Lodging Cash

[Ford5610]

Can anyone advise on how best to lodge cash into bank account? I am talking about 5k in cash. Will the banks want to know where you got it or would there be any problems??

 

[Willy Fogg]

How best: walk into branch, present cash

Will they want more info?: They may, if it looks unusual in comparison to your normal pattern of lodgements. Remember, they do have legal requirements under money laundering legislation and are entitled to request more info. No one here can tell you more as the circumstances are individual to you.

 

[warrendublin]

From my experience, if you already have a bank account, there should be no problem bearing in mind Willy's note above.

However, if you want to OPEN a bank account and then lodge the cash, you will have to satisfy the regulations around setting up a bank account before you can do so.

All that said, I'm not sure how the bank might respond to you presenting yourself looking like the guy from the TV programme Naked Camera...with a plastic bag full of cash etc..!!)