have the same issue now but with lloyds and Halifax.I went to the bank and appeal from the decision.Now they want from me my business account statements for last 6 MK this,my pay pal statement for last 6 month,marriage certificate and if I have any document that I pay taxes. I think I will just close this accounts and leave it as it is.I opened another with Barclays and have my business account with bat west.Basiccaly they've told me it's because of a bit more money I put to my account in cash last 3 months.
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I will start some photo modelling work from October - all being well - that is quite well paid - will I now have a problem with Nationwide I wonder? Should I mention to them before I start paying in weekly?
I could pay half in there and half with my current account with the Co-Op does anybody have any suggestions?
At the moment only a dribble of cash goes into the Co-Op each month.
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It will be several hundred most weeks. Should I mention to Nationwide?
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It will be several hundred most weeks. Should I mention to Nationwide?
Nationwide don't care.
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I think I will let them both know in advance about the change in income that way they can't complain.
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I have the same issue now but with lloyds and Halifax.I went to the bank and appeal from the decision.Now they want from me my business account statements for last 6 MK this,my pay pal statement for last 6 month,marriage certificate and if I have any document that I pay taxes.
Why do they want PayPal statement?
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Why do they want PayPal statement?
i do not know if they could ask for that! if i was in your case i will contact an accountant to see what he/she think about...
Paypal statement...sounds weird to ask
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I have the same issue now but with lloyds and Halifax.I went to the bank and appeal from the decision.Now they want from me my business account statements for last 6 MK this,my pay pal statement for last 6 month,marriage certificate and if I have any document that I pay taxes. I think I will just close this accounts and leave it as it is.I opened another with Barclays and have my business account with bat west.Basiccaly they've told me it's because of a bit more money I put to my account in cash last 3 months.
Are you British?
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The money laundering aspect has already been touched on, however, your problem *may* possibly stem from your customers (not you) depositing cash in to your account (if this scenario applies to you). Banks are supposed to know their customers and I've seen first hand where a professional business woman had a number of accounts closed due to chunky cash deposits being paid into some of her accounts (which were a mixture of business/personal). She was queried about it by the bank, who were not satisfied with her explanation and who after giving notice, subsequently closed all of her accounts at the same time. The reasons cited where to do with money laundering concerns and the cash deposits being made into her accounts by unknown persons.
For clarification;
1. I believe the deposits related to different amounts paid in from a few hundred up to a maximum of ?5,000.00. (I think ?5K as a cash deposit is a red flag anyway).
2. Due to being unaware that someone was paying money into her account (the client failed to notify her in advance or put a reference on the cash deposit). She was unable to confirm with any certainty who made the deposit.
3. If you have a personal account and are treating it as a business account (and the bank are unaware that you are running a business/self employed). All the transactions into the account may look suspicious to the bank if they only expect to see wages/benefits paid into it.
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The money laundering aspect has already been touched on, however, your problem *may* possibly stem from your customers (not you) depositing cash in to your account (if this scenario applies to you). Banks are supposed to know their customers and I've seen first hand where a professional business woman had a number of accounts closed due to chunky cash deposits being paid into some of her accounts (which were a mixture of business/personal). She was queried about it by the bank, who were not satisfied with her explanation and who after giving notice, subsequently closed all of her accounts at the same time. The reasons cited where to do with money laundering concerns and the cash deposits being made into her accounts by unknown persons.
For clarification;
1. I believe the deposits related to different amounts paid in from a few hundred up to a maximum of ?5,000.00. (I think ?5K as a cash deposit is a red flag anyway).
2. Due to being unaware that someone was paying money into her account (the client failed to notify her in advance or put a reference on the cash deposit). She was unable to confirm with any certainty who made the deposit.
3. If you have a personal account and are treating it as a business account (and the bank are unaware that you are running a business/self employed). All the transactions into the account may look suspicious to the bank if they only expect to see wages/benefits paid into it.
I operate a deposit system into a personal 'savings' account, which can involve complete strangers paying into my account either in cash at the counter or by transfer. I don't think it's ever been over ?100 so perhaps that's why there's not been a problem. I told the advisor what it was being used for when I opened the account several years ago. Nothing was flagged up, I do however know at any time who is due to pay in, and can check in an instant on my banking app.
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No I'm Polish and they want my pay pal account cause I have two or three refund from pay pal , one from Airbnb.All not work related at all.To be honest they don't have right to demand from me this documents,they asked me to supply them as a proof of money that got in I think.But I have enough to be treated as a criminal cause already explained all money that went in last 6months.I already opened another bank account and will be more careful with what exactly goes in.Nit making cash deposit to this one at all,just to the business one .
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The money laundering aspect has already been touched on, however, your problem *may* possibly stem from your customers (not you) depositing cash in to your account (if this scenario applies to you). Banks are supposed to know their customers and I've seen first hand where a professional business woman had a number of accounts closed due to chunky cash deposits being paid into some of her accounts (which were a mixture of business/personal). She was queried about it by the bank, who were not satisfied with her explanation and who after giving notice, subsequently closed all of her accounts at the same time. The reasons cited where to do with money laundering concerns and the cash deposits being made into her accounts by unknown persons.
For clarification;
1. I believe the deposits related to different amounts paid in from a few hundred up to a maximum of ?5,000.00. (I think ?5K as a cash deposit is a red flag anyway).
2. Due to being unaware that someone was paying money into her account (the client failed to notify her in advance or put a reference on the cash deposit). She was unable to confirm with any certainty who made the deposit.
3. If you have a personal account and are treating it as a business account (and the bank are unaware that you are running a business/self employed). All the transactions into the account may look suspicious to the bank if they only expect to see wages/benefits paid into it.
Actually this is right if you have a lot of different people banking money into your business account and its all cash the bank looks at this as suspicious as its not done by online banking or a debit. I knew of an escort agency that had all the fees paid into her bank by the women and all in cash she got questioned on it they decided to close her bank down and the owner had further trouble by authorities at a later date. If you own a fish n chip shop and its just you banking cash that's fine but the other situation is not normal if multiple people are banking money and all in cash.
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I operate a deposit system into a personal 'savings' account, which can involve complete strangers paying into my account either in cash at the counter or by transfer. I don't think it's ever been over ?100 so perhaps that's why there's not been a problem. I told the advisor what it was being used for when I opened the account several years ago. Nothing was flagged up, I do however know at any time who is due to pay in, and can check in an instant on my banking app.
You clearly stated the purpose of your account when you set it up and I would imagine the bank have a note of this on their records. Your banking activities correspond with the explanation you gave them so they are clearly happy that the account is being conducted appropriately. No unusual activities means nothing to flag up.
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Actually this is right if you have a lot of different people banking money into your business account and its all cash the bank looks at this as suspicious as its not done by online banking or a debit. I knew of an escort agency that had all the fees paid into her bank by the women and all in cash she got questioned on it they decided to close her bank down and the owner had further trouble by authorities at a later date. If you own a fish n chip shop and its just you banking cash that's fine but the other situation is not normal if multiple people are banking money and all in cash.
I agree with what you said above. Internet banking, cheques, etc. leave a paper trail so if need be the bank can easily work out where the money came from. As cash is anonymous, too much of it from an unknown source as well as any unusual banking patterns tends to bother them.
I meant to mention in my original post but forgot so I'll just stick it here; the bank also expressed a general concern about international transfers of money (incoming or outgoing) in case it related to the funding of terrorism. Post 9/11, the government massively clamped down on the banks for allowing money to be collected and transferred in relationship to terrorist activities. The lady in question was able to explain and provide proof of what the international funds transfer was for, so in this particular instance, they were happy with that explanation but the banks do have a list of countries/organisations on a 'watch' list and if any money comes in from those countries (or is being forwarded to those countries) the bank will query it. If someone has a client based say in the UAE, and he sends money over and especially if it comes via a 'forwarding bank' (e.g. your bank which is bank A, sends money to bank B, who then forward it on to account of bank C, which is the intended recipient account), then that too might raise eyebrows at the bank and raise a red flag.
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It would be interesting to hear from the original poster as to the reasons the bank put forward for closing the account.
I spent a short time working in banking and I suspect the most likely reason is that a personal account is being deemed as being used as a business account. There are algorithms for checking movement of funds in and out of accounts and cash deposits of varying amounts in a 'haphazard' fashion might well flag for investigation. I did on occasion see accounts which were clearly prostitute's accounts, but the profession is not illegal and it was certainly none of my business to investigate.
Two obvious choices 1) are to set up a business account. There will be a general term you can use for your job if you are not comfortable with letting them know exactly what you are doping. 2) Collect or your cash and deposit as a wage or salary on one day per week or month.
There are plenty of banks out there that will take your business!
Bob
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It would be interesting to hear from the original poster as to the reasons the bank put forward for closing the account.
I spent a short time working in banking and I suspect the most likely reason is that a personal account is being deemed as being used as a business account. There are algorithms for checking movement of funds in and out of accounts and cash deposits of varying amounts in a 'haphazard' fashion might well flag for investigation. I did on occasion see accounts which were clearly prostitute's accounts, but the profession is not illegal and it was certainly none of my business to investigate.
Two obvious choices 1) are to set up a business account. There will be a general term you can use for your job if you are not comfortable with letting them know exactly what you are doping. 2) Collect or your cash and deposit as a wage or salary on one day per week or month.
Yes it would be good if the OP contributed some more, since she's been online and other people have put time and effort into responding.
Whilst I can understand it may be an individual banks policy that sole traders are not permitted to use an ordinary current account for depositing their takings (understandable, since they make an inordinate amount of money from business accounts), it's not a legal requirement and IMO it should be stated in the account terms and conditions - I don't think I've ever spotted it in any of mine when I've opened accounts?
If they'd really rather lose a customer who in future might use other products of theirs which do cost us/make them money than have people just get on with their banking then that's up to them, but if it ought to be clear. And then people can go elsewhere :).
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Thank you so much to everyone for the replies and for kindly taking time out to help.
I didn't mean to rudely ignore this for a month. Truth be told this situation has given me immense anxiety and just opening the thread made me feel worried again. However by reading everyone's responses again I now feel a million times better and ready to tackle this at the start of next week.
I can't stress enough how much I appreciate everyone's help (despise the fact that I seemed ungrateful) and I will update everyone with how I get on.
Hope you all have a lovely weekend x
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take all the money out close that account and place it all with another bank . I use more than one bank account, the money goes into different ones( Nat west Barclays) no one questions it I've done that for years before escorting .
You don't need the hassle or to be stressed out uneccesarrily
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This article explains why the banks are closing down accounts, I stumble upon it recently:
https://www. theguardian.com/uk-news/2017/sep/21/uk-banks-to-check-70m-bank-accounts-in-search-for-illegal-immigrants
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I'm with the HSBC, I have two current accounts. Both personal accounts not business. 1 used for personal, 1 used for business. My bank know I use it for business, they think I am a Masseusse legit lol. I even have credit card payments from my card reader paid in regularly. My weekly wages are paid in one large chunk each week in cash by myself. I have had a few issues with being paid in fake notes. Which the bank helped me with paperwork for my accountant. Still not an issue.
I have even had a lengthy compliance investigation with HMRC which my bank complied with. Never have they questioned my account. I did ask them if I needed a seperate business account and they said it was not necessary.
My accountant doesn't like me doing this, he wants a business account. But seeing as having a business account only costs me money and doesn't offer me any privacy with my personal account from HMRC, I just don't see the benefit.
But my bank also see me paying my tax each month, so maybe that's why I been left alone as they know I paying taxes.
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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!!!!
HSBC are particularly finicky at the moment, since they got caught breaking money laundering legislation, and have had to pay massive fines. As usual, they're shutting the stable door after the horse has bolted. They've contacted me by email about a "Safeguard" enquiry, and will call me to get the extra info they need. In the case of account holders they can't contact, after a while they'll simply close the account. The HSBC website has a FAQ on the subject, which gives you an idea of what they're likely to ask.
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Hi ladies im after some advise please. Has anyone else been affected by banks just suddenly closing the account? I understand that some banks don't accept our line of work so stop us from being able to use their services. What im asking is does anyone know of any banks that are not small minded and allow us to use their services? XXX
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Merged
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Not me but my friend has had bank accounts closed (personal accounts) and was refused a business account because her occupation was "dancer" on her tax returns. They suspected her of doing sex work and she hasn't been able to open any high street bank accounts. She was offered compensation by one but they refused to give her an account. They flagged her up for making too many cash deposits. I don't think she was depositing excessive amount. I have been with the same bank for years have made regular cash deposits. I have never been questioned were my money comes from. But I'm older than her and look quite plain when I'm not working so maybe they just wouldn't suspect me of being involved in sex work.
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I just saw on a prozzie website that banks are also closing a third of shooting businesses down, which is great but I'm really offended we are classed as immoral like them. We choose what to do with our bodies - the animals do not. So I don't know where this is going to end up, it's a bloody cheek treating sex workers like this.
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I just saw on a prozzie website that banks are also closing a third of shooting businesses down, which is great but I'm really offended we are classed as immoral like them. We choose what to do with our bodies - the animals do not. So I don't know where this is going to end up, it's a bloody cheek treating sex workers like this.
Hardly anyone likes sex workers in the business world and a lot of the public. I understand most look down on it but as it is legal for independents to do this as work banks should not be refusing accounts when having a bank is needed to live a standard life.
Be interesting to hear off any women that are totally honest about their job and have it listed with HMRC as sex worker and put it down on anything they might need to fill in as a job title and how it has affected them.
I know of one women years ago that did this and told her bank manager and even applied for extra overdraft etc and a loan. Bank manager said because of the job title they cannot help her with anything as banks cannot be involved in that type of thing but thanked her for being honest. It would be far worse now days with how the banks treat people.
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Society's got a problem with women having lots of sex or more than 5 sexual partners in a lifetime so getting paid to have sex is never going to go down well with most. It's ridiculous and victorian but what we sell is our own property and we make profit from what we have been born with and its very good money and no boss giving us shit either. I don't give my body or time free to men or am I used. I wouldn't be honest about it to a bank.
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I got a letter today from my bank that I need to stop making large cash deposits by March. They said these look like business transactions so suggested making a business account if they are... Need to figure out a business account that won't charge me too much to deposit and access my own money and how I'm going to find a bank who will accept the vague information I would be able to give about what I'm saying my business does. Just what I needed right now. :FF
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I got a letter today from my bank that I need to stop making large cash deposits by March. They said these look like business transactions so suggested making a business account if they are... Need to figure out a business account that won't charge me too much to deposit and access my own money and how I'm going to find a bank who will accept the vague information I would be able to give about what I'm saying my business does. Just what I needed right now. :FF
Open multiple accounts and spread out your deposits
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I got a letter today from my bank that I need to stop making large cash deposits by March. They said these look like business transactions so suggested making a business account if they are... Need to figure out a business account that won't charge me too much to deposit and access my own money and how I'm going to find a bank who will accept the vague information I would be able to give about what I'm saying my business does. Just what I needed right now. :FF
Which bank was it please? Could they not give you a business account?
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In some cases the bank doesn't even need to supply a reason. to hmrc class urself as a general worker i.e....one min ur sweeping leaves or nxt min u are cleaning cars. get a business bank account and go from there xXx
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Open multiple accounts and spread out your deposits
Yes, think that's what I might have to do.
Which bank was it please? Could they not give you a business account?
It's Natwest. I haven't tried to set up a business account yet as I never wanted one, but will have to see if I can or figure out switching to another bank.
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It's Natwest. I haven't tried to set up a business account yet as I never wanted one, but will have to see if I can or figure out switching to another bank.
Natwest are notorious at the moment for closing accounts. There's even a facebook group on it. Last year they changed their terms and will now only accept £24,000 a year cash into a personal account.
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Natwest are notorious at the moment for closing accounts. There's even a facebook group on it. Last year they changed their terms and will now only accept £24,000 a year cash into a personal account.
Yikes, probably a good idea to open a new account elsewhere then.
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Hi
This may well have been covered before but with there being more bank branch closures and a move to things becoming more digital, how do you feel about where this leaves the future of our line of work?
I know some girls already do digital transactions but I hate the growing reliance on technology for other aspects of life as it is.
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I'd be quite happy to take online payments or bank transfers if there was a fully bombproof way to do it, so proper anonymity for both parties if preferred, no chargebacks and no twattery from banks. Having to traipse to the bank most days is a pain in the arse, cash is a target for robbers and I only really use it for grocery shopping.
Until things change though, cash it is.
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In response to what you are saying, I was actually thinking of offering cryptocurrency payments for deposits mainly as that might me more secure/ anonymous as opposed to bank transfers. Wondering if anyone here is already doing that?
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To add to the above, I've had to go to three banks (in three different parts of London) today just to find one with a working ATM so I could bank my cash; it could have been six but three of the branches I previously used are shut.
It's a Bank Holiday weekend and also the end of the month, so I need my money in as my bills go out on the first and I have to pay my salary. Absolute pain in the arse.
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I am sure we wil adapt.
I can't envisiage how escorting worked before the internet, street corners aren't for me and Newspaper add, how effective were they?
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Hi
This may well have been covered before but with there being more bank branch closures and a move to things becoming more digital, how do you feel about where this leaves the future of our line of work?
I know some girls already do digital transactions but I hate the growing reliance on technology for other aspects of life as it is.
Same I try to pay cash wherever if a place doesn’t take cash I will generally walk away
And surprisingly a lot of hotels take still cash
My last 3 hotels stays happily took cash
And on my 3 week tour in Jan 3 out of 5 hotels took cash
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I'd be quite happy to take online payments or bank transfers if there was a fully bombproof way to do it, so proper anonymity for both parties if preferred, no chargebacks and no twattery from banks. Having to traipse to the bank most days is a pain in the arse, cash is a target for robbers and I only really use it for grocery shopping.
Until things change though, cash it is.
Wish hush & wishlist don’t allow chargeback and if it’s only small deposits then the fee is 50p or £1 on a 20 transaction
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Wish hush & wishlist don’t allow chargeback and if it’s only small deposits then the fee is 50p or £1 on a 20 transaction
I have a wishlist page already, although I've never used it. I'd rather have the money straight into my bank account than faff with some third party site, but I ought to give it a go - I don't take deposits so we're talking about full fees here.
I ordered my new glasses yesterday (£300 for varifocals) and in the opticians they asked if I wanted to pay cash or card which was unusual but made a nice change. I assume they ask everybody because I'd come straight from decorating and definitely didn't look like I would have it on me ;D
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The problem with online is it can be reversed. If that started happening all the time the bank would surely not be happy.
I had a problem with a fast payment a client had raised a form and tried to get the money back. He told the bank he sent it by mistake as he works for an agency of some kind. I told the bank I was a masseause and he has had the service and luckily I got to keep it. But can only imagine if this was done regularly would probably loose my business account.
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Wishlist apparently have announced today the loss of their payment processor (stripe).
I do identify with the issues, when branches close they remove the cash machine. There are less and less within travelling distance for me, and cash flow becomes a problem I need it in the bank. I often schedule in a bank visit around outcalls if I can, or combine with a trip to do other things. Last year went to a famous arts festival, told the person who I went with "I have to get to a bank before we do anything else". The teller did actually point out my ISA needed adjusting to a better one, I don't think they tell you these things in apps.
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It’s always cash for me. Sometimes I accept PayPal which has worked fine, especially if I ask for a deposit. Paying cash for groceries isn’t a problem but obviously hotels and rent is a no no.
A friend to me about an app called CashApp. I haven’t had time to try it yet.
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It’s always cash for me. Sometimes I accept PayPal which has worked fine, especially if I ask for a deposit. Paying cash for groceries isn’t a problem but obviously hotels and rent is a no no.
A friend to me about an app called CashApp. I haven’t had time to try it yet.
Cashapp brought in very low limits for UK users last year, it's pretty much unusable now in the UK unless something has changed.
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Cashapp brought in very low limits for UK users last year, it's pretty much unusable now in the UK unless something has changed.
Thanks for letting me know. I won’t waste my time with that then x
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Thanks for letting me know. I won’t waste my time with that then x
I'd avoid PayPal in future too, even if you've been lucky so far. They hate us (most US banks are similar, because prostitution is illegal there) and they'll freeze your account and take all the money back if they catch you out.
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Thanks for letting me know. I won’t waste my time with that then x
Some seem to still use it, but the limits are;
Per month
£200 in
£200 out
Max £500 account balance at any time
I used it for a month or so, worked well but then had to wait a month to get £10 remaining from a £210 balance.
I also noticed clients will randomly send money by whatever method they've used previously, without checking so I would be concerned you could easily exceed the balance or receive more than you can cash out.
And if being used to pay for a real life booking the in/out limit is only a 1 hour, or 90 minutes booking, perhaps 2 or 3 half hours and that's your lot.
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I'd avoid PayPal in future too, even if you've been lucky so far. They hate us (most US banks are similar, because prostitution is illegal there) and they'll freeze your account and take all the money back if they catch you out.
I have had PayPal a few years now and most of the transactions have come from EBay, only a few from escorting. I will be more careful in the future. Why do they hate us so much ? Ugh
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I have had PayPal a few years now and most of the transactions have come from EBay, only a few from escorting. I will be more careful in the future. Why do they hate us so much ? Ugh
Well, because as I said above it's an American bank and prostitution is illegal in the US; they're concerned about covering their back more than anything else. That doesn't help you if they twig or somebody reports you, though :)
Please tell me the PayPal email address you've given punters doesn't have either your legal name or your work name in it?
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Well, because as I said above it's an American bank and prostitution is illegal in the US; they're concerned about covering their back more than anything else. That doesn't help you if they twig or somebody reports you, though :)
Please tell me the PayPal email address you've given punters doesn't have either your legal name or your work name in it?
Oh I didn’t realise it’s American. My email is my first name with lots of numbers in it. Some punters have called me by my real name and I just said that wasn’t my name. I can’t afford for them to take my money like that so I won’t offer it in future. Thanks Amy
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I only accept cash. Looked into taking card payments. I know some girls take payment by card. But just too risky for charge backs . Bank transfer don't do as again dont want my name being discovered by a stalker punter or a wife asking whats this payment online and then a bank transfer dispute.
I just bank cash at local post office. Does main banks. Then spend cash everywhere I can from vet bills, food shopping, trains and buses, taxis, hotel food etc.
Most places still take cash.
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I only accept cash. Looked into taking card payments. I know some girls take payment by card. But just too risky for charge backs . Bank transfer don't do as again dont want my name being discovered by a stalker punter or a wife asking whats this payment online and then a bank transfer dispute.
I just bank cash at local post office. Does main banks. Then spend cash everywhere I can from vet bills, food shopping, trains and buses, taxis, hotel food etc.
Most places still take cash.
Create a business account, you can change display name to something else than your legal name
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Create a business account, you can change display name to something else than your legal name
The several I have set up all wanted to display 'legal name trading as business name'.
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Hiya,
Ive been touring non-stop the last 2 months as I was saving up for a surgery. Ive been fortunate enough to have more good days than bad days on this tour and that has off course come with a lots of cash deposits to my account. One of my accounts with barclays has been frozen and the funds removed with the reference "TO RECONCILE Debit COVENTRY OPS 05 ADV". I had about 18,000 in this account as this was the account where all my bills, rent etc came out and also the account I was going to pay for my rhinoplasty out off, hence why I needed to have such a large amount in it. Ive been told to wait 10 working days whilst an investigation into the funds is carried out, from my understanding they suspect money laundering which isnt the case at all. Was wondering if anyone else has experienced this and what the final outcome was, I know the funds will be returned to me but when is completely up in the air. I also suspect my account with them will more than likely be closed which im not fussed about at all, would just like my money back tbh at this point. If anyone else has gone through this how long did it take to resolve?
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I've merged this in here HB, just because we have so many banking threads now a lot of the same questions are coming round again :)
I know it's the obvious question, but how long did the bank say it would take to give you your money? There are only seven working days to the end of the month, so if you need it then for bills and rent could you pester them into speeding it up a bit (if they're closing your account it hardly matters if they think you're a pain in the arse).
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The lady on the phone said I would be given an update within 10 working days. I have no idea if that update will involve unfreezing my account or giving me access to my funds again, just that it will be an update. The whole thing is weighing heavily on me, I feel like Im being treated like a criminal and Im scared of what this will do to my credit score and history. My surgery is scheduled for about 2 months away and Ive already paid the deposit for it, Im scared I wont have access to the funds then if this investigation goes on an on and on. I asked if there was any way I could supply proof to speed up the investigation in anyway (adutwork payments from my bank for featured spots, verification emails for escort ireland/adultworkl, vivastreet invoices etc) but was told no. On the phone to the lady I stressed the kind of vulnerable position this leaves me in, essentially an escort working far from home with no access to the majority of her money and they didnt care. This situation has put me in a position where I'm now no longer working because I want to but because I have to to build up some kind of financial cushion to deal with this issue. Just feel so down. I hope I get access to my funds before rent day, it would be embarrassing for all of this to come out because of this. Just feel so down right now.
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Well you can hopefully explain away being a bit behind if it's only a few days or so late for rent and whatnot.
How long ago did they say ten days? Do you have other accounts with money in for basic stuff? If you have to use a credit card just to live and wind up incurring costs because of it you might be able to get those back once it's sorted - there is information on the Financial Ombudsman website here:
https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/banking-and-payments/bank-accounts
I'm starting to think we ought to parcel up links to all these threads as a job lot and send them over.
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Hiya,
Ive been touring non-stop the last 2 months as I was saving up for a rhinoplasty. Ive been fortunate enough to have more good days than bad days on this tour and that has off course come with a lots of cash deposits to my account. One of my accounts with barclays has been frozen and the funds removed with the reference "TO RECONCILE Debit COVENTRY OPS 05 ADV". I had about 18,000 in this account as this was the account where all my bills, rent etc came out and also the account I was going to pay for my rhinoplasty out off, hence why I needed to have such a large amount in it. Ive been told to wait 10 working days whilst an investigation into the funds is carried out, from my understanding they suspect money laundering which isnt the case at all. Was wondering if anyone else has experienced this and what the final outcome was, I know the funds will be returned to me but when is completely up in the air. I also suspect my account with them will more than likely be closed which im not fussed about at all, would just like my money back tbh at this point. If anyone else has gone through this how long did it take to resolve?
There is a few facebook groups for all the banks that are doing this. Loads of people are going through it. For Barclays there is Barclays Account Review Horror and Barclays closed my account. There are people in the same boat and can give you advise on the process etc.
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Barclays did the same to me. He froze my account 1.5 years ago. Then he canceled it. Since then I have several bank accounts with different banks. And I always make sure they never have more than 5-6000 on them.
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Barclays did the same to me. He froze my account 1.5 years ago. Then he canceled it. Since then I have several bank accounts with different banks. And I always make sure they never have more than 5-6000 on them.
how long did it take you to get access to your monry again?
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If I remember correctly, 15 or 20 days. My account has been locked with an overdraft of -£50,000. I almost had a heart attack when I saw it. It took 2 hours on the phone to be told. This is not real. It was only added to my account for the audit.
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thanks for getting back to me. Not what I wanted to hear but thanks for letting me know! will continue updating this thread so others who may experience this problem in the future can read. hopefully it all resolves itself soonerb rather than later
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Money was returned exactly 5 working days after it was taken and account unfrozen today. Happy but am expecting a letter some point soon telling me to change banks. Yay!! very happy that ive been cleared and can finally have access to my account again. Frankly too scared to touch the acount or the funds in it. will keep updating as things progress
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Phew, thank heavens!
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received a strange call from barclays today informing me funds had been returned to me following review. I asked if there was anything else he wanted to tell me and said that was all. just found it strange they called me to tell me they had returned my money to me when i can see it in app. oh well
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It's up to you HB, but I'd be setting up a couple of new accounts sooner rather than later. I think a couple of the banks are still offering bonus cash if you want to switch the whole thing :)
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It's up to you HB, but I'd be setting up a couple of new accounts sooner rather than later. I think a couple of the banks are still offering bonus cash if you want to switch the whole thing :)
yep just started that process today. Tried to pay for something on amazon but card has been declined. Called the app and was told theyre closing my account and funds can be withdrawn through a cheque i ca go into nay branch to receive. bugger
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It's up to you HB, but I'd be setting up a couple of new accounts sooner rather than later. I think a couple of the banks are still offering bonus cash if you want to switch the whole thing :)
Sensible as always Amy!
I use an account in my maid@n name. I find PayPal a bit risky as it can share your address, let's face it, none of us need that!!
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yep just started that process today. Tried to pay for something on amazon but card has been declined. Called the app and was told theyre closing my account and funds can be withdrawn through a cheque i ca go into nay branch to receive. bugger
Yes my account was closed last year - i opened 4 other accounts to spread out my cash - never had any issues since.
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Create a business account, you can change display name to something else than your legal name
Most business accounts have been changing there terms & conditions if your a sole trader want you to use your real name on transfers
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A dumb question
How are you supposed to set up account in a different name other than your own ( as proof of ID is required.
So how do you get around that setting up under any other name for bank transfers
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A dumb question
How are you supposed to set up account in a different name other than your own ( as proof of ID is required.
So how do you get around that setting up under any other name for bank transfers
Assuming you're not talking about committing fraud by trying to open a personal account in a false name, you open a business account and use a business name which is the one that shows on people's statements when they make payments to you.
Different banks have different rules about this though, so check first :)
I find PayPal a bit risky as it can share your address, let's face it, none of us need that!!
More risky with PayPal is that if they find out you're taking payment for anything sex work related they'll freeze your account and take the money back.
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More risky with PayPal is that if they find out you're taking payment for anything sex work related they'll freeze your account and take the money back.
[/quote]
Wow, hadn't even realised that!
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I hope that I don't sound mega thick here (well not more than usual!)....... can't you still get those top up cards?.... you know like mini visas or mastercards that you can top up for kids???
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Right, with apologies to Fifi who started the other thread I've merged the two together because at the moment we literally have two threads running at the same time with people making virtually identical posts, and stuff is going to get missed :)
Most business accounts have been changing there terms & conditions if your a sole trader want you to use your real name on transfers
Mine is still fine, although I only really use it to pay my salary monthly anyway. At the time of writing, the banks I know which don't have annual limits on cash deposits into personal accounts are Lloyds, Nationwide and Santander (and possibly Halifax if Lloyds don't, aince they're the same banking group)?
I hope that I don't sound mega thick here (well not more than usual!)....... can't you still get those top up cards?.... you know like mini visas or mastercards that you can top up for kids???
I don't know a lot about prepaid cards, but I've used them in the past and there are definitely people here who do. There may be some stuff on the Deposits thread :)
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Assuming you're not talking about committing fraud by trying to open a personal account in a false name, you open a business account and use a business name which is the one that shows on people's statements when they make payments to you.
Different banks have different rules about this though, so check first :)
More risky with PayPal is that if they find out you're taking payment for anything sex work related they'll freeze your account and take the money back.
Thankyou Amy much appreciated.
I think if I worked full time I'd do it. Definitely not planning fraud of any kind
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I hope that I don't sound mega thick here (well not more than usual!)....... can't you still get those top up cards?.... you know like mini visas or mastercards that you can top up for kids???
You can get pre paid travel cards from Asda Tescos Sainsbury’s they are all easy to use
Pre paid bank account Suits me ( they are also content maker friendly )
There are few more
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I hope that I don't sound mega thick here (well not more than usual!)....... can't you still get those top up cards?.... you know like mini visas or mastercards that you can top up for kids???
Yes but they are also notorious for freezing your account and keeping your money.
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LOng post - where I'm at - in case it helps others:
Since being alerted to the banking problem last year, this is constantly in the back of my mind- as a worry
So far, I have still just stuck with my personal bank account - it is the only one I have and is with ***Nationwide***
Nationwide doesn't have cash limits - so far.
They also do have lots of branches, so it is easy to pay cash in.
After seeing these threads, though, I cut down on how much cash I pay in, and over the last year, I have paid in less than £25k.
I have circumvented this by giving some of my cash to friends — very trusted friends—who paid the cash into their own accounts and then transferred it to me.
It is crazy that we have to do this!!!!
In my favour - I've had the same bank account for 20 years and a direct debit to HMRC for my tax.
I can explain with proof that I'm a sole trader registered with HMRC.
Other tips to reduce cash banking:
* I contacted my council about paying council tax in cash! They issued me with a cash card and I can pay it directly in the postoffice - very handy that's over £1,000 per year.
* I suspect other utility companies can offer this but they probably don't advertise it because they want us to have direct debits which are cheaper/easier for them.
* I was impressed by the suggestion in another thread to buy amazon card and netflix cards at the supermarket and pay for things that way rather than connect them to our debit cards - this is a simple genius idea that I hadn't thought of!
* Of course, groceries & fuel get bought in cash, but not many businesses want to take cash these days.
I will say it is really annoying to have to limit our cash in the bank in these ways.
Opening multiple bank accounts as an option:
* Credit file fears - I am two months behind on a loan payment and have been this behind for about a year, which I know will show on my credit file. This has made me scared of trying to open a second bank account while I appear to be financially struggling.
* I should be back on top within the next 3-4 months. When my credit record looks better, later this year, I will think about opening a business bank account And other personal accounts.
It's not just about me—many of you might also be worried about bad credit histories, such as CCJs or Bankruptcy.
Apparently - government rules say we are all guaranteed to be allowed to bank with the main banks - and yet we might have problems paying our cash in??? It makes no sense - unless, in fact, those banks will accept our cash if they know where it comes from/ can see we pay our income tax.
Arousing suspicion: For some of you --- I wonder if it is not just the problem of cash paid in but what some people might be paying out - if you have a lot of transactions that look like business expenses rather than the normal transactions of life - advertising costs, hotel bills, taxes, sex shop order!!!!????
Self-employment - THIS IS WHAT I Do - I am a (masseuse) therapist (and I have another consultancy business as a sole trader- I work both of the 2 businesses part time - the business expenses of my other business are all done through Paypal so I don't need a business account - it is purely my income that gets paid into my bank account)
What I am thinking about doing - I am thinking of making my other non-sex-work business into a limited company and getting a limited company bank account for that so that I will have the option to pay in some cash there - obviously there are high charges related to paying in cash into a business account (perhaps £100 for £10k) and ongoing monthly charges just to have the account. But it may well be worth it for peace of mind.
You (general YOU - people needing this thread) might find these links useful:
https://www.moneysavingexpert.com/banking/business-bank-account/
https://forums.moneysavingexpert.com/discussion/6101941/do-i-need-a-business-bank-account?_gl=1*
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That was me who suggested the Amazon cards in cash and then use them to buy stuff
Same for Netflix
You can even get cards for Booho ASos Nando’s deliveroo and loads of other on line stuff in most supermarkets /
It’s not about hiding money just reducing what you pay into the bank if it’s cash
Also for holidays Tui shops still accept cash / monthly cash payments
I use cash a lot and don’t have a problem
Petrol food general shopping I use cash 90 percent of the time
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They changed even the way to pay in cash into credit card. One week ago I could easy do it without inserting my card , Now you have to put card in :FF I simply don’t get that. They started treat cash as something really bad ??? we are still allowed to earn in cash, we still allowed to have some savings at home. They always says money laundering but this doesn’t sounds like - they just simply wants to stop us to using cash.
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They changed even the way to pay in cash into credit card. One week ago I could easy do it without inserting my card , Now you have to put card in :FF I simply don’t get that. They started treat cash as something really bad ??? we are still allowed to earn in cash, we still allowed to have some savings at home. They always says money laundering but this doesn’t sounds like - they just simply wants to stop us to using cash.
Barclays credit card I just print off the on line bar code and pay it over the counter in the Barclays Bank
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...Just a little thought.
Not all of us have been fortunate enough to get mortgages (YET).... but anyone can pay cash into those accounts.
Would that mess you up?
.....oh and you will get your home finance if you are sensible by the way!! Check out what the ladies had to say about this.
I wound up contacting one of the mortgage brokers that they recommended on this site.
It took a while and I had to jump through a few hoops but my home is now my own, it can be done. Thank you to the women who have helped me. xxxxxxx
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Today was the first I heard from Santander that you can now only deposit £2000 a month cash into your personal account over the counter , or in any way ‘
Mad as it doesn’t even cover my rent on my actual home let alone my mortgage !
I presume all banks are trying to make us cashless and will all be capping cash soon
Makes zero sence to me as we pay tax so why limit what you can put into your bank ?
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...Just a little thought.
Not all of us have been fortunate enough to get mortgages (YET).... but anyone can pay cash into those accounts.
Would that mess you up?
.....oh and you will get your home finance if you are sensible by the way!! Check out what the ladies had to say about this.
Most banks will only let the card holder pay in cash
So you need the debit card
You used to be able to have a paying in slip which meant anyone could pay it in for you
I wound up contacting one of the mortgage brokers that they recommended on this site.
It took a while and I had to jump through a few hoops but my home is now my own, it can be done. Thank you to the women who have helped me. xxxxxxx
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Today was the first I heard from Santander that you can now only deposit £2000 a month cash into your personal account over the counter , or in any way ‘
Mad as it doesn’t even cover my rent on my actual home let alone my mortgage !
I presume all banks are trying to make us cashless and will all be capping cash soon
Makes zero sence to me as we pay tax so why limit what you can put into your bank ?
I have a santander account which I used exclusively for years. But now they have a 10k cash deposit limit per year in machines/post office. I thought it was 10k in machines and 10k in post office. But apparently it is both combined and then anything else is over the counter. I just opened some more bank accounts and split my deposits between them. I was not aware of the 2k per month rule. It would be nice if they informed customers of these new rules wouldn't it?
I suspect they want to make us open business accounts and pay the fees that go with them. But some business accounts also limit cash deposits. It best to just have a few different accounts with different banking groups
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Yes, I've just confirmed it with Santander and there is still no limit on cash deposits made in branch at the counter - nothing has changed. I don't know who told you there was Rebecca, but they are wrong :)
Of course this still means you have to find a branch, and one that's open for more than a couple of hours a day ::)
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Yes, I've just confirmed it with Santander and there is still no limit on cash deposits made in branch at the counter - nothing has changed. I don't know who told you there was Rebecca, but they are wrong :)
Of course this still means you have to find a branch, and one that's open for more than a couple of hours a day ::)
When I banked the other week in Santander for the first time ever the cashier asked where the money was from, I did query why the sudden questioning and she said they have to ask now if it's over £2000, she didn't mention that that was a limit and I was still able to bank the whole amount.
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When I banked the other week in Santander for the first time ever the cashier asked where the money was from, I did query why the sudden questioning and she said they have to ask now if it's over £2000, she didn't mention that that was a limit and I was still able to bank the whole amount.
Then that's probably what the confusion is :)
The exact message I have is: 'there has been no limit or change to branch deposits/withdrawals. the limits are only in place when depositing through a non-branch source, like a post office or a cash machine.'