Should my wife help her boss with this weird request?
March 17, 2020 9:05 AM Subscribe
My wife's boss wants to deposit money into our bank account, for her to withdraw as cash. He wants to stockpile cash. We think this is barmy, but if there's no risk, would do it as a favour to him. Is there any risk?
We're in the UK. My wife is self-employed. We're talking about an amount of £2000. Are there any considerations we should be aware of?
We're in the UK. My wife is self-employed. We're talking about an amount of £2000. Are there any considerations we should be aware of?
Definitely not. Also, Self employed or has a boss?
This is a classic internet scam. The transaction will get reversed after you hand the cash over and you are out 2000.
If this is to avoid some kind of maximum daily withdrawal limit, you are helping commit a financial crime.
There's no upside here, just downsides.
posted by TheAdamist at 9:11 AM on March 17, 2020 [51 favorites]
This is a classic internet scam. The transaction will get reversed after you hand the cash over and you are out 2000.
If this is to avoid some kind of maximum daily withdrawal limit, you are helping commit a financial crime.
There's no upside here, just downsides.
posted by TheAdamist at 9:11 AM on March 17, 2020 [51 favorites]
Would this count as income for your wife (according to UK tax law) and would she be liable for paying taxes on it? That's the first question that comes to mind.
posted by missmobtown at 9:12 AM on March 17, 2020 [5 favorites]
posted by missmobtown at 9:12 AM on March 17, 2020 [5 favorites]
You wife’s boss should withdraw from their own accounts. If they have exhausted amounts they can withdraw at the cash point they can walk into the bank and withdraw more/larger amounts. The end.
posted by koahiatamadl at 9:12 AM on March 17, 2020 [35 favorites]
posted by koahiatamadl at 9:12 AM on March 17, 2020 [35 favorites]
Isn't there potential to be an accessory to money laundering? This should be a No, Absolutely Not.
posted by ThePinkSuperhero at 9:19 AM on March 17, 2020 [11 favorites]
posted by ThePinkSuperhero at 9:19 AM on March 17, 2020 [11 favorites]
I can't see a way that this is legitimate. At all. At the very least it is a wildly inappropriate request.
Sounds like the boss is trying to do something illegal (at worst) or hide money from their partner (at best). Don't get involved.
posted by Brockles at 9:19 AM on March 17, 2020 [5 favorites]
Sounds like the boss is trying to do something illegal (at worst) or hide money from their partner (at best). Don't get involved.
posted by Brockles at 9:19 AM on March 17, 2020 [5 favorites]
Lemme guess - they're writing you a check and you deposit it and then take the cash out and give it to them, right?
What happens when your bank calls you two weeks later and says "that check you deposited from BossWife was a fake, and we need that money back"?
Don't do it.
posted by EmpressCallipygos at 9:24 AM on March 17, 2020 [16 favorites]
What happens when your bank calls you two weeks later and says "that check you deposited from BossWife was a fake, and we need that money back"?
Don't do it.
posted by EmpressCallipygos at 9:24 AM on March 17, 2020 [16 favorites]
Even if this is legitimate (which I doubt), depending how large the amount is, you could be on the hook for gift taxes later as well.
posted by Mchelly at 9:26 AM on March 17, 2020 [2 favorites]
posted by Mchelly at 9:26 AM on March 17, 2020 [2 favorites]
If he wants to stockpile cash, he should give her the cash. Otherwise, no.
posted by warriorqueen at 9:26 AM on March 17, 2020
posted by warriorqueen at 9:26 AM on March 17, 2020
I can't see any legitimate reason for this. When you say boss, do you mean client? Either there's some vital detail you've missed out here or this is dodgy AF.
If he wants cash, he can go to a bank and withdraw as much he wants - he might need to give the bank advanced notice so that they'll have the cash on hand but other than that, there's nothing stopping him hoarding as much of his own money in cash as he wants.
posted by missmagenta at 9:40 AM on March 17, 2020 [3 favorites]
If he wants cash, he can go to a bank and withdraw as much he wants - he might need to give the bank advanced notice so that they'll have the cash on hand but other than that, there's nothing stopping him hoarding as much of his own money in cash as he wants.
posted by missmagenta at 9:40 AM on March 17, 2020 [3 favorites]
The check scam works because banks usually "release funds" to the account after a few days, but that's not the same as the check actually clearing with its home bank, which can take weeks. In between the release of funds and the clearance, a million scammers make their living off well-meaning suckers' money.
posted by Sunburnt at 9:43 AM on March 17, 2020 [4 favorites]
posted by Sunburnt at 9:43 AM on March 17, 2020 [4 favorites]
(U.S. perspective here)
No. This sounds exactly like an attempt to smurf or structure cash transactions to avoid governmental reporting, which is money laundering. The bank may flag the activity as suspicious and ask your wife for an explanation, which is going to put her in a very awkward spot.
posted by bunderful at 9:47 AM on March 17, 2020 [14 favorites]
No. This sounds exactly like an attempt to smurf or structure cash transactions to avoid governmental reporting, which is money laundering. The bank may flag the activity as suspicious and ask your wife for an explanation, which is going to put her in a very awkward spot.
posted by bunderful at 9:47 AM on March 17, 2020 [14 favorites]
My rule of thumb for financial transactions is: If there is any doubt, don't do it.
posted by Homer42 at 9:52 AM on March 17, 2020 [14 favorites]
posted by Homer42 at 9:52 AM on March 17, 2020 [14 favorites]
If it's a large sum, could he be laundering money, avoiding taxes, etc.? Illegal or disputed bank transactions can be reversed for longer than you think, though I have no cite on that. It's a classic ebay/ craigslist scam to give someone a check and ask for cash or goods, then the check or even money order gets reversed later. The bank *will* pull money from your account if this happens. This is sketchy AF. It's also incredibly unprofessional. Dang,as if you don't have enough stress.
posted by theora55 at 10:05 AM on March 17, 2020 [1 favorite]
posted by theora55 at 10:05 AM on March 17, 2020 [1 favorite]
Not only would I say no, I would anonymously report the boss to your equivalent of the Treasury/FinCen.
posted by FirstMateKate at 10:17 AM on March 17, 2020 [13 favorites]
posted by FirstMateKate at 10:17 AM on March 17, 2020 [13 favorites]
Unless the boss has asked for this face to face there's a decent chance that the person who is asking you to do this is *not* your wife's boss. Legit or not I wouldn't do it.
posted by dgeiser13 at 10:22 AM on March 17, 2020 [11 favorites]
posted by dgeiser13 at 10:22 AM on March 17, 2020 [11 favorites]
Either there's some vital detail you've missed out here or this is dodgy AF.
This is dodgy AF even if there is some vital detail you've missed out here.
posted by flabdablet at 10:35 AM on March 17, 2020 [14 favorites]
This is dodgy AF even if there is some vital detail you've missed out here.
posted by flabdablet at 10:35 AM on March 17, 2020 [14 favorites]
No boss should ever ask a worker for a "favor," and in this eyebrow-raising case, doubly not.
She owes him nothing.
posted by BostonTerrier at 10:35 AM on March 17, 2020 [11 favorites]
She owes him nothing.
posted by BostonTerrier at 10:35 AM on March 17, 2020 [11 favorites]
Super inappropriate request. How dare he even put her in the position of considering this? I recommend a super firm no here. Whatever he’s gotten himself mixed up in is not her problem. If she’s in a position to do so, she should reconsider working with him at all.
posted by kapers at 10:58 AM on March 17, 2020 [1 favorite]
posted by kapers at 10:58 AM on March 17, 2020 [1 favorite]
I'm inclined to think that a boss is not going to run a fake-check payback scam here, not the least because things don't seem that desperate yet, but at the end of the day, yeah, boss asking for favors, money favors!, is not great.
posted by rhizome at 11:07 AM on March 17, 2020 [1 favorite]
posted by rhizome at 11:07 AM on March 17, 2020 [1 favorite]
Nonono. Whether or not this is a scam, it's almost never a good idea to let other people treat your bank account as something they can use.
posted by Ragged Richard at 11:16 AM on March 17, 2020 [4 favorites]
posted by Ragged Richard at 11:16 AM on March 17, 2020 [4 favorites]
koahiatamadl is right. Your boss should go into the bank and withdraw the money from a human bank clerk. There is no need for them to involve you, which does indeed sound pretty sketchy (if not actual money laundering).
But I just want to point out to the Americans explaining the classic check scam: you're assuming there is a check involved here. There almost certainly isn't. The check scam exists only in the US, because if you give someone a check everywhere else in the world they will laugh at you.
posted by caek at 11:24 AM on March 17, 2020 [2 favorites]
But I just want to point out to the Americans explaining the classic check scam: you're assuming there is a check involved here. There almost certainly isn't. The check scam exists only in the US, because if you give someone a check everywhere else in the world they will laugh at you.
posted by caek at 11:24 AM on March 17, 2020 [2 favorites]
Yikes, no, do not do this.
posted by sarcasticah at 11:40 AM on March 17, 2020
posted by sarcasticah at 11:40 AM on March 17, 2020
UK Lawyer here, working in financial regulation.
DO NOT DO THIS - IT IS MONEY LAUNDERING!!
There's a very strong possibility that you will end up with a frozen bank account, all your accounts closed and you'll be allowed nothing other than a basic bank account. You could also be charged with a crime under the Proceeds of Crime Act 2002, with all the ramifications of that.
ONCE AGAIN - DO NOT DO THIS!!
posted by essexjan at 11:45 AM on March 17, 2020 [45 favorites]
DO NOT DO THIS - IT IS MONEY LAUNDERING!!
There's a very strong possibility that you will end up with a frozen bank account, all your accounts closed and you'll be allowed nothing other than a basic bank account. You could also be charged with a crime under the Proceeds of Crime Act 2002, with all the ramifications of that.
ONCE AGAIN - DO NOT DO THIS!!
posted by essexjan at 11:45 AM on March 17, 2020 [45 favorites]
Do not do this! There is no legitimate reason for your wife's boss to use her bank account to stockpile cash.
posted by Dolley at 11:58 AM on March 17, 2020
posted by Dolley at 11:58 AM on March 17, 2020
I don't think you should do this because even if it wasn't illegal or part of a scam, it is inappropriate to ask this type of favor of an employee.
I know someone who stockpiles cash and they just found out it was molding in their safe. They had taken some precautions against mold, but it was not enough. Their bank would only replace a small amount of it and told them to go directly to the Federal Reserve (I think?) themselves. This is in the US, of course, but the dangers of holding cash are universal.
posted by soelo at 12:01 PM on March 17, 2020 [1 favorite]
I know someone who stockpiles cash and they just found out it was molding in their safe. They had taken some precautions against mold, but it was not enough. Their bank would only replace a small amount of it and told them to go directly to the Federal Reserve (I think?) themselves. This is in the US, of course, but the dangers of holding cash are universal.
posted by soelo at 12:01 PM on March 17, 2020 [1 favorite]
This is not stockpiling cash, this is a company with severe cashflow problems. They will probably dripfeed the money back into the bank account to make it look like they still have a reasonable turnover coming in.
If you agree to this, the £2000 will be the first of many payments until you are in too deep.
A lot of small companies are going to the wall in the next few months.
Your answer to this request should be "I'm sorry that won't be possible"
posted by Lanark at 12:50 PM on March 17, 2020 [11 favorites]
If you agree to this, the £2000 will be the first of many payments until you are in too deep.
A lot of small companies are going to the wall in the next few months.
Your answer to this request should be "I'm sorry that won't be possible"
posted by Lanark at 12:50 PM on March 17, 2020 [11 favorites]
Being an optimist I would suspect your boss is acting in good faith and is simply unaware of the potential consequences that essexjan lists above.
There's no drama required, just tell him what the risk is and that you're unwilling to take it.
posted by Tell Me No Lies at 2:34 PM on March 17, 2020
There's no drama required, just tell him what the risk is and that you're unwilling to take it.
posted by Tell Me No Lies at 2:34 PM on March 17, 2020
One other possibility I did not see mentioned (but still "Dodgy AF" as some other poster stated): the boss is trying to hide assets from a spouse prior to a split. Don't get involved in that either.
posted by TimHare at 5:56 PM on March 17, 2020 [2 favorites]
posted by TimHare at 5:56 PM on March 17, 2020 [2 favorites]
Why would you even consider laundering money for someone?
What's the upside?
Also, this is her boss? She might want to reconsider her place of employment.
posted by Ahmad Khani at 6:43 PM on March 17, 2020 [2 favorites]
What's the upside?
Also, this is her boss? She might want to reconsider her place of employment.
posted by Ahmad Khani at 6:43 PM on March 17, 2020 [2 favorites]
The classic miss manners response is: I am sorry, that won’t be possible. Don’t give any more additional details, just keep saying the same thing like a broken record over and over and over again if pressed for an explanation.
There’s no justification for the boss asking for this favor and zero justification for your wife or yourself to agree to it. There is zero upside to you and your wife and a massive downside. If saying no enrages the boss, then that is a good clue it is time to look for a different job. Good luck!
posted by Bella Donna at 6:12 AM on March 18, 2020
There’s no justification for the boss asking for this favor and zero justification for your wife or yourself to agree to it. There is zero upside to you and your wife and a massive downside. If saying no enrages the boss, then that is a good clue it is time to look for a different job. Good luck!
posted by Bella Donna at 6:12 AM on March 18, 2020
US lawyer here: this is money laundering. Do not do it. There is no legitimate reason for them to make this request. Say no and consider reporting them.
posted by bile and syntax at 6:58 AM on March 18, 2020 [2 favorites]
posted by bile and syntax at 6:58 AM on March 18, 2020 [2 favorites]
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The phrase "deposit money" is obviously not depositing Euros or Pounds or Dollars into your account and then getting it back out, and appears to be a check or a funds transfer from his bank to yours by ACH or wire?
He is trying to skirt limits on the amount of cash he can take out of his bank, and these limits exist for a reason. Flouting them is not just frowned upon, it is illegal. And knowingly helping him break the law could lead to consequences for you other than just locked out of your accounts.
Another possibility is that he doesn't really have the funds available so he may want to write a check, have the funds out of your bank, and then the check will bounce, which you wouldn't see happen until days later.
posted by bilabial at 9:10 AM on March 17, 2020 [27 favorites]