Are banks clamping down on the £1k transfer?

Nine_Lives

BoGoF wrote: »

In all honesty, what is the point in getting all bolshy with the branch staff...."a few choice words" - like it is their fault. As far as they are concerned you can take your £35k elsewhere - you think they give a toss?

No, it is YOU who has assumed i'm going to accuse branch staff. Anyone with a brain cell would know that it's not THEIR fault, but unless you have the contact details of the individuals who put procedures in place, then all anyone can ever do is contact branch staff or a CA on the phone.

If you buy something faulty from a shop, you don't go looking for that shops CEO to complain about your service. You go back to the shop don't you. Unless you specifically have details of all bosses from all banks, shops etc & just lecture people on not being as up to speed as yourself?

Who knows.

worried_jim wrote: »

I previously worked for a Bank's fraud dept and this is known as "cash cycling" a form of money laundering and would be reported as suspicious account activity, I would caution anyone against doing this, no matter how innocent you think it may be.
Banks have specific software to look for this behaviour and it is easily flagged.

So you're saying that essentially what i and many others are doing is, illegal?

It's no hidden secret here, people advise it, including some of the "senior" members of MSE - to cycle £1k through the accounts that require it. Halifax to bag your £5 bonus for e.g.

Are you saying that we stand a chance of getting pulled for this?

dougz_2

So, has the same computer been used to rapidly logon as different people, to cycle money between different peoples accounts? If so I can see why that could set off alarms, as has been reported on here before. Its not the same as moving your own money which is what others are doing without problem.

Biggles

K_P83 wrote: »

Are you saying that we stand a chance of getting pulled for this?

No, it's total nonsense.

BoGoF

K_P83 wrote: »

No, it is YOU who has assumed i'm going to accuse branch staff. Anyone with a brain cell would know that it's not THEIR fault, but unless you have the contact details of the individuals who put procedures in place, then all anyone can ever do is contact branch staff or a CA on the phone.

So, did I mis read your earlier post when you said while you were in branch you were going to have a few choice words.......who with then, yourself, for banking with Santander?

Nine_Lives

dougz wrote: »

So, has the same computer been used to rapidly logon as different people, to cycle money between different peoples accounts? If so I can see why that could set off alarms. Its not the same as moving your own money which is what others are doing without problem.

The same computer has been used, yes. Rapidly - yes and no. To transfer between my own accounts yes. I.e. i'll log on Halifax, transfer 1k to Santander, log off, log on Santander transfer 1k to halifax joint account, then keep logging on & off to transfer around the houses.

It would be so much easier if Santander allowed internal transferring the way TSB did with their Vantage accounts.

But for transfering from mine to my gf's to my brothers for e.g. - no that wasn't rapid. This computer was used, but i had to wait until they came home for them to do it.

Biggles wrote: »

No, it's total nonsense.

Well one thing's for sure .... 2 people can't be right, so someone is wrong.

callum9999

K_P83 wrote: »

No, it is YOU who has assumed i'm going to accuse branch staff. Anyone with a brain cell would know that it's not THEIR fault, but unless you have the contact details of the individuals who put procedures in place, then all anyone can ever do is contact branch staff or a CA on the phone.

If you buy something faulty from a shop, you don't go looking for that shops CEO to complain about your service. You go back to the shop don't you. Unless you specifically have details of all bosses from all banks, shops etc & just lecture people on not being as up to speed as yourself?

Who knows.


So you're saying that essentially what i and many others are doing is, illegal?

It's no hidden secret here, people advise it, including some of the "senior" members of MSE - to cycle £1k through the accounts that require it. Halifax to bag your £5 bonus for e.g.

Are you saying that we stand a chance of getting pulled for this?

No.... They are saying it's suspicious because it looks like it could be illegal behaviour - hence the reviews. If the banks thought you were actually money laundering you would probably have had a knock on the door from the police by now.

Nine_Lives

BoGoF wrote: »

So, did I mis read your earlier post when you said while you were in branch you were going to have a few choice words.......who with then, yourself, for banking with Santander?

Well tell me who i can speak to then Mr Smarty Pants?

As you're indicating that anyone should only ever get in touch with the individual(s) who put procedures in place, then i assume you must have contact details for said individual(s). So if you would like to provide me with them then i can do this.

If not, then i'm afraid i only have 2 options - over the phone on an 0845 number, or in branch for free. As i said, clearly i'm not going to round on the first branch staff i see and blame them.
However, what i WILL be doing and was going to be doing all along regardless of your post, was inform them that while i understand that the individual i'm speaking to isn't at fault, i'm not happy with the way the system is working & that if it continues in this manner (i.e. i have to take monthly trips to my local branch) then i'll simply leave.

Nine_Lives

callum9999 wrote: »

No.... They are saying it's suspicious because it looks like it could be illegal behaviour - hence the reviews. If the banks thought you were actually money laundering you would probably have had a knock on the door from the police by now.

Please explain.

Jim says he worked for the fraud squad, AND what i and many others are doing is a FORM OF money laundering. Such as speeding is one form of a motoring offence, just like driving under the influence is - both are illegal. So is what i and others are doing ... illegal (being as jim says it's a FORM OF money laundering, just like speeding & drink driving are 2 forms of motoring offences)?

I'm not saying anyone is right or wrong, i'm just trying to understand. All i know is i don't want to get pulled for the sake of £5 a month here & there.

BoGoF

Didn't say I had the answers but then I'm not the one who said I would have a few choice words when in branch then change my mind........

Plus my calls to 0845 numbers are free at evenings & weekends with BT....as are most peoples.

BoGoF

A transaction doesn't have to be illegal for a bank to close/suspend the account and nobody is going to get 'pulled' by the police for legitimate transactions but doesn't mean the bank can't close your account.