Is Cycling Money through my accounts each month Illegal ?

Kernel_Sanders

Does any bank specify in its T&Cs that the minimum monthly deposit has to consist of salary, tax credits or pension?

beefturnmail

fraud has to involve some sort of deception - if you're not deceiving anyone then you're not comitting fraud

TheTracker

For every month of the last 10 years I've cycled an average of £30k a month through 10+ accounts, despite having a self assessment salary of £10k or less per annum from an income of £40k or less per annum. Never been bothered, in both senses of the word.

chambta

Kernel_Sanders wrote: »

Does any bank specify in its T&Cs that the minimum monthly deposit has to consist of salary, tax credits or pension?

They realise it's impossible to enforce so as far as I'm aware, no.

jonesMUFCforever

In the olden days (rememeber them) before the internet this was done by cheques and called cross-firing.
It was frowned upon by banks then.

What OP is doing is not illegal .........BUT some banks may not like it and could choose to close their account without giving any reason.

Kendall80

They are probably glad to have the increased customer base so they can push their mortgage / personal loan/credit card special offers. Which is also an added benefit to us.

robatwork

You'll be going to jail for at least 10 years.

Joined by about half of us on this forum.

And Martin.

neilsedaka

I do all of my money cycling on the same day by standing order. Never had a problem.

paragon909

What a weird way of conducting your banking business, Why the hell does anyone need 8 current account lol. Banks may freeze accounts if they see a pattern.

It's not like your earning interest funds.... Do you OP just like seeing money being sent about... Like a kid with sweets.

chambta

paragon909 wrote: »

What a weird way of conducting your banking business, Why the hell does anyone need 8 current account lol. Banks may freeze accounts if they see a pattern.

It's not like your earning interest funds.... Do you OP just like seeing money being sent about... Like a kid with sweets.

It IS done to make money. Why else?