Banks requiring minimum monthly incoming payment

gropinginthedark

Just thinking aloud (kind of).  I have a Santander 123 account which requires a minimum monthly payment.  This problem doesn't affect me but just seeing the unemployment figures rising I got to wondering how those folk will be affected and what action banks with that requirement will be taking.

[Deleted User]

It's already automated. The benefits associated with the funding requirement will stop.

Eco_Miser

Or the affected folk will do what many on here already do, and circulate what money they have to meet the requirements.

colsten

Deleted_User said:

It's already automated. The benefits associated with the funding requirement will stop.

Agreed.

In addition, the minimum payment doesn't have to come from employment, nor does it have to be paid in as one lump sum. If this doesn't suit, there are plenty of accounts which don't have any minimum deposit requirement.

jsmith9

It depends on the bank and what the benefits are

for example if you have Club Lloyds and do not pay in the required amount one month then the benefit would cease for that month although if you then start the following month to pay in then the benefit would restart. Santander 123 may work like this too.

other banks if you miss a month then the benefits would be cancelled completely - I am thinking of Nationwide and their free travel insurance (no longer available to new) but I believe if you don't pay in the requisite £750 then the insurance will be cancelled and you will no longer be able to have it

other banks like HSBC Advance require a minimum pay in but from what I have heard if you miss one or two payments they really don't seem to do much it's only after a few months of missed payments where they will then ask you if you want to downgrade the account

born_again

Many if not all of the unemployed will be getting state benefits. Which will go towards the income requirement.

Personally I just cycle £500 between TSB & Santander each month to keep them happy.

Brewer20

Keep recycling the money that's all I've done, have no income, as in a paid job just a pension. They keep giving me accounts too, latest Virgin money.

deadendwaterfall

The anti money laundering triggers make cycling money around seem like walking on thin ice. 

The_Green_Hornet

Cycling money around your own personal accounts shouldn't trigger anything. I've been moving money around for years without any issues.

kaMelo

deadendwaterfall said:

The anti money laundering triggers make cycling money around seem like walking on thin ice. 

If that's true then most on here are not even on thin ice, were all walking on water.

Brewer20

Feels like wading through a swamp ATM.