Is this an unethical way of avoiding bank fees?

karljt2013

I have a bank account which has a monthly charge of around £7.00 because of added extras, (most of which I don't use). The fee is waived if more than £1000 is paid into the account every month but my part time income is nowhere near that. Could a relative deposit say £600 into the account and I sent it right back to them in order to avoid the charge.

Would the bank consider that dirty tricks or would I be OK doing this?

Jsscmm

Depends on the t&cs for the account. A lot of accounts allow either transfers from other banks or even the same bank to cover minimum payments.

PeacefulWaters

Sod ethics.

If it complies with the T&Cs and saves you money then do it.

Which bank is it? Which account?

want_to_save

if you dont use the extras why dont you change to a cheaper account or a free account?

Voyager2002

I do not think any of these accounts insist that the money is paid in one lump sum. So you can pay in your monthly income (say 350 pounds); make a faster payment to another account and then pay it in again. The whole procedure just takes a couple of minutes if you are organised, and will do the trick.

And as asked above, why maintain an account that doesn't do what you want?

paragon909

Banks dont force or just automatically put customers on monthly tariffs accounts. If you dont like the fee's close the account or change to a free account. Simple really.

[Deleted User]

Not sure I've read right, I've had a cash injection from family so really not even job income (wish it was a different story)

with holding the Halifax reward account and still got a fiver surprisingly as I imagine they wouldn't have paid it in first place and neither have they tried closing the account if such issue so yeah I'd give it a bash

anoncol

PeacefulWaters wrote: »

Sod ethics.

If it complies with the T&Cs and saves you money then do it.

Which bank is it? Which account?

This sums up my thoughts tbh.

karljt2013

PeacefulWaters wrote: »

Sod ethics.

If it complies with the T&Cs and saves you money then do it.

Which bank is it? Which account?

It is the Lloyds Cub account

PeacefulWaters

karljt2013 wrote: »

I have a bank account which has a monthly charge of around £7.00 because of added extras, (most of which I don't use). The fee is waived if more than £1000 is paid into the account every month but my part time income is nowhere near that. Could a relative deposit say £600 into the account and I sent it right back to them in order to avoid the charge.... It is the Lloyds Cub account

The funding requirement on Club Lloyds is £1,500 a month. The fee is a fiver.

What are you paying £7 for?

Biggles

karljt2013 wrote: »

I have a bank account which has a monthly charge of around £7.00 because of added extras, (most of which I don't use). The fee is waived if more than £1000 is paid into the account every month but my part time income is nowhere near that. Could a relative deposit say £600 into the account and I sent it right back to them in order to avoid the charge.

You could send the £1k (or £1.5k if it is the Club Lloyds a/c) from another account of yours and back instantly. No need to involve others.

If most of your money is in the CL a/c, send it out first and then back.