Author Topic: UK banks - Can't Deposit Cash Into Someone Else's Account?  (Read 430 times)

Offline thaiga

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I recently got an email from a uk bank informing me they can no longer accept cash paid into my account from anyone else other than the account holder. are they trying to push everyone on line. Customers can still pay into another person’s account by cheque, but not cash. they say: ‘Keeping our members’ money safe is at the very heart of our membership. So to protect our members and their money, we’re no longer accepting cash deposits from anyone who isn’t the account holder.’ Barclays, hsbc Santander, Nationwide and many more are taking the same route.

Money Mail tested the new rules by trying to pay £40 into Santander and Nationwide current accounts. On both occasions they were barred from doing so. is the costs of handling small amounts of money to much for the banks to bear. However, banks including Lloyds, Halifax and TSB say they do not plan to impose similar rules.

Prohibiting customers from making certain cash deposits could be another indication of how the role of the bank is changing in the financial industry. fewer customers means they can close some branches. You can easily transfer money into a friend or relative’s account for free through PayPal.

Add an owner to your account. Giving someone direct access to your bank account is perhaps one of the easiest ways to transfer money between your accounts. BUT >>> who do you trust. :-[
Anyone who goes to a psychiatrist should have his head examined.

Offline Not A Buffalo

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Re: UK banks - Can't Deposit Cash Into Someone Else's Account?
« Reply #1 on: July 21, 2018, 04:34:17 PM »
It will be for AML ( Anti Money Laundering ) rules...

Offline thaiga

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Re: UK banks - Can't Deposit Cash Into Someone Else's Account?
« Reply #2 on: July 21, 2018, 09:08:04 PM »
Hi, buffy yes that is the cry Anti Money Laundering

would make sense to put a limit on the amount of cash someone can pay into someones elses account, like 100 pound max. i see not all the banks are going for it. If the concern is money laundering, by not being able to bank cash, then they won't catch any crooks that are up to no good lol  ;D

from the paper we don't read
Nationwide customer Simon Icke fell foul of the rules when he tried to pay £20 into his wife Valerie’s account at the Berkhamsted branch in Hertfordshire.

The times they are a changing
Anyone who goes to a psychiatrist should have his head examined.

 



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