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Lying about salary on current account

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13

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  • soulsaver
    soulsaver Posts: 6,607 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I haven't had a salary in 20 years, but I've opened a plethora of current & savings accounts in the period, especially during the Santander Amazon voucher switch incentive. I didn't lie about it, because I've never been asked about a salary.


    'Go figure..' as some might say.
  • phillw
    phillw Posts: 5,665 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    MoJoeGo said:
    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. 


    As some ask for salary and some take home pay, it's way easier to tell the truth as you can look on your pay slip or ask your employer. If you make it up then you're on your own.

  • phillw
    phillw Posts: 5,665 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 29 July 2021 at 11:42PM
    Sea_Shell said:
    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! 😉
    It's in most T&C. If you obtain a benefit from not telling them then it would be some kind of fraud.

    Whether you are found out and whether you would face going to court is another matter. It's like copying cd's or driving at 80mph.

  • jimjames
    jimjames Posts: 18,657 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    How do you even know someone has those limits? Are you just relying on what they told you? There is also the possibility they are lying to you
    Remember the saying: if it looks too good to be true it almost certainly is.
  • I wouldn't be too quick to assume she can't afford to service that debt; especially if she's a single parent, the benefits can be quite substantial.
  • Neruda
    Neruda Posts: 97 Forumite
    10 Posts Name Dropper
    JP2019 said:

    I only ask this question as I know a lady who has been on benefits for years and somehow has a 3.5 grand overdraft and a credit card with a 5k limit with the bank (which I think is ludicrous). I can assure you that this woman has never worked a day in her life so there is no way she has the income to warrant that amount of credit.

    Nothing ludicrous about those limits. If she has held that account and card for a number of years and has operated them normally then the limits will have been increased over time. For instance, at one time when I was receiving unemployment benefit one of my long-standing credit cards increased my limit to £15,000.

  • flo22
    flo22 Posts: 366 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Lying about salary to a bank is fraud, not a good idea to even consider - unless you want to end up with a CIFAS when found out
    30+ years working in banking
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper

    Is informing the bank whenever you have lost or gained income really in the T&Cs? .
    Not to me knowledge. I am willing to learn if anyone can show me the relevant T&Cs
  • callum9999
    callum9999 Posts: 4,434 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    phillw said:
    Sea_Shell said:
    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! 😉
    It's in most T&C. If you obtain a benefit from not telling them then it would be some kind of fraud.

    Whether you are found out and whether you would face going to court is another matter. It's like copying cd's or driving at 80mph.

    [Note that the question being answered related to continuing with a banking relationship, not opening a new account.]

    Is informing the bank whenever you have lost or gained income really in the T&Cs? 
    When already in a banking relationship which is operating satisfactorily, I do not see how continuing without telling the bank you had trebled or halved your income would be seen as "obtaining" a benefit and fraud.
    I'm not sure about bank accounts, but it's pretty normal with credit cards.

    I guess it could be fraudulent as you'd be withholding information that the bank needs to determine your credit worthiness (e.g. if you lose your job, rack up debts and then default) though I can't say I've ever seen any actual consequences for that.
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