Barclays Imposes Cash Deposit Limit for Personal Banking Customers in Branches
In a move aimed at combating financial crime, several major banks in the UK have introduced new cash deposit limits. The changes, which come into force on 1st July 2024, are part of a wider effort to curb money laundering activities.
The Financial Conduct Authority (FCA) wrote to financial services firms in March 2024, reminding them of their anti-money laundering responsibilities. In response, several banks have decided to limit the amount of cash that can be deposited in their branches and through self-service devices.
Barclays, for instance, has implemented a new cash deposit limit of £20,000 per year for personal accounts, including children's savings accounts. This limit also applies to deposits made at Post Office branches offering Barclays' banking services. Joint account holders can deposit a maximum of £10,000 each.
Nationwide has no over-the-counter limit, but you cannot deposit more than £2,500 into an in-branch machine per day. HSBC has no in-branch limit, but customers going via a Post Office can only deposit up to £3,000 a day and £20,000 a year. Santander allows a maximum of £20,000 to be deposited per day and an annual rolling limit of £240,000.
Other banks with cash deposit limits include NatWest, Lloyds, and TSB. NatWest has no over-the-counter limit, but you cannot deposit more than £3,000 a day, or £24,000 over a rolling 12-month period, at a Post Office or via any deposit machine. Lloyds has no in-branch limit, but people can only deposit up to £5,000 a day at mobile branches and £2,955 per month at Post Offices. TSB has daily deposit limits of £1,500 and £10,000 per year in Post Office branches.
These new limits apply from July 2024 to January 2025 for the initial six-month period. After that, the limit will refresh annually in January. It's important to note that these changes do not affect online transactions and cheque deposits.
Barclays recently acquired Tesco Bank in a deal worth approximately £600m. The new rules make it harder for money laundering to take place, providing a safer environment for customers and the banking industry as a whole.
As always, it's crucial for customers to stay informed about these changes and to understand how they may impact their banking activities. Barclays has contacted customers about the changes, and it's recommended that you check with your own bank for specific details about their cash deposit limits.
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