Getting cash from the bank!

The Rooster

Somebody wants to take 20k out of his bank account (and he has a credit balance of this amount), but he wants it in cash.

What are the potential reasons out there why someone might want such an amount of cash?

- disreputable reasons - something that none of us hear would condone and would have absolutely no place on this forum, so we'll not mention it again.

- to buy a car, where the seller wants cash, because he doesnt trust cheques or even banks

Anyone with good imaginations out there who can think of other reasons?

prospect

Whaaaa

Lex Luthor

The Rooster wrote:

Somebody wants to take 20k out of his bank account (and he has a credit balance of this amount), but he wants it in cash.

What are the potential reasons out there why someone might want such an amount of cash?

- disreputable reasons - something that none of us hear would condone and would have absolutely no place on this forum, so we'll not mention it again.

- to buy a car, where the seller wants cash, because he doesnt trust cheques or even banks

Anyone with good imaginations out there who can think of other reasons?

I'm lost here....have the bank actually asked you for a reason why you want to take it out in cash?
What business is it of theirs?
I've lodged and withdrawn amounts not too far off what you're talkin about here and I think if you give them enough notice, it shouldn't be a problem.

LegacyUser

Slightly off-topic, but this query may be related to the Proceeds of Crime Act, namely Section 32, subsection 3, which as far as I know states that financial institutions must report tranactions in excess of €13,000 (it was IR£10,000 when the act was introduced)

I stand open to correction from a legal eagle...

The Rooster

I assumed the bank would ask, but maybe the won't.

Dont know anything about the legislation, but I'd have thought "Proceeds of Crime" would be more interested in lodgements than withdrawls.

gibo_ie

just give them a few days notice. Anything below 20k doesnt set off bells ringing unless it is daily!!
They wont ask, just get your own branch to authorise it if you want it from another branch.

prospect

To the OP,

I assume 'someone you know' is hiring tradesmen for cash, hence your query (on behalf of the person you know) on this particular forum!?

Gandhi

Why are you posting this in Gardening / DIY? Looking for tips on tunneling into the bank to get your 20k perhaps???

You might get more informed answers on the Biz->Money forum: http://www.boards.ie/vbulletin/forumdisplay.php?f=544

fintan

prospect wrote:

To the OP,

I assume 'someone you know' is hiring tradesmen for cash, hence your query (on behalf of the person you know) on this particular forum!?

I have to say that is one thing that really winds me up, tradesmen who who only work for cash in hand. Everyone else has to pay tax, why should they be allowed away with it.

Think about it, lets say the 20k cash is for some work to be done by a tradesman, in order to give him that 20k in cash, think how much tax you have to fork out, yet he gets away without paying tax?!?!?!

Anyway, I'll stop before I start ranting about it. I really would like to set up a name and shame website, with daily update emails to the revenue.

FX Meister

I guess you would have no problem paying a higher price for the work to be done as long as he pays tax on his earnings from the job?

rooferPete

Hi fintan,

You have no idea the number of times I have built the 13.5% vat in to the price without the customer knowing and lodgeing the cash they paid into the business account.

Today cash is only good for the holidays unless you are not in the system at all and even then you can't even buy a car because the revenue issue the log books now.

It can be dangerous paying everything in cash, if the job goes wrong or the tradesman does a runner you haven't a leg to stand on.

Try the courts if you can find the rogues and chances are the judge will leave your ears red from the verbal abuse he will give you the injured party.

Try and keep all business legit for your own safety and security, if they only take cash payment move on to the next contractor

.

fintan

FX Meister wrote:

I guess you would have no problem paying a higher price for the work to be done as long as he pays tax on his earnings from the job?

:eek:

Yes I would, because if he is paying tax, it means his business is legitimate and that if something goes wrong down the line, you have more chance of getting it fixed.

Two wrongs don't make a right FX

Hi Pete

I totally agree I only deal with tradesmen who do everything through the books.

davidoco

In my experience questions are only asked when large sums of money (>10,000) are lodged. Once they make a note of sums in excess of that you can withdraw, transfer to your hearts content. Ring the bank, ask for the persons name, tell him/her your coming down and want to take out x,000 of your money and there should be no problem or even questions asked.

Being creative I would say "I got drunk and to impress a really hot girl I told her I won the Lotto and now I need loads of cash to leave around the house and car to keep the story going until ......"

Lex Luthor

davidoco wrote:

In my experience questions are only asked when large sums of money (>10,000) are lodged. Once they make a note of sums in excess of that you can withdraw, transfer to your hearts content. Ring the bank, ask for the persons name, tell him/her your coming down and want to take out x,000 of your money and there should be no problem or even questions asked.

Being creative I would say "I got drunk and to impress a really hot girl I told her I won the Lotto and now I need loads of cash to leave around the house and car to keep the story going until ......"

No need for all that bull$hit, it's your money, a courtesy call in advance to let them know your intentions and there will be no problem.