Lying about salary on current account

soulsaver

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

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

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

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

[Deleted User]

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

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.

General_Grant

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.

flo22

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

colsten

General_Grant said:

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

General_Grant said:

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.