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1% to deposit cash at the bank

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Michaeldon

Free Member
Aug 27, 2008
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Hi guys

Lloyds is charging me 1% for the privilege of putting cash in the bank and letting them use my money.

Does anyone know of a way of depositing cash into the banking system without paying fees like this for a business account? Even more creative ideas are welcome.

Cheers!
 
From my perspective the easiest way round this is to pay as little into your account as possible, pay as many bills as you can in cash and get a big dog!
 
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Look at other banks' tariffs. Alliance & Leicester (formerly Girobank) used to have good rates for cash. It doesn't mean that you have to close the Lloyds account - I have clients using A&L for cash processing and then transfer to their main bank. Even then paying as much as possible in cash is a good idea.

Paying it to a private account might work for a while, but the banks are pretty good at picking up this kind of thing and putting a stop to it.
 
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Yeah I was wondering about doing that but there might be problems down the road with the tax office using a personal account.
 
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I think Cater Allen Private Bank are fee-free and you can use RBS branches?! I might be wrong
 
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Nothing wrong with paying the cash into your personal account and then sending a bank transfer over. As long as it is all fully accounted for, and preferably is not sitting in your account over a financial year end then you should be fine.

Obviously I'd only suggest this if you're the business owner!

The *only* downside is that banks have software that monitors the flow of unusual receipts and payments for money laundering, and repeated large deposits of cash might get flagged up. Well that and your bank might not be happy about you trying to do them out of fees ;)
 
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Michaeldon said:
Hi guys

Lloyds is charging me 1% for the privilege of putting cash in the bank and letting them use my money.

Does anyone know of a way of depositing cash into the banking system without paying fees like this for a business account? Even more creative ideas are welcome.

Cheers!
Click to expand...
Pay your suppliers cash on delivery ...
 
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