Is Cycling Money through my accounts each month Illegal ?

Kernel_Sanders

robatwork wrote: »

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

Joined by about half of us on this forum.

And Martin.

You can just imagine us in prison. We'd be advising the drug barons where to keep their money and getting the lags to save their snout.

robatwork

Kernel_Sanders wrote: »

You can just imagine us in prison. We'd be advising the drug barons where to keep their money and getting the lags to save their snout.

I'm not sure those phrases have been in use since Porridge!

Kernel_Sanders

Ed-1 wrote: »

in an interest-paying current account (e.g. TSB Classic Plus it pays interest of 5% every month .

I think our friend will need to have it explained that it's interest of 5% p.a. every month

Ed-1 wrote: »

in an interest-paying current account (e.g. TSB Classic Plus it pays interest of 5% every month by exploiting banks' different cut-off times for calculating interest (e.g. Santander calculates interest each day on the balance of an account at approximately 8:20pm. Lloyds calculates interest on the balance of an account at midnight. So if you have your money in a Santander account at 8:20pm and then move it to Lloyds before midnight you've made interest twice on the same money on the same day).

Both are perfectly legal as long as you are doing it for the above intentions. However if you do it daily it can set banks' money laundering systems off, as one of my friends found out, which can lead to closure of accounts and at worst a CIFAS (fraud) marker if banks see you doing it for different reasons.

Do you mean anti-laundering alarms were raised just because of the timing of the FPs?

robatwork wrote: »

I'm not sure those phrases have been in use since Porridge!

No doubt that's where I learned them but I don't care what the modern parlance is so naff orf Robatwork!

RIP Ronnie Barker & Richard Beckinsale.

Kernel_Sanders

Ed-1 wrote: »

Santander calculates interest each day on the balance of an account at approximately 8:20pm. Lloyds calculates interest on the balance of an account at midnight. So if you have your money in a Santander account at 8:20pm and then move it to Lloyds before midnight you've made interest twice on the same money on the same day).

Does this apply on a Sunday, and do you know Bank of Scotland cut-off times? Would the time (17:45) on this link be for interest purposes?

Ed-1

Kernel_Sanders wrote: »

Does this apply on a Sunday, and do you know Bank of Scotland cut-off times?

No. Santander has a cut-off time of around 8:20pm Monday to Saturday and then Sunday jumps forward to Monday's date (the next working day).

Lloyds, Halifax, BOS and TSB are all midnight cut-off times Monday to Friday and then Saturday jumps forward to Monday's date (the next working day).

But I warn you from experience that there is a high risk of losing all your accounts at once with any one bank through doing this every day.

In my opinion, the best way of exploiting this is moving money from any of Lloyds, BOS or TSB on a Saturday (as by then interest has been banked for Saturday and Sunday) to Santander and then moving it back from Santander after 8:20pm on the Monday. That way you earn interest at Lloyds/BOS/TSB on Saturday, Sunday and Monday and at Santander on Saturday, Sunday and Monday. That's 3 days extra interest a week for two transactions. To get 'double' interest in the rest of the week you'd need to do two transactions a day and the danger here is that the bank perceive it as a money laundering risk and close all your accounts.

ceredigion

Kernel_Sanders wrote: »

Does this apply on a Sunday, and do you know Bank of Scotland cut-off times?

Read
http://stoozing.com/forum/YaBB.pl?num=1328446462
Should keep you entertained as only 24 pages. It might also be prudent to keep all such "controversial" discussions on the stoozing forum as it doesn't generate as much traffic.