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Author Topic: Post office money deposit cap  (Read 7311 times)

Schwiftysquancher91

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Post office money deposit cap
« on: 07 October 2022, 08:37:32 am »
Has anyone else heard about this? Apparently they are going to stop people depositing more than 10k per year and a 2k month minimum. Apparently its to stop organised crime ect but this is going to be super annoying for those who are not close to their bank and need to safely deposit money easily on tour  :'(
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V24

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Re: Post office money deposit cap
« Reply #1 on: 07 October 2022, 09:36:05 am »
I mentioned this the other month as it happened to me at the Post Office

It's something to do with Mastercard not the Post Office or Banks.  Santander offered the option of banking in the ATM in branch but it appears that has stopped as well so I literally will have to go to the cashier every time now.  I haven't been questioned as of yet but I'm sure I will eventually.

Escortx

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Re: Post office money deposit cap
« Reply #2 on: 07 October 2022, 10:52:02 am »
Not good I meanly use post office but will be careful and also use the bank now

Boudoir

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Re: Post office money deposit cap
« Reply #3 on: 07 October 2022, 10:59:25 am »
Has anyone else heard about this? Apparently they are going to stop people depositing more than 10k per year and a 2k month minimum. Apparently its to stop organised crime ect but this is going to be super annoying for those who are not close to their bank and need to safely deposit money easily on tour  :'(

Well that's me stuffed then if that's the case. I bank with First Direct and the only way to pay cash in is via the Post Office, unless I convert to a business bank account  ::)

English Green

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Re: Post office money deposit cap
« Reply #4 on: 07 October 2022, 11:50:02 am »
Well that's me stuffed then if that's the case. I bank with First Direct and the only way to pay cash in is via the Post Office, unless I convert to a business bank account  ::)

Maybe change your bank. You can be with Barclays and pay into your account via post office.

VoluptuousCurves

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Re: Post office money deposit cap
« Reply #5 on: 07 October 2022, 01:54:21 pm »
Not all banks are doing this. I bank with an online bank that doesn't have branches and they've said nothing about limits on paying in at the post office (yet!) - nor have Lloyds so far.

As far as I'm aware though, the banks that are introducing this are only putting the limits on accounts held with them - so there's nothing to stop you opening current accounts with 3-4 other banks and spreading your pay-ins across them.
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Boudoir

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Re: Post office money deposit cap
« Reply #6 on: 07 October 2022, 02:02:19 pm »
Maybe change your bank. You can be with Barclays and pay into your account via post office.

That would be the same as for First Direct then, still only being able to pay in via Post Office. I've been with First Direct since 1997 and have zero problem with them, I love them. It's Mastercard's arrival on the scene with them and HSBC which led to HSBC's physical banking set-up being streamlined i.e. no cash deposits in their banks anymore.
Mastercard's involvement with all the financial mechanisms that we need as sex workers seems to be causing the problem and restricting this industry.

Boudoir

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Re: Post office money deposit cap
« Reply #7 on: 07 October 2022, 02:07:15 pm »
Not all banks are doing this. I bank with an online bank that doesn't have branches and they've said nothing about limits on paying in at the post office (yet!) - nor have Lloyds so far.

As far as I'm aware though, the banks that are introducing this are only putting the limits on accounts held with them - so there's nothing to stop you opening current accounts with 3-4 other banks and spreading your pay-ins across them.

That's a really good idea VC

English Green

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Re: Post office money deposit cap
« Reply #8 on: 07 October 2022, 06:02:14 pm »
That would be the same as for First Direct then, still only being able to pay in via Post Office. I've been with First Direct since 1997 and have zero problem with them, I love them. It's Mastercard's arrival on the scene with them and HSBC which led to HSBC's physical banking set-up being streamlined i.e. no cash deposits in their banks anymore.
Mastercard's involvement with all the financial mechanisms that we need as sex workers seems to be causing the problem and restricting this industry.

I don't know but i regularly bank money into my Barclays account with no problems and told i can also use the post office. If it's to do strictly with post office limits then surely you need a high street bank too so you can pay it in banks regulary. I have a few bank accounts so i can go between if i want.

Boudoir

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Re: Post office money deposit cap
« Reply #9 on: 07 October 2022, 07:57:26 pm »
I don't know but i regularly bank money into my Barclays account with no problems and told i can also use the post office. If it's to do strictly with post office limits then surely you need a high street bank too so you can pay it in banks regulary. I have a few bank accounts so i can go between if i want.

Thank you, that does make sense

KirstyKiss

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Re: Post office money deposit cap
« Reply #10 on: 08 October 2022, 06:48:25 am »
My bank are reducing DAILY pay ins to £3000.
At the post office the limit is 2k at any one time so I just split the transaction in 2.
Never had a problem.

MissElvira

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Re: Post office money deposit cap
« Reply #11 on: 08 October 2022, 08:40:27 pm »
It's a pain, I hardly deposit cash but when I do i get asked every time even as little as £400 and i have to tell them how I got it but want to say it's non of your F business lol. Banks should be happy to get the custom but now it's like we should be so lucky to have a bank. I don't earn enough to act like I have a business but it's going to be the case that cash will be frowned upon as a seedy or criminal and will be in the next 10 years rare to use it.

Sorry I know this is not about cash but I'm just so stressed whenever I try and deposit cash in my account just so I can cover my hotels and apartments for work.

Mirror

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Re: Post office money deposit cap
« Reply #12 on: 09 October 2022, 07:55:13 am »
This is causing me serious problems, I've been given incorrect information and struggle / cannot find it in the bank T&C. So far a lot of time and effort (including specific journeys/fuel/parking fees) wasted.

Latest info is the cap applies to ALL card deposits eg ATM plus PO and is a total across all current accounts held with same bank. Branch opening times are 9.30am-3pm weekdays, half day Saturday and they shut my local branch years ago. Thank goodness some clients pay bank transfer.
« Last Edit: 09 October 2022, 08:00:55 am by Mirror »

VoluptuousCurves

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Re: Post office money deposit cap
« Reply #13 on: 09 October 2022, 09:32:50 am »
This is causing me serious problems, I've been given incorrect information and struggle / cannot find it in the bank T&C. So far a lot of time and effort (including specific journeys/fuel/parking fees) wasted.

Latest info is the cap applies to ALL card deposits eg ATM plus PO and is a total across all current accounts held with same bank. Branch opening times are 9.30am-3pm weekdays, half day Saturday and they shut my local branch years ago. Thank goodness some clients pay bank transfer.

Which bank is that Mirror?
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lora

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Re: Post office money deposit cap
« Reply #14 on: 09 October 2022, 11:55:00 am »
Yes I was told at santander I had put to much in the machines so I have to deposit at the counter now. This has been a rule(10k max in machines per year) since September. Is this a new law for all UK banks or just Santander? I'm considering changing as having to queue is so inconvenient.