Lying about salary on current account

[Deleted User]

Shakin_Steve said:

Banks also ask for your employment status, job title, job sector, name and address of employer, and, sometimes, payroll number. You'd have to be pretty stupid to inflate your earnings (lie) knowing they had all of that information to hand, which they could check if they felt it necessary.

They can't check without your active consent - the most many employers will confirm if someone works there (some won't even do that) and they can do this unofficially by simply calling your employer and asking for you.

[Deleted User]

wiseonesomeofthetime said:

And they (often) ask for your NI Number.

Though whether they have access to how much tax you pay annually is another question.

  Yes, HMRC share your personal tax information with a private company.

markhumb

It may be worth mentioning that the majority of employed jobs paying up to £37 500.00 can give you 1 months notice. That would appear to be you security at work without savings.
It seems it better to not buy anything you cannot pay for within a month and if your borrowing for a mortgage a fixed rate mortgage seems the best step to take.

MoJoeGo

Coming at it from the other angle, I'd be more interested in accounts that offer additional perks for higher earners - provided you are able to cycle a good amount through the account on a monthly basis, are they ever actually going to know you're not really on that 6 figure salary that you put on the application? 

As previously mentioned, it's hard to see how they could get any confirmation from an employer (real or fictional) without consent, and provided you were consistent with the numbers you quoted on different applications, I'm struggling to see how someone would get caught out...

Yes it's another hypothetical, and I'm not suggesting it's a good idea, but it's a scenario that could be genuinely relevant to higher earners as and when they retire and don't want to give up perks they've had for years... I for one will be applying for every available reward account going just before I quit for the beach...!

colsten

MoJoeGo said:

Coming at it from the other angle, I'd be more interested in accounts that offer additional perks for higher earners - provided you are able to cycle a good amount through the account on a monthly basis, are they ever actually going to know you're not really on that 6 figure salary that you put on the application? 

As previously mentioned, it's hard to see how they could get any confirmation from an employer (real or fictional) without consent, and provided you were consistent with the numbers you quoted on different applications, I'm struggling to see how someone would get caught out...

Yes it's another hypothetical, and I'm not suggesting it's a good idea, but it's a scenario that could be genuinely relevant to higher earners as and when they retire and don't want to give up perks they've had for years... I for one will be applying for every available reward account going just before I quit for the beach...!

What perks did you have in mind, and why do you think banks would be stupid enough not to work out that your money is recycled through other accounts? Also, have you heard of the National Hunter database?

I still fail to see why anyone would wish to lie to a bank about their income, or about anything else. In fact, I fail to see why anyone would wish to lie about anything. Having said this, I realise being a liar might be a popular new thing now, going by the persistent popularity of a lying politician who shall remain nameless………

MalMonroe

Hypothetically, how do you know all that woman's business? That is, her financial details and the fact that she's never worked a day in her life.

If she's told you, she could be lying just to wind you up. I once worked with someone like that who made up the most fantastic stories. 

You don't really know anyone else's true circumstances so it's probably best not to assume things and let her go her way and you go yours. As to what banks will and will not allow, in my experience it really does depend on the bank. No bank wants to lose money is all I know.

MoJoeGo

colsten said:

MoJoeGo said:

Coming at it from the other angle, I'd be more interested in accounts that offer additional perks for higher earners - provided you are able to cycle a good amount through the account on a monthly basis, are they ever actually going to know you're not really on that 6 figure salary that you put on the application? 

As previously mentioned, it's hard to see how they could get any confirmation from an employer (real or fictional) without consent, and provided you were consistent with the numbers you quoted on different applications, I'm struggling to see how someone would get caught out...

Yes it's another hypothetical, and I'm not suggesting it's a good idea, but it's a scenario that could be genuinely relevant to higher earners as and when they retire and don't want to give up perks they've had for years... I for one will be applying for every available reward account going just before I quit for the beach...!

What perks did you have in mind, and why do you think banks would be stupid enough not to work out that your money is recycled through other accounts? Also, have you heard of the National Hunter database?

I still fail to see why anyone would wish to lie to a bank about their income, or about anything else. In fact, I fail to see why anyone would wish to lie about anything. Having said this, I realise being a liar might be a popular new thing now, going by the persistent popularity of a lying politician who shall remain nameless………

Perks - better service levels, better financial rewards (Natwest for one...). Just as an example 

I could refer you to my comment about not suggesting it's a good idea. Or to my comment that anything new I open will be before I retire. But it seems that an element of moral distaste here is still getting in the way of answering the core question of 'how would they be able to verify your income'? 

I'm aware of (although not intimately familiar with) National Hunter, but ultimately it looks like just another data aggregation/sharing service. If there's no reliable input to it about your employer or income details, then there's no output that a bank could use to validate what you put on an application. Assuming you at least had the common sense to be consistent between applications then the banks would just be making sure that their information you had provided matched up with what other banks had. 

Yes they could perhaps ask you for proof of employment or income. Although of the various 'premier' type accounts I've had over the past 15 years, none ever have asked that. Including for a 2 year period where technically I was earning diddly squat - no I didn't open any new accounts (to save anyone spitting out their coffee in outrage over their Daily Mail...), but at the same time, none of my existing banks wrote to me to let me know I no longer met their criteria....

So to sum up, I'm not suggesting anyone falsifies income. That's a bad thing. Obviously. But if they did... how could a bank actually verify it, other than by asking the applicant for proof?

Sea_Shell

Coming from a different angle, do you have to tell your bank(s) of a material change to your income once you're a customer, if your account has merrily ticked along for years?  

Theoretically, of course! 😉

born_again

MalMonroe said:

Hypothetically, how do you know all that woman's business? That is, her financial details and the fact that she's never worked a day in her life.

If she's told you, she could be lying just to wind you up. I once worked with someone like that who made up the most fantastic stories. 

You don't really know anyone else's true circumstances so it's probably best not to assume things and let her go her way and you go yours. As to what banks will and will not allow, in my experience it really does depend on the bank. No bank wants to lose money is all I know.

OP has another thread started the same day fishing for info.

General_Grant

wiseonesomeofthetime said:

And they (often) ask for your NI Number.

Though whether they have access to how much tax you pay annually is another question.

I believe they need the NI number when reporting to HMRC any interest paid.