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SA Can I Just Deposit Saved Cash into Bank Account?

Discussion in 'Other/General Law Forum' started by Peter Mathews, 18 March 2016.

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  1. Peter Mathews

    Peter Mathews Member

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    Hi.

    Without getting into too much detail, I have saved up a few hundred thousand dollars in cash with the help of my mother over the last 20 years. My question is, can I just walk into the bank and deposit this into my bank account as I am interested in buying a house?

    This money is just all saved money and no criminal activities have been committed. But I am worried that they may seize it and make me prove where the money came from, even though it is all legit. Just not sure how we could prove it as there really is no paper trail to saving money in a safe.
     
  2. Tim W

    Tim W Lawyer

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    Yes, you can just walk in.
    You can expect a few things to happen though.

    The bank will be concerned that it has in fact been lawfully acquired, so there may be some discussion about that.
    Regardless, the bank has a reporting obligation in regard to large sums of cash (to AUSTRAC),
    but, if it's all fair and square, then that's no drama.

    If you just front up to the bank with such a large quantum of cash,
    then you can expect the retail branch tellers to be completely unprepared.

    So, before you just walk in, I suggest making an appointment to see a manager-level person in a branch.
    At this meeting, you and they can make arrangements to receive the physical cash.
    This is where you ask about seizing, reporting, and any other questions you may have.
    Do this some days or a week or so before you actually bring in the the money.
    Remember, you can choose any bank you want.

    Consider also your security.
    If it's that much money, then think about actually using an armoured car.
    The bank might even be able to help you arrange this.
    Even if you don't do that, then at the very least, insure the cash
    for the journey between where you're keeping it and the bank.
     
    Peter Mathews likes this.
  3. Peter Mathews

    Peter Mathews Member

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    Thanks Tim

    What you have suggested is exactly how I was planning to do it.
    I will make an appointment with the bank and discuss it with them first.

    My main concern though is with AUSTRAC and how they operate.
    Is there a chance the money will be put on hold and ill have to fight a lengthy court battle to get it released.
    I know I should have nothing to worry about but I have read other stories online which has got me a little jumpy.

    I want to buy a house soon, not in a few years time and not lose thousands of dollars on court and lawyer fees. :)

    Anyway thanks again, im going to do some research on AUSTRAC before I make an appointment with the bank.
     
  4. Tim W

    Tim W Lawyer

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    Ask the bank, and AUSTRAC.
    It's probably a good idea to get a solicitor to help you do this.

    Buying a house is almost always a good idea.
    However, given the relatively unusual facts of your case,
    I do strongly suggest getting legal advice at the earliest opportunity.
    You may even find that a solicitor's trust account is a better temporary parking space than a bank.

    Just remember that almost everything you read on the internet is (more or less) suspect
    and should be approached with caution (including anything I suggest!).
     
    Peter Mathews likes this.

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