Large cash payment for a car - legit?
Discussion
R8Steve said:
They count it, they don't check it unfortunately. This is done later at the cash centre. It's quite common for notes to flag up as forgeries with big business deposits later on, night clubs/pubs especially.
The banks generally will accept any amount, it would be prudent to call ahead and tell them you're arriving with a bag full of money though.
Surely they are the experts though, as in I go in with Mr Buyer with £40k in cash, explain the situation and say I'd would like the money deposited into my account and for you to confirm they are 'legit' notes ?The banks generally will accept any amount, it would be prudent to call ahead and tell them you're arriving with a bag full of money though.
Seems a bit odd that the bank would later refuse the notes given they had already accepted them.. ?
Who else would a member of the public ask to confirm a bank notes authenticity, other than a bank ?
Jimmyarm said:
R8Steve said:
They count it, they don't check it unfortunately. This is done later at the cash centre. It's quite common for notes to flag up as forgeries with big business deposits later on, night clubs/pubs especially.
The banks generally will accept any amount, it would be prudent to call ahead and tell them you're arriving with a bag full of money though.
Surely they are the experts though, as in I go in with Mr Buyer with £40k in cash, explain the situation and say I'd would like the money deposited into my account and for you to confirm they are 'legit' notes ?The banks generally will accept any amount, it would be prudent to call ahead and tell them you're arriving with a bag full of money though.
Seems a bit odd that the bank would later refuse the notes given they had already accepted them.. ?
Who else would a member of the public ask to confirm a bank notes authenticity, other than a bank ?
When I used to bank a lot of cash (a few grand at a time) at my local HSBC I once made the mistake of joking that they never checked the notes I paid in. Guess what they did every time from then on and how much time it took...
O/T but funny anyway.
Here in the USA we have a $10k cash limit before we must report it to the authorities.
I sold a Range Rover to a chap last year. It was $68k and he had a trade that we put $25k into. When he rocked up to pay he bought his old Mum with him and it turns out that she's paying for the car and it's going to be in her name. First I'd heard of Mum being involved but no problem. She has a cheque for part of the balance and $9900 in cash. No problem there, we verified the cheque and counted the cash.
Anyway, a few weeks later I've got the DEA in my office. Apparently this guy was the biggest drug dealer in the local University town and they've seized the Rangey along with a couple of hundred grand in cash and 50lbs of Mary Jane in the trunk! Now the funny thing is when we got the trade (08 Rangey) in the shop they noticed the spare wheel was missing. I called the chap but he said he'd never had it. We now realized why...
Here in the USA we have a $10k cash limit before we must report it to the authorities.
I sold a Range Rover to a chap last year. It was $68k and he had a trade that we put $25k into. When he rocked up to pay he bought his old Mum with him and it turns out that she's paying for the car and it's going to be in her name. First I'd heard of Mum being involved but no problem. She has a cheque for part of the balance and $9900 in cash. No problem there, we verified the cheque and counted the cash.
Anyway, a few weeks later I've got the DEA in my office. Apparently this guy was the biggest drug dealer in the local University town and they've seized the Rangey along with a couple of hundred grand in cash and 50lbs of Mary Jane in the trunk! Now the funny thing is when we got the trade (08 Rangey) in the shop they noticed the spare wheel was missing. I called the chap but he said he'd never had it. We now realized why...
Jimmyarm said:
Surely they are the experts though, as in I go in with Mr Buyer with £40k in cash, explain the situation and say I'd would like the money deposited into my account and for you to confirm they are 'legit' notes ?
Seems a bit odd that the bank would later refuse the notes given they had already accepted them.. ?
Who else would a member of the public ask to confirm a bank notes authenticity, other than a bank ?
They have accepted them on the belief they are real.Seems a bit odd that the bank would later refuse the notes given they had already accepted them.. ?
Who else would a member of the public ask to confirm a bank notes authenticity, other than a bank ?
The bank does confirm the authenticity, just at a later time. Could you imagine the complaints if everyone is stuck in a queue for a couple of hours while the cashier checks 4000 tenners with a UV machine?
blindswelledrat said:
I know Metrobank in central London is open Saturday all day (and Sunday)
Easy to open an account with too. They are the only bank I have come across who will open accounts without an appointment.
A lot of the banks are open to 4 or 5pm on a Saturday providing they're not in the financial district which tend not to open at all.Easy to open an account with too. They are the only bank I have come across who will open accounts without an appointment.
Most of the very Central London branches have no queues at all on a Saturday
jaf01uk said:
I can absolutely assure you that this happened, HBOS Elgin branch, money came from a HBOS account in Aberdeen, big red FRAUD writing across account screen in branch, whether a court order had been obtained I have no idea but the level of incompetence was astonishing in the dealing with it after she eventually found out her account had been frozen (they told her they had no obligation to tell her as it was the sending account holder that was under investigation and her account had been frozen to prevent the money going anywhere else meantime) They then subsequently lost her complaint - the whole thing was farcical
I had a similar thing. I sold a house, and the buyer turned up the day before completion to his solicitors with £400K in cash ! They sent the buyer straight to their bank to pay it into their client account. The buyer's solicitors told my solicitors that they had the funds. Next think I know my solicitor calls and says they (buyer's solicitor) can't release the funds, and can't (as in not allowed to) tell us why. They also said they couldn't tell their client (the buyer) why they couldn't complete.Long story short, failed to complete, both buyer and me screaming to get completed. I served notice to complete, and spanked them hard for costs, buyer also claimed for losses, buyers solicitor's indemnity insurance paid out all.
It transpires they paid the cash into the bank, the bank were duty bound to report the large cash deposit, and as poster above, the account was frozen, I think by the BOE or police, whilst it was checked out. The cash was 100% legit, and the funds were released after about 10 days.
Edited by catfood12 on Thursday 19th November 21:56
Unless anything has changed recently every note is visually checked when it's paid in so there's no risk of any chargebacks - worth confirming with your own bank on their policy.
The only grey area with electronic transfers is if the funds have come from a hacked account, I'm sure the receiving bank won't want to take the hit. You would hope that argument would be between the owner of the hacked account & their bank but I'm not sure.
The only grey area with electronic transfers is if the funds have come from a hacked account, I'm sure the receiving bank won't want to take the hit. You would hope that argument would be between the owner of the hacked account & their bank but I'm not sure.
Don't banks weigh decent amounts of notes these days. I was impressed with the technology last time I saw it happen.
Very quick process.
Too risky these days though. If the buyer agrees to go along with whatever you are happy with then he should be genuine, if he starts to back off then leave it.
Very quick process.
Too risky these days though. If the buyer agrees to go along with whatever you are happy with then he should be genuine, if he starts to back off then leave it.
Edited by everyeggabird on Wednesday 25th November 09:26
unrepentant said:
O/T but funny anyway.
Here in the USA we have a $10k cash limit before we must report it to the authorities.
I sold a Range Rover to a chap last year. It was $68k and he had a trade that we put $25k into. When he rocked up to pay he bought his old Mum with him and it turns out that she's paying for the car and it's going to be in her name. First I'd heard of Mum being involved but no problem. She has a cheque for part of the balance and $9900 in cash. No problem there, we verified the cheque and counted the cash.
Anyway, a few weeks later I've got the DEA in my office. Apparently this guy was the biggest drug dealer in the local University town and they've seized the Rangey along with a couple of hundred grand in cash and 50lbs of Mary Jane in the trunk! Now the funny thing is when we got the trade (08 Rangey) in the shop they noticed the spare wheel was missing. I called the chap but he said he'd never had it. We now realized why...
I was watching one of the new episodes of 'Fast and Loud' last night... Richard Rawlins bought a Ferrari (a 330, I think) for $140k cash. Here in the USA we have a $10k cash limit before we must report it to the authorities.
I sold a Range Rover to a chap last year. It was $68k and he had a trade that we put $25k into. When he rocked up to pay he bought his old Mum with him and it turns out that she's paying for the car and it's going to be in her name. First I'd heard of Mum being involved but no problem. She has a cheque for part of the balance and $9900 in cash. No problem there, we verified the cheque and counted the cash.
Anyway, a few weeks later I've got the DEA in my office. Apparently this guy was the biggest drug dealer in the local University town and they've seized the Rangey along with a couple of hundred grand in cash and 50lbs of Mary Jane in the trunk! Now the funny thing is when we got the trade (08 Rangey) in the shop they noticed the spare wheel was missing. I called the chap but he said he'd never had it. We now realized why...
everyeggabird said:
Don't banks weigh decent amounts of notes these days. I was impressed with the technology last time I saw it happen.
Very quick process.
Too risky these days though. If the buyer agrees to go along with whatever you are happy with then he should be genuine, if he starts to back off then leave it.
Exactly. The banks can tell immediately whether the cash is real. Second, the buyer won't want to enter a bank with hooky cash.Very quick process.
Too risky these days though. If the buyer agrees to go along with whatever you are happy with then he should be genuine, if he starts to back off then leave it.
Edited by everyeggabird on Wednesday 25th November 09:26
everyeggabird said:
Don't banks weigh decent amounts of notes these days. I was impressed with the technology last time I saw it happen.
Very quick process.
Too risky these days though. If the buyer agrees to go along with whatever you are happy with then he should be genuine, if he starts to back off then leave it.
If the bank is dealing in weights, why not ask your buyer for a couple of weights of his usual merchandise - assuming you've got a distribution arm?Very quick process.
Too risky these days though. If the buyer agrees to go along with whatever you are happy with then he should be genuine, if he starts to back off then leave it.
Edited by everyeggabird on Wednesday 25th November 09:26
Chris Stott said:
I was watching one of the new episodes of 'Fast and Loud' last night... Richard Rawlins bought a Ferrari (a 330, I think) for $140k cash.
And? 
The issues is, if you pay for a car with more than 10K in cash then it is supposed to be reported to the authorities (both in the UK and the USA) - It's not illegal to buy a car with over 10K in cash - Even in the USA.
There is a myth that it is illegal in the USA to carry over $10K dollars around with you or to purchase items in cash for over $10K, but it's not actually true, there is no legislation in any US state that makes it illegal.
If you do purchase goods with over $10K in cash then you have to report it by Law.
And if you do carry over $10K in cash in the USA and are found to be carrying it by the authorities then you will have to explain in detail why you're carrying that amount, where the cash came from, what you intend to use the money for etc., etc., and they will perform a major background check on you. (And if they are unconvinced by your explanation then they have the right to confiscate the money!).
So long as the people who sold the Ferrari reported the sale to the authorities and it was properly investigated and cleared then there is no issue whatsoever!
In the UK, almost every car dealerships will refuse to accept over £10K in cash as it not only complicates the sale transaction with the authorities, it increases the risk fraud due to fake notes being mixed in with genuine notes, and it also creates a major security risk to the dealership and their staff.
To the letter of the Law, it is not illegal to buy goods with over £10K in cash but it has to be reported, and failure to do so could have major consequences for those involved, including a criminal investigation.
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