SAAFE forum
General Category => Questions and Answers => Topic started by: Schwiftysquancher91 on 07 October 2022, 08:37:32 am
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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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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.
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Not good I meanly use post office but will be careful and also use the bank now
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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 ::)
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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.
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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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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.
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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
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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.
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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
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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.
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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.
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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.
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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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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.
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I was about to switch banks anyway for similar reasons (two of the branches I use regularly have closed and the remaining one is now only open 9.30-3pm), so I'll get on with that tomorrow.
I don't mean to derail the thread since it's specifically about the Post Office, but NatWest and Nationwide are two near me that definitely open 9am-4.30pm :)
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I was about to switch banks anyway for similar reasons (two of the branches I use regularly have closed and the remaining one is now only open 9.30-3pm), so I'll get on with that tomorrow.
I don't mean to derail the thread since it's specifically about the Post Office, but NatWest and Nationwide are two near me that definitely open 9am-4.30pm :)
For any one using bank transfer (and I know you aren't Amy), transfers from Nationwide can take half a day to arrive (compared to instantly for most banks (even thought most quote 2 hrs it is in practice instant)) and sometimes not until following day or after the weekend(longer if bank holiday) . I am however considering a similar bank move.
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I'm with HSBC and this will be a nightmare for me too. Using post offices has been so convenient for me. I don't want to have to keep going into town centres to the few remaining bank branches. I hope to god they aren't restricting the atm deposits too, my local branch doesn't even have a counter now :FF
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Yep, it finally happened! I tried to deposit £450 and the person there said it had been declined. I tried again with £300 and it went through. They said it was maybe a £300 a day limit and I said thats ridiculous and she agreed lol. I have no local TSB banks here at all and I am not in London or drive so I have resorted to asking a friend to take my money to put into her bank to then transfer over to me ::) I am lucky as everyone knows what I do so they can help me out but its still very inconvenient. At this rate I may stop turning down people wanting to opt for a bank transfer!
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Weird. I just stopped at the post office at my local branch in Central London after reading this thread this morning and asked them about any new restrictions in cash deposits and they said "absolutely not".
???
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I've literally just paid £1100 into my business account, via post office. No problems at all..
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I've literally just paid £1100 into my business account, via post office. No problems at all..
It's fine for business accounts i was told the cap for business accounts is much, much higher. It's personal accounts that are being limited.
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Weird. I just stopped at the post office at my local branch in Central London after reading this thread this morning and asked them about any new restrictions in cash deposits and they said "absolutely not".
???
The staff don't actually know they just see cash deposits declined. Staff at the branch I use are unaware because the banks have not told them, and they don't know the limits for the same reason.
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I'm with NatWest they changed their policies. last time I had to deposit at the counter( machine unfortunately was off) twice 3k in 2months period and they suggested me to get business account they've even looked me strange... Ive told them that I'm not working 12 month a year. I would just keep some in cash have it in a safe secured place far away and waiting. I've never tried post offices before
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The staff don't actually know they just see cash deposits declined. Staff at the branch I use are unaware because the banks have not told them, and they don't know the limits for the same reason.
This is true, I even went into the bank itself as I had no choice and even THEY didn't know! The person at the counter had to try and look it up online. It rolls over at the beginning of each new month for my bank and the limit is £3000pm. She said that if I have other accounts like separate savings accounts I could just order cards for each of them as I would have a separate cap on each card so I might just do that instead.
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My Lloyds personal account has now been limited to £2995 per month max pay in at post office. I'm going to switch to using my business account.
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This is true, I even went into the bank itself as I had no choice and even THEY didn't know! The person at the counter had to try and look it up online. It rolls over at the beginning of each new month for my bank and the limit is £3000pm. She said that if I have other accounts like separate savings accounts I could just order cards for each of them as I would have a separate cap on each card so I might just do that instead.
My bank suggested different accounts, ordered new cards, only to find out the cap was a total across all accounts with that bank when I next tried to pay in.
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My bank suggested different accounts, ordered new cards, only to find out the cap was a total across all accounts with that bank when I next tried to pay in.
Oh ffs, thanks for the info. Saves me ordering more cards!
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Oh ffs, thanks for the info. Saves me ordering more cards!
You could try just in case it's changed, or your bank is different. Huge disappointment and waste of my time.
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To manage this paid into a different bank bank account at the PO, now that bank has flagged me for using their account for business - I was deposited no more than £1000 per month for 6 months this way. I am appealing the decision, but could lose a current account I have had for several decades. When I first opened the account all those years ago I paid regular cash amounts in I suspect it's the sudden change and likely their terms & conditions have changed. Anyhow I have given a reason for the paying in, and explained the deposits have now stopped (think the last was almost 1 month ago).
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It’s 10k with Sanrander
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PO with Santander is 10k a year it’s been going on since last year around November
Lloyds same so you just have to pay it into the bank account instead
I have a Cashplus account & a Pockit account as well as my every day bank accounts
Similar limits to post office 10k a year I think and I use these for my every day spending
With the cashplus you can pay direct debits / bills transfer money and put money on at the post office
Pockit you just top with Paypoint and use it like a regular debit card
Plus side as you have no overdraft facility it won’t show up on your credit file as it’s not credit
Just an FYI. Pockit closed my account after they asked me what my source of income was and I said "I'm a sex worker", somewhat naively.
I then opened a Cashplus and have been using that for about 18 months but they emailed me a couple of days ago to say they need to speak to me to "ask some important questions" so when they do I will be telling them I'm a massage therapist and showing them a bullshit website. Hopefully this will be enough.
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Just an FYI. Pockit closed my account after they asked me what my source of income was and I said "I'm a sex worker", somewhat naively.
I then opened a Cashplus and have been using that for about 18 months but they emailed me a couple of days ago to say they need to speak to me to "ask some important questions" so when they do I will be telling them I'm a massage therapist and showing them a bullshit website. Hopefully this will be enough.
Xx
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Just standard on both. I'm about to send my info to Cashplus in the next couple of days. Fingers crossed.
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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 ::)
can't you use a HSBC branch? I used to
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No Ms RedHead, very frustratingly most HSBC banks stopped accepting cash deposits a while ago, hence PO is the only way to pay in now.
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The HSBC detail is worth checking with your chosen branch as I've paid cash into a first direct account at my local HSBC as recently as Feb 2023.
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There was a programme on BBC R4 this week about how bank closures have affected people who are visually impaired. It's not good for them, interesting to hear another group of people affected by the move to reduce in-person access to banking. I've saved my long term current account, just cannot dare to pay in any cash. This isn't my main paying in account which doesn't have a 'no business use' t&c but now looking at and setting up alternatives so can pay in without significant journey within working hours (to get to a bank branch I need 2 hours on weekdays between 9 and 3pm, fuel and parking ticket)
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No Ms RedHead, very frustratingly most HSBC banks stopped accepting cash deposits a while ago, hence PO is the only way to pay in now.
some, not most. if you use the branch finder on their site, you can find them
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Just standard on both. I'm about to send my info to Cashplus in the next couple of days. Fingers crossed.
X
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I’ve deposited a lot more than this into a personal account with Lloyds in a 24 hour period and in the 12 month period. I’ve never had any issues yet. I pay HMRC from that account monthly though (with the budget payment plan for the upcoming year) and the amounts aren’t small so maybe they can already see I’m declaring it
Never deposited 10k in one go though
The account I am over the PO limit with has payments going to HMRC and had done for over 10 years, I've been told it's not me as an individual it's across that bank.
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If I know good, for personal accounts the limit £1,000 per 24-hour period , and £10,000 per 12-month period.
I have a personal account, I deposit roughly 3k a month through the post office in weekly deposits. I've never had any issues yet, I also pay my accountant monthly and HMRC through same account.
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Santander have been like this since September last year
Lloyd’s don’t seem to have put this in place yet or HSBC
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So, if I was going to start being careful about how much cash I paid into an account in a year, when do you think I should start counting from?
Like when would the counter reset?
1st April?
Or would it be a moving total covering the previous 12 months at any given point.
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So, if I was going to start being careful about how much cash I paid into an account in a year, when do you think I should start counting from?
Like when would the counter reset?
1st April?
Or would it be a moving total covering the previous 12 months at any given point.
The bank that brought this is would not, or could not tell me when I asked.
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Might be a good idea to calculate it as a running 12 month total then. Bit more complicated but still worth it.
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Might be a good idea to calculate it as a running 12 month total then. Bit more complicated but still worth it.
Someone I spoke to who isn't a bank employee did suggest the banks may not want to disclose specifics regards dates etc, particularly if it's a prevention of money laundering - otherwise those who engaging in laundering would simply work the system.
Just supposition.
It is a long time since I paid into my main affected account via PO or ATM, but it continues to be rejected (tried recently). I have paid in over the counter whenever near a bank branch. I am wondering it it is £10k paid in anyway eg once you have paid in 10K even if all is over the counter in a branch, you simply cannot pay in at the PO.
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Someone I spoke to who isn't a bank employee did suggest the banks may not want to disclose specifics regards dates etc, particularly if it's a prevention of money laundering - otherwise those who engaging in laundering would simply work the system.
Just supposition.
It is a long time since I paid into my main affected account via PO or ATM, but it continues to be rejected (tried recently). I have paid in over the counter whenever near a bank branch. I am wondering it it is £10k paid in anyway eg once you have paid in 10K even if all is over the counter in a branch, you simply cannot pay in at the PO.
Some banks are like that so it’s best to deposit at post office till it stops letting you.
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It doesn’t matter whether you pay in via post office or bank. It’s the annual limit you can pay in, in cash to your account.
Limits vary.
NatWest is 24k
Santander is 10k
I gave two accounts with NatWest and the 24k limit is across BOTH accounts (so I can’t pay in 48k).
You can electronically transfer cash between banks as this doesn’t count towards the annual limits.
You either have to have several personal accounts and do electronic transfers once you’ve reached your pay in limit or open a business account.
Ps. It runs from April to April
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It doesn’t matter whether you pay in via post office or bank. It’s the annual limit you can pay in, in cash to your account.
Limits vary.
NatWest is 24k
Santander is 10k
I gave two accounts with NatWest and the 24k limit is across BOTH accounts (so I can’t pay in 48k).
You can electronically transfer cash between banks as this doesn’t count towards the annual limits.
You either have to have several personal accounts and do electronic transfers once you’ve reached your pay in limit or open a business account.
This doesn't match with my experience cash is declined at PO but accepted at the branch, same bank account. Has been like that for best part of 1 year and I've paid in more than the 'limit'.
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Oh that’s strange, Mirror as not what my bank have told me.
Some banks haven’t introduced limits yet, I believe.
NatWest have made it clear that they won’t accept more than 24k paid in, in cash on a personal account.
Bloody banks!
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Oh that’s strange, Mirror as not what my bank have told me.
Some banks haven’t introduced limits yet, I believe.
NatWest have made it clear that they won’t accept more than 24k paid in, in cash on a personal account.
Bloody banks!
I have tried to send you a PM but got a message saying my PMs to you are blocked.
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I have tried to send you a PM but got a message saying my PMs to you are blocked. I am talking about i one of the ones you've listed.
I’ve messaged you x
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I’ve messaged you x
Tried to reply but I got a message saying 'User 'KirstyKiss' has blocked your personal message'.
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Someone I spoke to who isn't a bank employee did suggest the banks may not want to disclose specifics regards dates etc, particularly if it's a prevention of money laundering - otherwise those who engaging in laundering would simply work the system.
Just supposition.
It is a long time since I paid into my main affected account via PO or ATM, but it continues to be rejected (tried recently). I have paid in over the counter whenever near a bank branch. I am wondering it it is £10k paid in anyway eg once you have paid in 10K even if all is over the counter in a branch, you simply cannot pay in at the PO.
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Tried to reply but I got a message saying 'User 'KirstyKiss' has blocked your personal message'.
I don’t know what’s going on with my messaging system. I’ve checked settings. Reading between the lines I’ll drop into my local bank at some point and ask them directly but I have other bank accounts I can transfer from.
My branch isn’t as local as I’d like.
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Just standard on both. I'm about to send my info to Cashplus in the next couple of days. Fingers crossed.
Update after 2.5 months pissing about - they've closed my account, after asking me for all sorts of crap including my self-assessment returns (which I gave them) They didn't outright ask me if I was a sex worker but it's clear they put me in that bracket.
I'll consider opening a few new accounts with different providers, stay below the radar, and have a more well fleshed out cover story next time. (This time I randomly claimed to be doing massage which was probably stupid but they caught me on the back foot.)
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One bank is writing to anyone who recently used the PO to pay in, announcing anything over £10k for the year can only be paid in in a bank branch. This bank does not have branches in every city - nearest one to me is 2 cities away (90 minute drive each way plus city centre parking if traffic is totally clear). I am not currently using this bank for depositing cash, I had started but they flagged me as using it the personal account for business (technically I wasn't I was only paying in earnings).
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I had a letter last week from my Co Op bank to say anything beyond 10k cash at a post office in a financial year must be paid in at an actual Co Op bank branch..
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I had a letter last week from my Co Op bank to say anything beyond 10k cash at a post office in a financial year must be paid in at an actual Co Op bank branch..
And those branches are few and far between.
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And those branches are few and far between.
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Yes I will have to open a new account locally somewhere! Saves going in to the two neighbouring cities ....
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Update after 2.5 months pissing about - they've closed my account, after asking me for all sorts of crap including my self-assessment returns (which I gave them) They didn't outright ask me if I was a sex worker but it's clear they put me in that bracket.
I'll consider opening a few new accounts with different providers, stay below the radar, and have a more well fleshed out cover story next time. (This time I randomly claimed to be doing massage which was probably stupid but they caught me on the back foot.)
Update on this - I finally received my money back today, only after starting the process to take them to the Financial Ombudsman. Just 8 months after them freezing my account 🙄
I will not ever use a personal account for business again, but given this experience with Cashplus, I will never recommend their business account as their customer service and communications have been absolutely appalling.
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I have myself down as a website designer. Got somebody to make me a website and call my business account the same.