what law in this land can stop you take £50k in cash from your bank

[vogelrok]

just seen my local bank manager and asked about closing my account and taking the lot in cash.

 

i dont have the amount of money i asked about yet. could be a good while yet. but if i wanted to how quick could it be sorted.

 

my answer was we cant do that because of security and insurance purposes. if i walked out of the bank and got mugged it would be down the the bank to replace the cash so they claim.

 

i think this is total Bu*****t on there part as they wouldnt want that amount of cash taken out in one go.

 

unless there is a law in this land that can stop me doing this i will carry out my action and let the bank know this.

 

just goes to prove that your money is never yours whilst the bank have hold of it. they don't like to let it go. this pretty much proves it for me.

 

anyone know of a law in this land that can stop me taking the cash out of a bank at my request with enough notice given i.e. 4weeks at least.

[dad]

Hi Vogelrok,

 

Absent any specific terms in your accounts terms and conditions the basic position set out in Joachimson v Swiss Bank Corpn [1921]3 KB 110 is that you are entitled to immediate payment of the balance on you account on demand at the branch where the account is kept during banking hours.

 

I believe, but am not certain, once the money is on your side of the counter you are responsible for it. So if you were robbed inside the bank it would be you that was robbed and not the bank!

 

Hope that helps

 

D

[vogelrok]

Hi Dad

 

That was my understanding of it. if they say i cant have my money when i want it, then i can only but see me having to inform the police of theft by a bank.

 

how far it will go would be a surprise.

 

i think there idea of making me take smaller amounts everyday would put me more at risk than one lump sum.

 

i cant wait to see there face when the money hits the account. the manager is so going to be in for a shock.

[slick132]

Hi Vogel,

 

Why draw it out in cash. That seems to be a mad risk as it is YOU who would be responsible for any loss once the money is passed over to you at the counter.

 

Could you not arrange to be given a cheque for your funds, or for the money to be credited to an a/c of your choice.

 

There would be issues concerning the bank making that amount of cash available in one go and I would be worried that this could become known to persons outside the bank.

 

People get injured by thugs wanting to steal £20 - for £50K, who knows what could await you.

[vogelrok]

cheers Slick

 

bit hard to cash a cheque when i dont intend to even bother with any form of bank account.

 

had enough of them. i managed for 5yrs without one before.

 

its more the fact that the bank has told me i cant do it that has got me wanting to do it even more and more. but it wont happen for a while as the house buyer might be pulling out. unless they do something to sort the contract out.

[PriorityOne]

Personally, this sounds like an insane idea, if all you're after is to prove a point. If you don't like the bank that you're dealing with, then transfer the money somewhere else once it's available....

[citizenB]

I believe the only requirement would be that you notified the bank in advance that you would want to make a withdrawal of £x amount on a certain date.

 

Although as the others have said, not a good idea in today's society, once the money is your side of the counter it is your responsibility.

[vogelrok]

i can fully understand your way of thinking and you might be right.

 

might not be worth taking it all out in cash. but how will i get a chequed cashed without having a bank account.

 

i really dont want one anymore. not even a credit union. if i need to pay anything by card i will just load up my payand go credit card as and when needed. maybe more people should do away with banks. then maybe they might believe you when you make threats. banks with no customers aint much of anything anymore. just a debt ridden business.

just a shame more people dont have the backbone to stand up to these people.

just my 2 pence worth.

 

yes it is maybe a bad idea. but it is my money at the end of the day. being told i cant have it when i want it is out of order.

 

dont worry i won't make it public if i do go ahead with the plan.

[PriorityOne]

Well, turn it on its head for a moment. How much do you think your £50k will be worth if you don't bother investing it somewhere ? I can appreciate you not liking banks much.... but while you can make use of their services to maintain/increase the value of your money, you'd be silly not to.

 

[vogelrok]

im putting it all into my business, tattooing and building tattoo machines. think i will get a better interest from myself working tham a bank can give me. remember they only give you the high rate of interest for the first £2500 max.

i have always been self employed and its time to make my mark in my field of tattoo machine building alongside my tattooing.

 

who knows one day my name might be as big as micky sharpz in the tattoo machine building industry.

 

so i do have plans for the money its not just going to sit and do nothing. it will be working, but it will be working for me and only me and no bank will get a sniff of it. i wall pay myself a wage and the rest just keeps going back in.

 

the machinery i need alone will put a big hole in it.

[PriorityOne]

You must have a business bank account then ?

 

If this is the way you want to go, then it would be safer to just transfer the money into that, rather than emerging with a suitcase chained to your wrist... or whatever you had in mind for taking it out in.

 

Wheelbarrow ? Watch that wind...

[MilkTrayMan]

£30,000 of Premium Bonds can be held by any one individual.

...The original investment is safe, they can be cashed at any time if needed + U MAY win ££zillions in their regular draws...

...

[vogelrok]

wheelbarrow i was thinking more of a dumper truck.

 

maybe it is a silly idea. maybe i hate banks that much that i would cut my nose off to spite my face.

 

mine is a cash business i dont except credit cards or any cheque of anykind.

 

i cant take a tattoo back off of someone if they bounce a cheque. plus i dont think a tattoo should be brought on credit cards either.

[PriorityOne]

maybe it is a silly idea. maybe i hate banks that much that i would cut my nose off to spite my face.

 

Yes, I think you are.

 

I cannot see the point of wasting time on petty acts of revenge against a bank who probably doesn't give that much of a toss what you do with it anyway.

 

Protect your own interests and those of your family first... and if you don't like that particular bank, then go somewhere else. You may find that with £50k to invest in your business, that they'll be bending over backwards with free coffee and doughnuts just to have your custom anyway.

 

Have just read your edited post... a cash business ? Is it really wise to invest £50k in a cash business anyway ? Do you really know what you're doing ?

[MilkTrayMan]

...i think premium bonds for me and the wife till we reach our max limit...

Saves having to buy a new mattress, to put your hard earn cash under...

[PriorityOne]

The removal of your post was nothing to with me, Vogelrok. It was read though.

 

Do what you want.