Halifax cashback

Tayus

hi, sorry if this is a bit vague as i have just got in from the pub but. why dont people get the cashback account and open an account with an online bookies (eg paddypower) when you put money into the bookies it appears on your statement as a point of sale, therefore this should qualify for the cashback?? shouldnt it? you can then withdraw the money from the bookies without even gambling with it. when withdrawing it appears on your statement as a refund. Any thoughts? SURELY IF THIS WORKS I SHOULD QUALIFY FOR TIP OF THE MONTH!?!?!?! PLEASE!!!!

davidcampbell

i think your main problem there would be to explain why you are systematically moving money from your bank account to somewhere else and then back again without doing anything with it

would look suspiciously like money laundering would it not?

DC

iamchrisli

can we change the account details on the bookies side, for example, take money from halifax one, then change the account details link to another bank account. then take the money from bookies to another bank account.

davidcampbell

again doubtful. most bookies wont allow you to register a new card until you have a zero balance to avoid that sort of activity

DC

Tayus

whats wrong with putting the oney into paddypower then withdrawing it? you dont have to bet with it

Milarky

This probably won't work [we are talking a 'credit cards' here aren't we?] as cashback exclusions typically apply to non purchase item like this. This trick did work well with Natwest FastPay a while back, but they stopped making it free to use and that was that! The main hurdle with credit cards is 1) avoiding any kind of fee to deposit/withdraw and 2) ensuring the item is treated as a 'purchase' [and NOT a 'cash advance] in order to be interest-free for up to eight weeks.

If you are referring to the Halifax 'Moneyback' current account - a debit card which pays cashback - it defintely won't work.

One option is to pay in on a credit card and withdraw on a debit card [exactly what was done with FastPay] back to your bank.

Fatboy_NSS

Buying funds with a bookie isn't cashback, it's a paid transaction. However as it's the bookie paying for the transaction then they wouldn't be too happy with you paying the money out straight after paying it in. If their T&Cs didn't state you had to gamble the money a certain number of times before paying out then they would certainly cancel your account.

Tayus

well whenever i deposit funds into my account using switch it appears on my statement as point of sale (pos)

davidcampbell

betfair

You can withdraw money to any of your registered payment cards, but only to a card which has made a successful deposit with Betfair. In addition, your total withdrawals on each registered card must be equal to, or greater than, your total deposits before you can withdraw your 'additional winnings'. There is no fee for withdrawals back to a payment card.[/QUOTE

bet365

For all payment methods, if the value of a deposit is not played through in full before a withdrawal is requested, bet365 reserve the right to make a charge to the customers account to cover all reasonable costs relating to both the deposit and withdrawal. If necessary the value of the withdrawal requested may be reduced accordingly.

thats how bet365 and betfair would look at what you are suggesting. cant find the relevant section just now from others books t&c's but it would i imagine be dealt with in broadly the same manner.

hth
DC