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Help -My bank is closing my account (because of cash deposits)

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Fashionfoodie:
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.

amy:
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 :).

Kay:
+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!

Mirror:
You can't presume anything, phone customer service and ask why they are doing this.

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

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