old £20.00 notes

[steveo3002]

Having previously worked for banks and "UK wide law enforcement" organisations I've had a fair bit of training on this. Basically any amount can be "reported" if the organisation employee is suspicious, but anything over a grand will start to raise interest. It is an offense not to report suspicions and also to warn someone that you will report them. Staff get told to report everything and CYA. The agencies being reported to get a bit overloaded and have to get creative with sorting the wheat from the chaff.

The banks take it pretty seriously. My job was IT for sending out junk mail but I still had to pass the mandatory money laundering training on my first morning, before I was allowed to do anything else.

So, pay in £4K and you might find the bank staff have a social chat about what the money is from, just freindly like. They might report you, but unless you are doing it often or have "markers" on you then it won't amount to anything. Middle aged bloke paying in £4K from a single "car sale" is pretty common, but a 17 year old youf paying in £4K weekly for a "car sale" isn't.

do the machines report you or flag it ? my bank is almost all machines now

making myself sound suspect now lol , hopefully spent it soon

 

[decca]

I throw all the loose shrapnel, coppers, 5ps, 20ps etc into a big tub, when it gets full bag it all up and take it to pay in the bank, takes months to fill, longer sometimes. Last time I went in they said they won't take more than 10 bags of change so for coppers there's a quid in each one, 5 and 20p a fiver so small amounts still, these are the sorted out little plastic money bags. They did it for me that time as a one off but in future they won't.

Cash will be gone within the decade, maybe sooner.

No way I would cash in change, we always need it and it costs me 1.60 per hundred to get it from the bank and if I pay any cash in they charge me too.

 

[Wany]

do the machines report you or flag it ? my bank is almost all machines now

making myself sound suspect now lol , hopefully spent it soon

I was at the bank 12+ years ago and they were already looking at statistical models to reduce the number of reports being passed up the chain to the agencies so I guess they have a fair bit of machine learning looking at these things now.

 

[brightspark]

No way I would cash in change, we always need it and it costs me 1.60 per hundred to get it from the bank and if I pay any cash in they charge me too.

same here so I just offload to others what I can I prefer getting paid of jobs with a bank transfer its instant and no fannying on with cash or cheques. people say is it cheaper for cash .no I have a set business rate and that's it they get a bill . the banks are sharks

 

[Maker]

Cash is doomed anyway. In the shop cash takings have gone way down and most people pay contactless, even for sales less than £1 I’ve had people wanting to pay by card.

I use Contactless on my phone for everything, haven't taken cash out with me for years and can't even remember the PIN on one of my cards it's been so long.

 

[decca]

I use Contactless on my phone for everything, haven't taken cash out with me for years and can't even remember the PIN on one of my cards it's been so long.

A lot of people do this. The problem for me as a retailer is the transaction charges on a £1 transaction take a chunk of the profit so I may as well give the stuff away. I still do it in the hope the customer comes back and spends a bit more.

 

[brightspark]

I charge the customers 60 pence on top of the price of job to pay for the cheque at the bank they wouldn't know though its just another bit of money of your pay along with a host of other expenses that people don't think off

 

[decca]

I used to charge 50p to use a card for transactions under £5 but they changed the law so this wasn’t allowed. The payment companies write into the contract that you cannot refuse a transaction because of the amount. Even paying money into the bank you are charged. The banks have business over every way. As said they are sharks.

 

[Dr.Al]

I used to charge 50p to use a card for transactions under £5 but they changed the law so this wasn’t allowed. The payment companies write into the contract that you cannot refuse a transaction because of the amount. Even paying money into the bank you are charged. The banks have business over every way. As said they are sharks.

Hence the collective noun: "A Wunch of Bankers".

 

[knighty]

I think anyone who has regular access to cash and a stash hidden away has been swapping over to 10's for a long time now

it's not like you'd have a giant pile of £20's under your bed then wake up this week and think "oh poo I need to get rid of those"

 

[wyn]

£20 notes were changed 10 years ago, so if you've had them stashed away for longer than that people might ask where they've come from.
I changed a few over at the time for the newer ones.

 

[octo0072000]

£20 notes were changed 10 years ago, so if you've had them stashed away for longer than that people might ask where they've come from.
I changed a few over at the time for the newer ones.

so did i now got to change them again what's left not worth putting them in the bank not enough interest on the small amount left

 

[brightspark]

so did i now got to change them again what's left not worth putting them in the bank not enough interest on the small amount left

wat is it half a percent and when you want to borrow its sky high

 

[BarrieJ]

wat is it half a percent and when you want to borrow its sky high

.15% with the TSB, that's point one five percent in case anybody thinks it's 15% (which our mortgage hit in the giddy days of John Major and Norman Lamont) and then our endowment linked mortgage came up about £7k short. Ah 40 years of neoliberal Thatcherism. End of mini rant.

 

[ajlelectronics]

.15% with the TSB, that's point one five percent in case anybody thinks it's 15% (which our mortgage hit in the giddy days of John Major and Norman Lamont) and then our endowment linked mortgage came up about £7k short. Ah 40 years of neoliberal Thatcherism. End of mini rant.

That's high! Lloyds are down to .025% now. I have shifted my savings into Ernie. So far I have averaged just over .5%. Still pitiful, but I live in hope of a bit more!

 

[slim_boy_fat]

As said they are sharks.

We didn't use to be..... , but I could see the way things were headed and that's one of the reasons I got out at 41.

 

[Yamhon]

I'm sure some other country in the world has done a similar thing recently; they took all large-denomination notes out of circulation altogether, meaning that you had to put yours where they could be seen. Was it Malta?

India.

 

[Maker]

£20 notes were changed 10 years ago, so if you've had them stashed away for longer than that people might ask where they've come from.
I changed a few over at the time for the newer ones.

My dad moved house a few years go and found about fifteen hundred quid in old twenties in a tin behind a fitted wardrobe. He didn't have any problem getting it swapped/cashed in at a bank.

 

[Barking Mat]

There was an article in the local paper here a few months ago.

Chap changing a ceiling in his house found 75,000 French francs in a panel.

Took it to the bank and was told he should have changed it twelve years ago. Worthless.

 

[Pigeon_Droppings2]

I was at the bank 12+ years ago and they were already looking at statistical models to reduce the number of reports being passed up the chain to the agencies so I guess they have a fair bit of machine learning looking at these things now.

Will be flagged automatically based on thresholds ....they'll also have stuff to look for people dipping below the threshold...pattern recognition stuff.

HMRC were working on software to cross reference transactions from multiple sources...no idea if they ever implemented it. Basically it was going to be plugged into the banks, eBay, PayPal etc as well as DVLA.....pretty scary level of information being checked.

Update...I believe it was called HMRC Connect....might be wrong though.