Does bank talk among themselve about customer financial record???

P3

Let's say I have £30k to deposit into bank account, if I were to put it all in, they most likely ask where the money come from. (Rightly so) 

Let's also assume I have dozen of current account which I opened and kept open over the year, if I were to deposit say £2500 into those 12 account in my name, will their bank system flag up this Joe blog deposit 11x£2500 just an hour ago at Bank A to K.

Obv this is just thinking out loud question, I wish I got £30k lying around 

born_again

Not in the way you are thinking.
If you bank had any issues they would be asking you. Then maybe check with the other bank.

enthusiasticsaver

No there is no system for banks to talk to each other. 

AskAsk

the banks do not share data with each other in this way i don't believe but they certainly send all the interest statements to HMRC, who may wonder why you have 12 current accounts 

Daliah

Most banks now allow you to share details of your accounts with them, under the guises of letting you see all your accounts in one place. Every time you log into your account, they can then obtain the most current balances from the other accounts. IIRC, an authorisation lasts 3 months. 

A number of other companies do the same, for example Experian, with the promise of an instant upgrade of your Experian credit score if you let them access your accounts. Others you can let read your accounts are the personal finance managers / budgeting apps, or savings accounts which sweep money from certain accounts, or other companies who let you manually pull money into their accounts (examples are Tandem and Tesco Clubcard Pay). 

All of them can do all sorts of things with the data you authorise them to pull from your accounts. Whether they would do what you describe, I don't know - but in any case, if you don't want any of this to happen, you just don't authorise them in the first instance.

Daliah

AskAsk said:

the banks do not share data with each other in this way i don't believe but they certainly send all the interest statements to HMRC, who may wonder why you have 12 current accounts 

There is no reason to believe that HMRC would blink an eyelid if you have 12 or twenty or fifty or more current accounts.

jimjames

AskAsk said:

the banks do not share data with each other in this way i don't believe but they certainly send all the interest statements to HMRC, who may wonder why you have 12 current accounts 

HMRC will be doing a lot of wondering if they look at my current accounts then!

born_again

enthusiasticsaver said:

No there is no system for banks to talk to each other. 

We just pick up the phone and talk to them, when needed.