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Lump sum payment question

Discussion in 'Retirement' started by richest1, Jul 12, 2019.

  1. richest1

    richest1 Occasional commenter

    Has anyone had their maybe large lump sum payment too their ban, say 80k plus and have their bank ring them to check if this is correct etc?
     
  2. diddydave

    diddydave Established commenter

    Yes. Part of the fraud check department - they wanted to be sure I was aware of it and to check that I wasn't being used as a money-mule.
     
    border_walker likes this.
  3. richest1

    richest1 Occasional commenter

    I see.
     
  4. richest1

    richest1 Occasional commenter

    Just not keen on the banks ringing me and asking questions. Do I have too answer questions out of interest of tell them too clear off lol? Yes I don't like and never have likes banks.
     
  5. diddydave

    diddydave Established commenter

    You don't have to, and I'd be wary of giving too much detail away to an unsolicited call but all they did was ask me to confirm a few bits. My father when he retired had a call from their investment arm asking him to come in for 'advice' he told them to sling their hook.
     
  6. FrankWolley

    FrankWolley Star commenter

    It's about money laundering. Nothing to worry about (but, as said above, maybe go into your bank and speak to them in person or phone them, rather than responding to a phone call you weren't expecting!)
     
  7. richest1

    richest1 Occasional commenter


    Thats it we are just checking they say oh and btw can we ask Neil Woodford or his friends invest it for you:(. Your father gave the correct response.
     
  8. Rott Weiler

    Rott Weiler Star commenter Forum guide

    If you took a belligerently refuse-to-tell-you-anything attitude (I'm sure you wouldn't :) ) the bank could freeze your account and deny you access to the lump sum until they had completed an investigation into the source of funds. They have various legal obligations under money laundering regulations to satisfy themselves about the source of sudden large payments into a customer's account. (No doubt, having satisfied themselves, some will then try to sell you investment services too, but you can definitely tell them to sling their hook on that.)

    Like you I would always be suspicious of any unsolicited call claiming to be from my bank and if I wasn't 100% satisfied I would say that I would go into my branch with the necessary proof of source of funds and take in the TPS documentation. I realise this only works if you bank with a traditional high street bank that still has some branches!
     
  9. richest1

    richest1 Occasional commenter

    Good tip thanks
     

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