Hi Everyone


I had a letter by Lloyd's Bank asking me that I have deposited 42K within the last 12 months and they want to know where this money has coming from and I'm worried if I dont reply to the letter it cud turn into a investigation and accuse me of money laundering

Seems like this is common now, i got this earlier in the year. As long as you’ve got your accounts in order should be fine.

Reply and tell them that these are your earnings from self employment; if they ask, you can give them whatever occupation you have on your tax return.

Whilst they'll probably want you to open a business account so they can charge you for anything and everything, that should be the end of it

Even if the occupation is sex work? Some bank account t&cs say they can close your account if the bank suspect it's being used for business.

Even if the occupation is sex work? Some bank account t&cs say they can close your account if the bank suspect it's being used for business.

If it's sex work then it's completely up to the OP what she tells them. What do you think the likelihood is of the OP having 'sex worker' on her tax return?

And yes, the bank will likely tell her/us/whoever that if the account is to be used for business then a business account will be required because they don't want to lose money by having a personal account being used despite this being entirely acceptable and commonplace with small businesses.

Anybody who read any of the news articles around the problems people had getting bounceback loans during covid will be well aware that a huge proportion of small business owners (florists, market stall holders, people who make things and sell them online and so on) use an ordinary personal account for their business. It's neither unusual nor against any regulations, but if the bank don't like it then yes, the OP may have to grit her teeth and open a business account. All if this is in my earlier post.

to avoid this in the future, don't deposit all your cash in one bank. open an account in several banks and distribute the money amont them (i have 4 different banks). i never put more than 15000 per year in any one account.i've never had a problem. having said that, i've been abroad for over a year now and haven't deposited anything during this time i dont know if rules have changed since lat year. but prior to march 2022, i deposited large cash amounts withing several banks. never had anybody question me

Some of the tighter rules have been brought in since March 2022, rules changed for at least one bank in summer 2022, and again a  month or two later. This was reported on another thread think it's titled PO cap on paying in. Some banks have a limit of £10000  for the year paid in either by machine or P.O., anything after that has to be paid in via staff in a bank branch. Many banks have closed branches,  remaining branches have very restricted opening hours so posing a problem to be worked around.

do you hv a link of the new legislation

I don't I have been told by staff at the bank and post office the banks are deciding their own rules. I will however find the thread in which members started to discover the limits. Have a read of this;

https://saafe.info/main/questions-and-answers/post-office-money-deposit-cap/30/#msg431171

My tax return said sex worker when that's what I was doing; why lie if you're out anyway?

So did mine until I was about to rent my flat and needed to show it to a lettings agency; I would have been a complete idiot to not have changed it (and one without a flat). Are you saying you would have left it?

We have countless posts from members here about the various occupations they have on theirs; I've never lied to a bank, but given the problems others have had I can understand why some would and I'm surprised if some people can't.

I met someone who works at the bank and i was asking them why do they send out these letters and what happens and who decided. They said it was all just down to risk and the banks covering themselves, all case by case basis. If you’ve got tax and accountants stuff you’ll be fine but otherwise them will have already submitted a sar and it could go to the NCA. If you dont provide the details they ask for they will just close your acc and ask to bank with someone else.

I would just open severall account and not just have one account, also a business account too.

I would only go for a business account if l lost every single one of my current accounts.