10k cash, can you deposit it without questions in a bank?

slinky2000

Hi guys, just sold a few cars and parts there that were taking up space and I've now got about 10k in my hand.

Can I just go into the bank and lodge it without any proof of where it came from?

augustus gloop

the last time i lodged a large enough I was asked, 6k, I told the truth, the teller apologised and said it was just protocol, I won it in a poker tourney and knew that sounded fishy, but because it was the truth I did not mind saying it. Anyway, that was the end of it.

coylemj

You can lodge it with me, it will be dead safe. I don't ask awkward questions, I'm just nipping off to Thailand for a few weeks, will be back around Christmas 2016.

chris85

Under anti money laundering legislation the bank have a legal requirement to ask about the source of the funds for that amount. Would be surprised if they didn't ask.

scamalert

if its not ripping through your pockets you could deposit in bulks of 2-3k over few months,or better just say what you said to us ,you sold some old scrap cars and that's all, nothing illegal there.

chris85

scamalert wrote: »

if its not ripping through your pockets you could deposit in bulks of 2-3k over few months,or better just say what you said to us ,you sold some old scrap cars and that's all, nothing illegal there.

Selling a few cars may raise questions as it could easily be thought he is a dealer avoiding paying tax. Onus is on the individual to prove they are tax compliant.

digzy

if you're declaring it to revenue, you can do what you want with it.
if you sold cars there's a paper trail. if you lodge it undeclared you're fuc*ed! by the sound of you, you're not declaring it so you're better off sticking it under the mattress!

scwazrh

chris85 wrote: »

Under anti money laundering legislation the bank have a legal requirement to ask about the source of the funds for that amount. Would be surprised if they didn't ask.

Any idea what the limit starts at that the bank has to ask questions?I regularly lodge cash of 4 or 5 k into a business account and never had questions asked

darragh o meara

scwazrh wrote: »

Any idea what the limit starts at that the bank has to ask questions?I regularly lodge cash of 4 or 5 k into a business account and never had questions asked

A business account wouldn't draw any attention, the usual limit without asking in my past experience to a personal account is about 3-4k but I have lodged 20k in cash and very little said. However withdrawing big amounts is a different story, I had the pleasure of been taken away from main part of the bank to a secure area and questioned over my reasons for withdrawing but to be fair they were only worried I was being made to withdraw against my will etc.

If your worried lodge it in 2 or 3 transactions and if anything is asked tell the truth. They won't shop you to revenue for that kinda money, iirc they must report any transactions over 11k to revenue as part of the anti money laundering laws.

slinky2000

digzy wrote: »

if you're declaring it to revenue, you can do what you want with it.
if you sold cars there's a paper trail. if you lodge it undeclared you're fuc*ed! by the sound of you, you're not declaring it so you're better off sticking it under the mattress!

Yea not declaring it, it's just two cars, a bike and parts I built up over some time and had a clear out, I'm hardly a dealer.

Well I lodged 2k today and nothin said, I've a holiday coming up which that'll go towards, then xmas and the girlfriends birthday, so it'll not be long going if I don't lodge it all.

Thanks for the help guys.