johnblack
Veteran
- Location
- South Northamptonshire
I love a fifty, I've been paid in them quite a few times, but I'll only accept them from people I know.
Is it possible to live without a Bank account?
- Thread starter PeteXXX
- Start date
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I love a fifty, I've been paid in them quite a few times, but I'll only accept them from people I know.
ColinJ
Puzzle game procrastinator!
- Location
- Todmorden - Yorks/Lancs border
Yes, I'd heard that forgers love them!
matticus
Guru
Are you Northern?
ColinJ
Puzzle game procrastinator!
- Location
- Todmorden - Yorks/Lancs border
Honorary... (and fairly skint!)
oldwheels
Legendary Member
- Location
- Isle of Mull
It is not so easy to cook the books with any kind of payment as businesses have a general percentage of profit based on turnover. HMRC checks the percentage and if it does not conform to the norm for that kind of business then you can get severely inspected.
This assumes of course that you file accounts but a bit of a risk if you do not.
We employed a very honest accountant and his work rarely got inspected by the relevant authorities for that reason but others were scrutinised fairly often.
Beebo
Firm and Fruity
- Location
- Hexleybeef
A £50 note is a terrible option for emergencies. No one will take it and people will assume it’s some sort of scam. Swap it out for 2x£20 and no one will bat an eyelid.
nickyboy
Norven Mankey
- Location
- You want hills? We got hills
Avanti Trains seem to have lots of problems with their card machines in trains. I presume it is the internet connection?
Anyway, this is a real pain. You're on the train so have no alternative places to buy, I never carry cash these days...and Avanti announce it is cash only
Other than Avanti I think our local chippy is cash only but they're probably fiddling the VAT etc like most remaining cash only businesses. That or they are money laundering for an Ozark type casino
Anyway, this is a real pain. You're on the train so have no alternative places to buy, I never carry cash these days...and Avanti announce it is cash only
Other than Avanti I think our local chippy is cash only but they're probably fiddling the VAT etc like most remaining cash only businesses. That or they are money laundering for an Ozark type casino
Regular.Cyclist
Über Member
- Location
- South West Scotland 🏴
£100 notes available in Scotland. I’ve hand a fair number pass through my hands over the years.
The Crofted Crest
Veteran
The European Commission, I know, has made a proposal that every sales point must accept cards, cash and electronic euros (don't exist yet, bit like Bitcoin but guaranteed by the ECB). Will take several years to go live, but then there's something for everyone.
Regular.Cyclist
Über Member
- Location
- South West Scotland 🏴
Over 15 years ago I got gas central heating fitted. The bloke doing it was recommended to us and did a great job. When he quoted he gave a price for bank transfer/card payment and a second for cash. The cash figure was significantly lower. His reason for preferring cash was he was going through a divorce and wanted to hide things from his wife.
BoldonLad
Not part of the Elite
- Location
- South Tyneside
PaulSB
Squire
- Location
- Chorley, Lancashire
A bank can legitimately, not morally, argue closing an account is either a business or security decision. From a business perspective certain accounts might be deemed unprofitable, too costly to run etc. Given the hoops one has to jump through under money laundering laws/checks it would be easy for a bank to argue the individual's location, personal circumstances suggests the account might be used for illegal purposes.
I'm not defending the banks, only looking at their view.
They're not alone in this type of action. Yesterday my insurers withdrew my renewal offer. This was because I wanted to increase the insured replacement cost of my bikes. The risk hasn't changed, the overall replacement value has by £1500. All that was really required was to increase the premium but I was refused a quote. Same basic principle as a bank closing an account.
Accounts can be closed on moral grounds the co-operative bank have in the past done it. I know of one and was in part involved in closing an account. Which was held by an organisation that become shown to hold view's which went against the values and principles. Of both the bank and it's then owner the co-operative group. Equally members of a building society can force the issue by using what ever means the society rules allow.
matticus
Guru
Well, leaving aside that we have heard a lot of strong suggestions that they weren't arbitrary decisions ...
As a point of principle, you could be right. However, in the case of prominent public figure Nigel, I don't believe it would create any tanfible difficulties:
He will have Swiss accounts to keep his cash safe.
He has rich powerful friends to fund anything of note.[see: Boris Johnson, the loan, and the BBC director]
He's been very well paid out of our taxes, so won't miss all those "Direct Debit Only" type deals.
What have I missed?
