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Author Topic: Help -My bank is closing my account (because of cash deposits)  (Read 21440 times)

englishrebecca121

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #105 on: 18 May 2024, 11:33:45 pm »
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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RB1

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #106 on: 19 May 2024, 08:19:53 am »
Quote from: Serendipitydo on 14 May 2024, 08:25:08 pm
...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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lora

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #107 on: 19 May 2024, 10:55:12 am »
Quote from: englishrebecca121 on 18 May 2024, 11:33:45 pm
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
« Last Edit: 19 May 2024, 10:57:42 am by lora »
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amy

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #108 on: 19 May 2024, 01:52:55 pm »
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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V24

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #109 on: 19 May 2024, 03:51:19 pm »
Quote from: amy on 19 May 2024, 01:52:55 pm
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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amy

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #110 on: 19 May 2024, 04:22:17 pm »
Quote from: V24 on 19 May 2024, 03:51:19 pm
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.'
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Luvmylips

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #111 on: 01 June 2024, 01:28:56 pm »
Quote from: V24 on 19 May 2024, 03:51:19 pm
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.

The machine kept rejecting my deposit yesterday so I queued to see the cashier.  It was only £900 but the gent did ask where the money came from - I just said my brother gave me money for rent.  I asked why he asked and he said that their systems now randomly pings an alert to ask the source of funds due to money laundering. I asked him if my account was specifically flagged and if there was something fishy about me - he emphatically said no - it's just a random thing of the new system; if your personal banking patterns stand out to them, the machine flags you.

Also, I specifically asked about deposit limits and he said that Santander has no limits at this time
That means they will probably review the situation in the near future and see how it works out for them and their business model.
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Caligirl

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #112 on: 14 August 2024, 08:19:07 pm »
Today was the first time money got declined at the post office as I have gone over the new yearly cash limit. I had to open another bank account with Santander although if I go to post office they cap a yearly cash deposit at 10k. But if I pay into their branches the limit is 250,000 a year.
HSBC is a 20k limit a year for cash deposits, in branch or post office.

How long before all banks cap the amount of money we can deposit. They’re closing more branches and post office also have their limits now.
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lora

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #113 on: 14 August 2024, 09:12:34 pm »
I think the only way around it is to open multiple bank accounts and spread deposits. Or get a business account and pay the fees that come with them.
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Mirror

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #114 on: 15 August 2024, 05:28:39 am »
Quote from: Caligirl on 14 August 2024, 08:19:07 pm
Today was the first time money got declined at the post office as I have gone over the new yearly cash limit. I had to open another bank account with Santander although if I go to post office they cap a yearly cash deposit at 10k. But if I pay into their branches the limit is 250,000 a year.
HSBC is a 20k limit a year for cash deposits, in branch or post office.

How long before all banks cap the amount of money we can deposit. They’re closing more branches and post office also have their limits now.

As a bit of added info I phoned a bank I use to ask about banking hubs, banking hubs run by the Post Office are considered the same as paying into the PO. This was logical to me but a friend was saying "but we have a banking hub in town now, what's the problem?". The problem is the only difference is you can speak to a representative of the bank if you can get to the hub on one particular day of the week (5 banks each have one day per week).
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Mirror

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Re: Help -My bank is closing my account (because of cash deposits)
« Reply #115 on: 15 August 2024, 05:30:50 am »
Quote from: lora on 14 August 2024, 09:12:34 pm
I think the only way around it is to open multiple bank accounts and spread deposits. Or get a business account and pay the fees that come with them.

I don't particularly have a problem with paying business account fees if it means I can pay in freely, what has been a problem is opening a business account without the intense scrutiny. I do have another business, but I don't want to use it as a cover for money from my sex work. The scrutiny was very high when I opened a business account for the other business. I am aware a cover website for a phantom business can be created but I am uncomfortable with this.
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