# Bank Will No Longer Accept Cash Monthly Mortgage Payment



## Alwyn (14 Jul 2011)

I've always paid my mortgage directly to the bank by cash, no S/O or D/D.  The bank wrote to me and asked me to refrain from doing so.  This was not a problem in the past. Can they prevent me from paying cash?


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## iscritto (14 Jul 2011)

Do you post the cash or lodge into bank over the counter ?


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## Alwyn (14 Jul 2011)

Hi Iscritto, I lodge cash over the counter.


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## Bronte (22 Jul 2011)

Cannot see how they can force you to change unless they have changed the terms and conditions and they cannot change your mortgage terms unless you agree.


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## Alwyn (30 Jul 2011)

I went into pay my mortgage on the 22nd and got a dressing down by the manager for not heeding their letter.  I thought they were going to put me standing in a corner with my face against a wall.  When I said I would be making a formal complaint; they said they were well within their rights and would send me a copy of their updated T&C's.


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## jhegarty (30 Jul 2011)

Boomtobust said:


> I went into pay my mortgage on the 22nd and got a dressing down by the manager for not heeding their letter.  I thought they were going to put me standing in a corner with my face against a wall.  When I said I would be making a formal complaint; they said they were well within their rights and would send me a copy of their updated T&C's.



Your contract with them beats any updated t&c's.


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## Padraigb (30 Jul 2011)

Legal tender trumps all other cards. They cannot refuse legal tender in satisfaction of your debt.


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## pudds (30 Jul 2011)

This beggars all belief.....they should be biting your hand off and thanking God you have the cash to pay your mortgage.  I would take this to the airwaves like the Joe Duffy Show if it were me and possibly the newspapers.

I would name and shame the bank (if allowed) and demand an apology for the way you have been treated.

Even if they changed the T & C's of your contract in effect what they are saying is, even though us banks have been bailed out by you the taxpayers, we are no longer accepting cash payments for mortgages from you.


Charming....... think I'd prefer to live in South Africa now its getting so crazy here.


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## Alwyn (3 Aug 2011)

Exactly.  After I threatened to contact every news paper and radio station in the country, did they take the cash.  I obviously can't name the bank but I am in receipt of another corrospondence; saying they will not be taking any more cash unless I pay by bank draft or direct debit.  It really is beggers belief.  I most definitely will be taking this further.


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## Padraigb (3 Aug 2011)

No court would entertain a claim where legal tender in satisfaction of a financial obligation has been refused. 

You could play an interesting game of chicken with them: when your next payment is due, present yourself in person with the exact amount in legal tender (i.e. don't mess about with heaps of coins, and don't seek change); if they refuse, then take the position that the instalment for the month is no longer due to them, as they refused your payment. It might help to have a witness.

A few months of this could save you thousands.


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## millieforbes (3 Aug 2011)

Did the bank give any reason for this? I presume it's something to do with money laundering? Have they asked you where you get the cash?


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## walletpod (3 Aug 2011)

I find it hard to believe that a bank can insist on being paid by electronic means.  What is wrong with good old fashioned hard cash?  Is it worth any less than funds transferred electronically?  Good grief...


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## Wishes (3 Aug 2011)

I remember a few years ago I went into arrears with my mortgage.  I went to the banks head quaters with cash and it was refused.


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## wbbs (3 Aug 2011)

I previously worked for a bank that went 'cashless', all mortgage customers were advised they had to set up direct debits or standing orders.  However the bank ran into problems with arrears cases, turned out they had to accept cash in payment of arrears so a manual workaround had to be found to facilitate that.   They did not accept it for ordinary repayments though, so dont know if the bank has itself covered with its terms and conditions in your case.


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## Alwyn (3 Aug 2011)

Padraigb, thats a good one!  I will try that tactic on my next payment date and update the thread on what happens.

Millieforbes, the only reason they gave was a change in their rules.  They never asked were the money came from.

Wbbs, it possibly sounds like we are speaking about the same bank.


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## johnnygman (4 Aug 2011)

Is there any particular reason why you have to pay your mortgage cash? As a general rule I can see why banks might not want to accept regular mortgage payments this way from the purpose of money laundering, black economy etc.. and the expense of processing cash transactions. Thats said if you have special circumstances and a valid reason i see no reason why they would not accept the payment, especially with the amount of bad mortgage debt out there, seems madness to turn away money in such a case.


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## Mpsox (4 Aug 2011)

Don't mess around by not paying your mortgage based on advice received from a bulleten board. check with a solicitor before you go down that route.

If this is for the bank's benifit, then why not ask what is in it for you and what discount are they going to give you?


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## Bronte (5 Aug 2011)

Could you post the wording of the notice you received from the bank.  Also can you name the bank, nothing wrong with naming it that I can think of, as others may have experience with that particular bank in relation to cash.


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## Mpsox (5 Aug 2011)

Bronte said:


> Could you post the wording of the notice you received from the bank. Also can you name the bank, nothing wrong with naming it that I can think of, as others may have experience with that particular bank in relation to cash.


 
Haven't NIB gone cashless and stopped accepting cheques?


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## Complainer (5 Aug 2011)

Mpsox said:


> Haven't NIB gone cashless and stopped accepting cheques?


Yep - You can only lodge cash or cheques to NIB accounts through the post office.


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## Bronte (8 Aug 2011)

So if it's NIB the OP can lodge the money in the post office?


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