Does the job centre check etrade accounts?

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A friend has some saving in an etrade account, does the job centre go into etrade accounts if someone is claiming the doll?


etrade means accounts which you can do stocks/shares trading from.


How about the council?

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  • Guest101
    Guest101 Posts: 15,764 Forumite
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    No, they're all idiots, it's easy to get away with fraud.....
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
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    textbook wrote: »
    A friend has some saving in an etrade account, does the job centre go into etrade accounts if someone is claiming the doll?


    etrade means accounts which you can do stocks/shares trading from.


    How about the council?

    No they do not. Neither of them do.

    I hope your friend answers the questions correctly though as failing to declare an asset he/she holds can lead to a charge of fraud by false representation.

    They can find out some time in the future, after the end of the tax year, once the HMRC has been informed that dividends have been paid to your friend and the DWP/Council then tries data matching and finds no shares have been declared. Questions will be asked at that point. They still cannot check the balance of the E*Trade account.

    They also do not come to your house and check how much money you have in your wallet/purse/safe either.

    It's up to you to declare how much you have and the benefits adjusted accordingly.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • midnight_express
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    This board does not exist to help people commit benefit fraud.
  • bspm
    bspm Posts: 541 Forumite
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    This board does not exist to help people commit benefit fraud.

    No it does not indeed, it seems to me that this board, as well as mainly providing a wealth of information to genuine needy individuals it also provides the words for people to claim benefits fraudulently.

    Someone asks...how do i claim this and hey presto a link appears.
  • textbook
    textbook Posts: 595 Forumite
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    Dividends- I guess their etrade address would have to be a UK one to register that. And a few quid or whatever he's got wouldn't register either I would've thought!
  • tomtom256
    tomtom256 Posts: 2,221 Forumite
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    Any savings or investments need to be declared end of.

    Financial Investigators can get acess to this information if they need to.

    Why not cash them in if they are in "need"?
  • tomtontom
    tomtontom Posts: 7,929 Forumite
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    textbook wrote: »
    Claiming benefits with too much money in the bank?
    A friend transferred some money out of his bank account to an etrade account as he thinks he will lose his job in a couple of months, and wanted less than £6,000 in the account, but worries that housing benefit and DWP will do data matching or go into his accounts and see the transaction and then look into the etrade account (which isn't trading at the moment). Will they notice the money being sent out, do they monitor transactions three months before and do data matching? Does the DWP employ credit reference agencies who pick up on these transactions and etrade accounts?


    He's thinking of closing this bank account and opening another one in another bank. To stop this transaction being fund for £6,000 out of account. Obviously, he will get contribution based benefits after working for four years.

    Always a "friend" ...
  • textbook
    textbook Posts: 595 Forumite
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    if the money in the etrade account is just sitting there and not I shares I guess that wouldn't register with HMRC
  • dippy3103
    dippy3103 Posts: 1,959 Forumite
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    textbook wrote: »
    if the money in the etrade account is just sitting there and not I shares I guess that wouldn't register with HMRC

    Why not just declare it to the benefit office? Then you need not worry. It's also a top tip to not wind up being caught committing fraud.


    Sorry, your friend need not worry....
  • xylophone
    xylophone Posts: 44,590 Forumite
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    if someone is claiming the doll?

    A lady friend? Maiya? Miss Herbert?:D
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