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Can a Cash deposit in a bank be reversed?

42
Found 12th Nov 2013
Im looking to do a large sale this week and due to the buyer being insistent on bringing cash Im a bit cautious as to the source of his money

Im thinking to meet him in the bank and pay the money in straight away and then hand him the items

Wanted to ask is it possible for the bank to reverse a cash deposit once the money has been handed to the cashier and a receipt provided?
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Not sure if serious question oO
Lol. They really should teach finance in school.

Edit: out of interest, how do you think they are reversing this transaction considering they wouldn't know anything about the person who paid it in? Or are they just going to withdraw it themselves?
If he gives you the money in cash and you take it to the bank and pay it in, how would he even know which bank it was in? If you're worried about him mugging you or something just make sure you have someone with you (preferably someone big and mean looking.)
I think the bank would know if it was Monopoly money (_;)
Yes, after you leave the guy will go back into the bank and say that he changed his mind, can he have his money back from your account.

http://static.comicvine.com/uploads/original/9/96749/1944955-771_i_dont_want_to_live_on_this_planet_anymore.jpg
Perhaps buyer has used Dr Who's psychic paper
Banned
OP is cautious as to the source of the guys money.

He's worried in case the police recover the money.
Original Poster
I guess im thinking that he may try and pass me off with some fake notes or dodgy money, maybe should have reworded it

I want to pay his money into my account before giving him the item, I'm concerned about him giving me fake money/crime proceed money and it going into my account


Edited by: "treble99" 12th Nov 2013
Original Poster
greatest666

OP is cautious as to the source of the guys money.He's worried in case … OP is cautious as to the source of the guys money.He's worried in case the police recover the money.



haha glad someone actually read the OP properly!
how much are we talking about?
treble99

I guess im thinking that he may try and pass me off with some fake notes … I guess im thinking that he may try and pass me off with some fake notes or dodgy money, maybe should have reworded itI want to pay his money into my account before giving him the item, I'm concerned about him giving me fake money/crime proceed money and it going into my account



If he gives you fake money, and you're at the bank, then they will tell you it's fake.

If you're not happy then don't go through with it.
Original Poster
A considerable sum for me, money I can not afford to lose or has seized anyway..hence the caution

Original Poster
sancho1983

If he gives you fake money, and you're at the bank, then they will tell … If he gives you fake money, and you're at the bank, then they will tell you it's fake.If you're not happy then don't go through with it.



Glad you could give a civil response this time.
treble99

A considerable sum for me, money I can not afford to lose or has seized … A considerable sum for me, money I can not afford to lose or has seized anyway..hence the caution



the reason i am asking is that if it a large amount, say £7,000, the bank will report you or ask you where the money comes from as part of money laundering then you may end up in a long investigation trail.

if it is £3,000 no sweat and the bank won't reverse the credit once the cashier has counted it and accepted it. only way you may lose it if the police got involved and he got the money from crime so the police retrieves the money, but i doubt they would retrieve any money he has already spent, they will probably confiscate what you sold him instead.
treble99

Glad you could give a civil response this time.



Why did you think the bank would let you pay in the cash then work out it was fake at a later date?

Why are you dealing with people you think are going to give you fake money?
mutley1

the reason i am asking is that if it a large amount, say £7,000, the bank … the reason i am asking is that if it a large amount, say £7,000, the bank will report you or ask you where the money comes from as part of money laundering then you may end up in a long investigation trail.if it is £3,000 no sweat and the bank won't reverse the credit once the cashier has counted it and accepted it. only way you may lose it if the police got involved and he got the money from crime so the police retrieves the money, but i doubt they would retrieve any money he has already spent, they will probably confiscate what you sold him instead.



What if it's £4k?
sancho1983

What if it's £4k?



i don't have the answer to everything.
Original Poster
mutley1

the reason i am asking is that if it a large amount, say £7,000, the bank … the reason i am asking is that if it a large amount, say £7,000, the bank will report you or ask you where the money comes from as part of money laundering then you may end up in a long investigation trail.if it is £3,000 no sweat and the bank won't reverse the credit once the cashier has counted it and accepted it. only way you may lose it if the police got involved and he got the money from crime so the police retrieves the money, but i doubt they would retrieve any money he has already spent, they will probably confiscate what you sold him instead.



Yes its over £7k and also over the mandatory £10k that banks are required to investigate as for the source of the funds...I will be providing a receipt for the goods but I know the person in question doesnt have a job to to represent the size of the transaction

I guess your right about the potential comeback from the police, thanks for replying
Edited by: "treble99" 12th Nov 2013
Original Poster
sancho1983

Why did you think the bank would let you pay in the cash then work out it … Why did you think the bank would let you pay in the cash then work out it was fake at a later date? Why are you dealing with people you think are going to give you fake money?



There will be a lot of notes to be counted...I'd like to think that cashiers are great at their job but fake notes still go through the banking system every day

Im selling a product and the person in question is paying a premium...when asked to wire transfer the money they insisted on paying in cash...I dont tend to associate with people who have shoe boxes filled with cash so when it comes along Im naturally a bit cautious (_;)
treble99

There will be a lot of notes to be counted...I'd like to think that … There will be a lot of notes to be counted...I'd like to think that cashiers are great at their job but fake notes still go through the banking system every day Im selling a product and the person in question is paying a premium...when asked to wire transfer the money they insisted on paying in cash...I dont tend to associate with people who have shoe boxes filled with cash so when it comes along Im naturally a bit cautious (_;)



What's this product?
Kind of interested.

My money is on some kind of collectors item, a car



Or drugs
treble99

Yes its over £7k and also over the mandatory £10k that banks are required … Yes its over £7k and also over the mandatory £10k that banks are required to investigate as for the source of the funds...I will be providing a receipt for the goods but I know the person in question doesnt have a job to to represent the size of the transactionI guess your right about the potential comeback from the police, thanks for replying



as it is a lot of money, the receipt for the goods will lead the bank to investigate the purchaser who has a lot of cash. it may mean you end up answering a lot of questions.

i would be inclined to leave it and stay out of it, especially as you feel uneasy about it. don't get involved in dodgy areas and dodgy people, you don't want to spend time answering questions to the police or the inland revenue.
Original Poster
teh arn

What's this product?Kind of interested.My money is on some kind of … What's this product?Kind of interested.My money is on some kind of collectors item, a carOr drugs



Neither...

Its just a piece of paper

Edited by: "treble99" 12th Nov 2013
Original Poster
mutley1

as it is a lot of money, the receipt for the goods will lead the bank to … as it is a lot of money, the receipt for the goods will lead the bank to investigate the purchaser who has a lot of cash. it may mean you end up answering a lot of questions.i would be inclined to leave it and stay out of it, especially as you feel uneasy about it. don't get involved in dodgy areas and dodgy people, you don't want to spend time answering questions to the police or the inland revenue.



Im gonna have a sleep on it and decide in the morning, many thanks
Are you selling your soul to The Devil? oO
DarkEnergy2012

Are you selling your soul to The Devil? oO



no, just his birth certificate and british passport. X)
treble99

Neither...Its just a piece of paper



Stamp?
sancho1983

Stamp?



Plot on the moon
treble99

Yes its over £7k and also over the mandatory £10k that banks are required … Yes its over £7k and also over the mandatory £10k that banks are required to investigate as for the source of the funds...I will be providing a receipt for the goods but I know the person in question doesnt have a job to to represent the size of the transactionI guess your right about the potential comeback from the police, thanks for replying



The way round it is to deposit the cash into 2 different accounts assuming you have accounts with more than 1 bank. (_;)
treble99

Neither...Its just a piece of paper


oh it's one of those £50,000 notes going around, I picked up a few myself from someone wearing rather cheap looking ripped clothes, I only paid £5k cash so yours seems a bit expensive

I guess you're selling to a total idiot
even if the cash is real he could be money laundering, depending on what you're selling, and you don't want to be involved in that
Banned
best thing to do is go to his bank and go to the cashier and get him to do a transfer to your account that way no notes are involved....
Original Poster
Thanks for all the genuine replies and advice, went ahead with it today and paid into account,

As suspected, the buyer came with money in shoeboxes but the notes were all accepted by cashier, had to fill in a due dilligence form to confirm the source of funds and the money is now in my account

Thanks again


It's your account its being paid into and so you who will be looked at for possible money laundering. Cash clears immediately into your account, but if funds are found to have come from proceeds of crime then efforts may be made by the police to recover them. Get all his details and see some ID, but if he's genuine he should do a bank transfer and then he can answer all the money laundering questions when he pays the cash into his account. I used to work in a bank, but left a couple of years ago so things might have changed a bit.
sorry took so long posting my reply that yours had not updated!
Original Poster
edandhen

sorry took so long posting my reply that yours had not updated!



No worries, thanks for replying
treble99

No worries, thanks for replying



So what was it?
1st edition shiny Charlizard?
drago773

1st edition shiny Charlizard?


charlizard?
Banned
treble99

Thanks for all the genuine replies and advice, went ahead with it today … Thanks for all the genuine replies and advice, went ahead with it today and paid into account,As suspected, the buyer came with money in shoeboxes but the notes were all accepted by cashier, had to fill in a due dilligence form to confirm the source of funds and the money is now in my account :)Thanks again

so what exactly did you put down as the source of the deposit?

it will down to you to prove the legitimacy but i guess you have confirmed proof of the buyers name and address.
Edited by: "csiman" 13th Nov 2013
Cash is king
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