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Accepting Large Sums of Cash

thejefu

thejefu

Site Supporter
Joined
Feb 13, 2020
Messages
416
Location
Glossop, Derbyshire
Say you were selling a pin for 5k and the buyer insists on paying in cash (they have their reasons).

Do you typically feel comfortable counting at home or do you exchange the bills at the bank and immediately deposit them for peace of mind?
 
Do you mean you take the buyer to the bank with you whilst you pay it in? I got paid £6.5k+ in cash, I wasn't happy about it but it was the only way to get the deal done.

I took the money to the bank £2k at at time, got questioned at the bank where the money had come from and was nervous that some of it could have been fake.

It was all OK but I'd be reluctant to do it again.
 
Marvello said:
Do you mean you take the buyer to the bank with you whilst you pay it in? I got paid £6.5+ in cash, I wasn't happy about it but it was the only way to get the deal done.

I took the money to the bank £2k at at time, got questioned at the bank where the money had come from and was nervous that some of it could have been fake.

It was all OK but I'd be reluctant to do it again.
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Well that's the thing. I live about 2 minutes away from my bank and it would take us aslong to head there and let them count it and deposit it as it would take me to count it at home without the added stress of playing teller. Think I've just sold myself on it.
 
thejefu said:
Well that's the thing. I live about 2 minutes away from my bank and it would take us aslong to head there and let them count it and deposit it as it would take me to count it at home without the added stress of playing teller. Think I've just sold myself on it.
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Yeh, can't see why not then if your buyer doesn't mind, if he/she does mind then that might be a red flag.
 
thejefu said:
I vaguely know enough about the buyer to know he's a safe bet. Apparently I'm just neurotic.
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Nothing wrong with being neurotic when it comes to large amounts of money. Someone may not intentionally pass you dodgy money but are they checking every single note they get paid cash in hand? It would be awkward going back to them saying "£600 of that money you gave me was fake, the bank confiscated it", they'd then start to question if you were telling the truth. Let the bank deal with it.
 
i see it as a float ...just sell a pin and take the cash ,then move it on when we buy a new toy ,who needs to involve banks ,sticking their 10p worth in to our business ,with zero interest on savings accounts ....its all good between forum members
 
Dave Bishop said:
Don’t mind cash,

But the Banks are now playing detective and get a grilling on large deposits or taking out a large sum of cash.. it’s my f@*kin money, I will do what I want with it. 😡
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I understand what you're saying but they aren't doing it just to be nosey, it is just part of general banking security. If everything is above board then being asked where the money has come from or where it's going to shouldn't be an issue. When I told the bank teller the money had come from a Pinball Machine sale she said "What's a Pinball Machine?" .
 
Marvello said:
I understand what you're saying but they aren't doing it just to be nosey, it is just part of general banking security. If everything is above board then being asked where the money has come from or where it's going to shouldn't be an issue. When I told the bank teller the money had come from a Pinball Machine sale she said "What's a Pinball Machine?" .
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v true..i got asked the same question...we have high value items
 
thejefu said:
Say you were selling a pin for 5k and the buyer insists on paying in cash (they have their reasons).

Do you typically feel comfortable counting at home or do you exchange the bills at the bank and immediately deposit them for peace of mind?
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might be old £20 notes i know a guy who just bought a hell cat for £50,000 in old £20,s
 
Neonadz said:
i see it as a float ...just sell a pin and take the cash ,then move it on when we buy a new toy ,who needs to involve banks ,sticking their 10p worth in to our business ,with zero interest on savings accounts ....its all good between forum members
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Before covid I’d sometimes get paid in cash is I’m a self employed plasterer and every week/month I’d go to the same bank in my dirty plastering clothes and pay it in, often to the same cashier. Each time she would ask the same question of where did I get this cash? so i would say something different every time, arms dealer, pimp, drug dealer , gigolo, just robed a bank, mugged an old womam, and so on. The looks I used to get sometimes was hilarious, one of the other cashiers was my mates wife and she often had to but in to tell the shocked cashier I’m mucking about lol...
I just felt like I was being interrogated and buy looking at me she should have noticed that I was a tradesman.
 
Marvello said:
It is just part of general banking security.
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You can justify anything with that. "Oh, it's because of money laundering..." With the fraud large corporations and government shady deals are responsible for?

And here's you (the bank) enquiring into a couple of thousand pounds? It's a farce.
 
Absolute waste of time cash now I won’t take cash payments anymore as I get questioned every time I go to the bank I also get charged for paying it in even spending a large amount of cash is impossible
 
I’ve never been questioned paying cash into my business account which I get charged for as well but my personal account is another matter, the cashier is liable for money laundering so this is why it is so strict and they are covering their backside. It’s easier just to pay the cash into the paying in machine a grand at a time which is hassle free but you need to do it over time and not in one day if you have thousands to pay in. I have printed an eBay sale and handed over thousands before with no hassle.
Spending large amounts of cash is a bit of a nightmare these days, even Howdens pulled me up when I reached the cash limit in!
 
I have taken cash before when selling games. I prefer receiving bank transfers. In early covid times I asked a buyer to let the cash sit in a bag for three days before handing to me.

I did not check every note, but I maybe looked at 10 of them. It is all about the person. If they look dodgy, check more.

In the past it was possible to send money to the wrong account (getting a digit wrong) but sending banks now seem to verify that the sort and account numbers match the account name. This gives me and others much more confidence in using bank transfers.

Banks have asked me questions before when I have been depositing or withdrawing £1000s in cash. I explain that it is for a pinball machine. I have never needed to, but have always been prepared to say ...

pinball machines cost [£5,000]
transacting has to be done face to face as folk check a machine with 3000 parts before they buy and titles weigh 120kg
you transact with folk you often do not know
Unlike cars, there is no official register of title
Not everyone has online banking and can do an instant transfer when stood in your house
 
thejefu said:
Say you were selling a pin for 5k and the buyer insists on paying in cash (they have their reasons).

Do you typically feel comfortable counting at home or do you exchange the bills at the bank and immediately deposit them for peace of mind?
Click to expand...
Happy to take it in hand, all depends what you are comfortable with but I’ve always taken cash in hand.
 
Dave Bishop said:
Don’t mind cash,

But the Banks are now playing detective and get a grilling on large deposits or taking out a large sum of cash.. it’s my f@*kin money, I will do what I want with it. 😡
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I use Halifax and Santander, Halifax want to ask a million questions, so I use them for my general banking, Santander have never asked me anything other than would I like to put it into a savings account so I do all my buying and selling with my accounts I hold with them.
 
Cash is a pain. Some buyers think they are more likely to get a discount if they offer cash but as a seller it’s a pain to deal with.

Trying to get to a bank to deposit it is a challenge if you dont work near one. I used to just use it as a general float but over the last year that’s simply not happened. Finally had a hunt round the house last summer and found a staggering amount in loose change that had built up over the years.

I’ve never had a problem paying large amounts of cash in but always get challenged when taking it out. My standard reply to “what’s it for” is always “coke and hookers”. It’s **** all to do with my bank what I choose to spend my money on. They aren’t my dad.
 
I took £5k cash a few months ago from a site member. I checked a couple of random notes and they were ok (ex banker). Then took it to my nearest Barclays with ID but also screenshots from this site showing my listing and the exchange of correspondence confirming the cash sale. Went into the bank advising where the cash had come from and, tbf, possibly because I looked well prepared (😀) they were more interested in hearing about the pinball machine than anything else. “ wow, are they really worth £5k” 😀😀 Was not a problem at all
 
Sale done. Felt a jerk asking an otherwise nice bloke to wait whilst I nipped to the bank but saved me a headache and will probably default to this in the future for first time buyers. He got a free coffee for his troubles.

Lloyds teller didn’t give me any grief or ask a single question. I was even paying it into my wife’s account since I’m on Monzo.


Sent from my iPhone using Tapatalk
 
Paul R Owen said:
Neither will the OP, he paid it into the Missus bank account 🤪😭.
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My parents are treating us to a garage conversion with money freed up from their pending house sale which hasn't gone through yet. We agreed we'd get the job underway using my wifes savings since she has it tucked away and I'm speculated upto my eyeballs. Here am I thinking about what pin I want to get into my new pinball room, the cash hits her bank and suddenly gets appropriated into paying the conversion bill.

Walked into that one.
 
The Nationwide wouldn't let me pay money IN to my wife's account even though I had her bank statement, could prove I was her husband and it was my £100! Pathetic!!!
 
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