Trying to save but accused of being a terrorist /fraudster :-(

LeeLoo_2

alternate wrote: »

From what you said - you were not accused of fraud or being a terrorist. They said their policy was to limit the number of accounts to prevent such misuse.

Fair enough. I was a bit upset and got into hyperbole.

LeeLoo_2

opinions4u wrote: »

I'm sympathetic. I used to manage my money the same way, but Halifax eventually reduced the maximum number of Web Saver accounts down to just 5.

If you've ever been involved in investigating a fraud trail you would understand it. Tracking the money moving from account to account is hard enough at the best of times, but when there are multiple transactions across a dozen or more accounts it becomes very, very difficult indeed.

It's pretty clear that you haven't been accused of anything.

Get in to spreadsheets. Then you'll be fine.

A money launderer with fewer accounts will find it harder to "layer" their ill gotten gains. So it stacks up from a money laundering perspective. Even if the bottom line is that they don't want to recruit another shed load investigators to track the money through the multiple accounts.

I see your point. I suppose I had not considered it like that because I was not thinking like a fraudster!

LeeLoo_2

jackyann wrote: »

I use a money programme to keep track of my "virtual" brown envelopes

What is it please?

LeeLoo_2

Errata wrote: »

18 accounts :eek: What's wrong with one account and a notebook

Nothing wrong if it works for you, but it has not worked for me the way this has.

LeeLoo_2

Hominu wrote: »

I can just imagine getting 18 letters through the door at the beginning of every month for the account statements! I think the post man will begin to think that something suspicious is going on, never mind the bank.

I'm sure you could become more general, like "food" which would be meals out, lunch, groceries, etc.

They are online only so I don't get any post for them.

LeeLoo_2

libra10 wrote: »

I would hate to try and keep track of so many accounts.

I have online banking. All the accounts have their names, so I can see at a glance
Groceries:150 for groceries,
christmas and birthday: 70
Petrol: only 30 left

then I can easily say, ok ill take 20 out of birthday and christmas to get through the month for petrol as I had to make an extra journey to visit my sister who lives in x to help with y.

You get the picture.

LeeLoo_2

luvchocolate wrote: »

I used to do envelopes too but was concerned about the cash at home..!i am rubbish with spreadsheets so I have a little book with a different page for every item....car tax/insurance and so on the cash is in the same account but I can see how much I have on one side for everything......not explained very well tough day at work LOL,, but you get the gist of it

The concern about having so much cash at home is why I opened the extra accounts. The little book thing is nice, but does it does not track things LIVE.

jacques_chirac

The little book is as live as you want it to be ...

If you listed the 18 accounts we could suggest ways to manage them more efficiently.

redcard

Why not keep 1 account, and buy 18 solar-powered calculators. Get some sticky labels and label each calculator with a category. Get a notice board and attach them all to that. Now every time you spend money just subtract it on the corresponding calculator.

I can not see any flaw in this system and no one will ever accuse you of terrorism. Even an idiot could work it, which makes me think it might be ideal for a lot of people here.

Archi_Bald

LeeLoo wrote: »

I am really not good at spreadsheets. Also the only computer I have is my phone which does not have excel on it. The main thing is that it is not in real time. Every payment you make means faffing with excel.

You do not need Excel.

Your spending is not reflected in your savings accounts realtime

You can learn spreadsheets (ref the links I posted) - - I promise you, it will be good for you! But if you inists you can't - - use a notebook. It worked for me when I was young, it worked for my mum, and her mum. Though spreadsheets do make the task a hundred times easier.

You have to record everything you spend even if you have dozens of accounts. Otherwise you wouldn't know whether you have any money left in your savings accounts or not. How do you manage your 'repositories' now?

LeeLoo wrote: »

The thing is, they are all online accounts. I do not have a debit card for them and do not get paper statements, only a virtual one emailed every quarter. I do not set any direct debits on them or anything like that,they are simply used as repositories.

Please stop using excuses and at least try to adopt some of the suggestions.