Withdrawing large amounts of cash from the bank?
Had a bit of a "friendly" argument with some mates of mine over the weekend in the pub and need your wise advice!
Basically, one lot said you could walk into the bank with a cheque payable to "self" and with appropriate identification (i.e. passport and maybe recent utility bills) and get it there and then.
The other lot said you could'nt do that. You could do the same as above but would need to wait a couple of days for clearance.
The sum discussed was a mythical £50,000 from a large bank.
Any opinions one way or another folks?
Cheers
Basically, one lot said you could walk into the bank with a cheque payable to "self" and with appropriate identification (i.e. passport and maybe recent utility bills) and get it there and then.
The other lot said you could'nt do that. You could do the same as above but would need to wait a couple of days for clearance.
The sum discussed was a mythical £50,000 from a large bank.
Any opinions one way or another folks?
Cheers
0
Comments
I've done it with a cheque (albeit a "cashiers cheque" from another financial institution) for roughly half that figure and when I checked in advance that I would be able to take away such a large cash sum, the bank wanted 2 working days notice so they could "be sure to have enough cash".
I don't think you could do it with a personal cheque, as a crossed cheque (as most are nowadays) isn't redeemable for cash - it must be paid into an account in the payees name and has to successfully pass through the clearing system ( to ensure the funds are there to honour it) before it can be drawn against.
if you had an account with coutts or similar and walked into a london branch with a cheque that size, I doubt they'd have a problem as thats small fry to them, but walk into a high street branch of natwest or barclays in the middle of a village and I doubt they'd have the cash ready.
But it isn't a normal withdrawal is it? It's essentially cashing a large cheque so the paying bank would want to be sure that there are funds in place to support the cheque before they hand over a huge wad of cash!! Even if there are funds there, then (surprisingly) most banks don't actually hold that much by way of real old fashioned money.
You're right, I hadn't considered the cheque part of the equation properly!
As others have said, £50k will require notice (up to 2-3 days usually, or longer if specific note requests). Only a valid passport or driving licence will be acceptable ID for that amount.
Whenever I have cashed cheques at work for petty cash, we have made the cheque payable to "cash".
There is also the issue of vulnerable people being coerced into going to the bank and drawing out large sums to pay, say, dodgy roofers and suchlike. I'm not sure if the banks have a legal responsibility to avoid that happening ( I suspect not ) but, informally, I woud imagine it might sometimes be a consideration.
£3? Really?
Ooops!:D £3K. Still, a daft rule.
I had £30K in my account for all of about 4 hours once when we remortgaged a property to pay a deposit on a new house, and I had to pay £35 or something to get them to transfer the money straight back out again to the new lender. I'm back to having bugger all again now.
Yeah and they do some money laundering checks also.
Nope, your fee was for transferring a large sum to another bank electronically. As I said, most banks allow you to externally transfer up to £10,000 per day free of charge, so large amounts can still be free of charge if done over several days.
It was my understanding that the OP was talking about cashing one of his own cheques (i.e. using the cheque to make a counter withdrawal). There was no cheque deposit mentioned. Having cleared funds is a given.
Correct
You could withdrawel up to £5k with chip and pin and no id, or £1k with a cheque and one piece of ID. Over them amounts they would need an extra piece of id.
Though we could go higher, we would ask for 24 hours notice for over £5k, though we would routinely give more than that over the counter. Depends how much the branch is holding, how busy they expected it to be, and how valuable a customer you were.
With that high amount you also have to consider the size of the branch. Smaller braches will only hold about £120k at any one time, so may make you wait longer, or may not be able to give it you this. Larger branches will hold alot higher, so probably get it quicker for you, so i would suggest going to the area main branch thats usually in the town centre.
Never sign a cheque cash or self, as there is cases where id would not have to be asked for, so if you loose the cheque someone else could cash it. Always put your name under payee to be id`d.
a few years ago I went to LloydsTSB and asked to withdraw £10,000 cash from my account.
handed the withdrawal slip to the teller, she looked at it and asked me what the cash was for. Maybe i should have said 'mind your own business' but i didn't i just told her that i was going to deposit it in a foreign bank. (i didn't say what bank but it was an american bank)
i was then told to take a seat while she called her supervisor, who appeared shortly and they had a conversation about it.... I could hear her whisper to the supervisor, "he said he's going to pay it into a foreign bank" in an 'ooh, how suspicious' tone of voice:rolleyes::D
after about 10 minutes i was called back to the desk, they were really obstructive about granting the cash withdrawal, and said they wanted to give me a cheque instead and querying why would i want cash. They also said that they can't do it anyway, and if i insisted on cash then i would have to wait 5 working days.
in the end i took a cheque instead