Member Since: 21st Feb 2013
15th Jul 2013
Method in their madness
The point the cashier should have made here was that the Bank were not allowed to divulge the identity of the account holder. Presuming that the wife tried to pay the cash in without a pre-printed paying in slip, the teller would not have been allowed to accept payment because by doing so he/she would have confirmed that the account holders details were correct! If she had a pre-printed slip then it would have been ok- as it's most likely she would have obtained this from the account holder.
Also, amounts over €15,000 (i think) cash have to be questioned and recorded on the banks files.these records are allowed to be scrutinised by HMRC without notice. All in the name of money laundering prevention (and possibly tax avoidance?).
See. method in their madness. Sometimes it's a real bore, but when there is so much money involved in criminal activity, ultimately, honest people are the ones who pay for it in the long
19th Apr 2013
Yes. apologies. its not law ( i thought i had seen it when I searched the other night-but can't find it today!) ....so, I verified by phone that it's self imposed by credit card companies and Banks , and the response you get will be dependent on the operative carrying out the transaction. I was playing devils advocate a little as I am quite aware of the huge amounts of money that Banks and other financial bodies lose through unscrupulous activity.
Knowing a few people who had their bank account compromised (and what an utter nightmare it was for them to sort it out) and having been someone who unknowingly processed a fraudulent transaction (when I was much younger !) there does need to be care with releasing/confirming bank identities. But I agree that common sense needs to prevail -and doesn't appear to do so in a lot of cases! ( Hypothetically, a forty pound transaction could be the precursor for something much larger.....).
Thanks for putting me right.