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Old 05-07-2013
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Default Money talk

Hello guys.

Would like to get some advise on a few things.

1. If you are having money go into a bank account from paypal say around 1000 a day (not all together) will the bank start asking questions after a while?

2. Can you spread these out with different bank accounts?

3. Will the bank block your account if you keep on opening and closing online savers, or any savers accounts that can be opened online, but need to be closed in branch.

Basically I will start getting a lot of money through sales and so on but all stealth and would just like some advise on what will happen or what I could do in advance.
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Old 05-07-2013
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1. Depends - if you drain the account all the time, possibly...if you leave a nice balance, less likelihood of questions.

2. DEFINITELY SPREAD

3. Yes if done too quickly in a short period - space it out and use your logical discretion.
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Of course it all depends on the bank.

Thanks, one more question i would like to ask..

4. would the bank ask questions if you pay a lump sum in cash at a branch say between 6k and 20k?

Or should i spread it out over a year into say a savings account?
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Old 05-07-2013
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Bank is unlikely to ask questions with lump deposits of 6-20k, but that is dependent on frequency.
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4. Here in North America, there is a 9999 limit of cash before paperwork is needed to be filed. I would suspect same'ish in UK...if you can spread it, why not? No rush in my opinion.
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You must be careful with large sums going through many bank accounts.

Dont know your laws in the UK but here in the US running tons of money in and out of accounts will be monitored.

Spread yes, but it will be looked at if massive amounts go through with your name on them I believe.
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Old 05-07-2013
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You need to speak to the correct people to get the correct advice on this.

A forum where you get replies from North American based users is not the right way.

UK banks have four different type of legislation that they must obey in regards to their customers' funds.

Broadly what you outlined will see many issues.

Only a professional will give you the advice you covet.

This way you are protected from errors and suppositions.
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