Banks roundup feature.

Thumbs_Up

I have started to use the roundup feature on my NatWest bank account, and I like it. This is use for my every day spend and I certainly do not go around the shops with a calculator trying to get the spend cost to work in my favour.

Now I have read on here some people when they refuel their car they  purposely tick over the petrol/diesel cost to garner an advantage on their roundup spend. (I don’t drive). For eg £40.01p

Will the banks get wind of this crafty wheeze (sp?) and put a stop to it like they did when customers were opening up multitude bank accounts.     

Daliah

Thumbs_Up said:

Will the banks get wind of this crafty wheeze (sp?) and put a stop to it like they did when customers were opening up multitude bank accounts.     

Very much doubt it because people don't fill up like this every day, and not everybody uses the roundup gimmick to start with.

Banks will, and have done so, however, go after serial abusers, e.g. those who load many consecutive £1.01 transactions onto one account or another, to boost their roundup accounts. People have found themselves with the "offer" to either stop the silly practice, or have their accounts closed for good.

RG2015

When filling up my car, I used to try and avoid going over round pounds so I didn’t end up with a load of coins in my change. I got really annoyed if my click finger slipped.

Now I do the opposite to get 99p into my round up account (5% interest with Chase UK).

The banks would expect this, so no problem.

What may be a problem is multiple contrived transactions of 1p.

There really are such sad people out there.

Thumbs_Up

Daliah said:

 

 People have found themselves with the "offer" to either stop the silly practice, or have their accounts closed for good.

Good to read this ! It would be a shame if the minority spoil it for the majority ( like all things in life)

RG2015

Daliah said:

Thumbs_Up said:

Will the banks get wind of this crafty wheeze (sp?) and put a stop to it like they did when customers were opening up multitude bank accounts.     

Very much doubt it because people don't fill up like this every day, and not everybody uses the roundup gimmick to start with.

Banks will, and have done so, however, go after serial abusers, e.g. those who load many consecutive £1.01 transactions onto one account or another, to boost their roundup accounts. People have found themselves with the "offer" to either stop the silly practice, or have their accounts closed for good.

Do you have a source for the statement that people are being told that their accounts would be closed if they did not stop the practice?

Daliah

RG2015 said:

Daliah said:

Thumbs_Up said:

Will the banks get wind of this crafty wheeze (sp?) and put a stop to it like they did when customers were opening up multitude bank accounts.     

Very much doubt it because people don't fill up like this every day, and not everybody uses the roundup gimmick to start with.

Banks will, and have done so, however, go after serial abusers, e.g. those who load many consecutive £1.01 transactions onto one account or another, to boost their roundup accounts. People have found themselves with the "offer" to either stop the silly practice, or have their accounts closed for good.

Do you have a source for the statement that people are being told that their accounts would be closed if they did not stop the practice?

Yes. Multiple reports about it on Reddit.

RG2015

Daliah said:

RG2015 said:

Daliah said:

Thumbs_Up said:

Will the banks get wind of this crafty wheeze (sp?) and put a stop to it like they did when customers were opening up multitude bank accounts.     

Very much doubt it because people don't fill up like this every day, and not everybody uses the roundup gimmick to start with.

Banks will, and have done so, however, go after serial abusers, e.g. those who load many consecutive £1.01 transactions onto one account or another, to boost their roundup accounts. People have found themselves with the "offer" to either stop the silly practice, or have their accounts closed for good.

Do you have a source for the statement that people are being told that their accounts would be closed if they did not stop the practice?

Yes. Multiple reports about it on Reddit.

Thanks.

I have barely heard of Reddit and never used it.

What makes it any more reliable than other social media or review sites? In fact, many on this site trash reports from the mainstream media, the Guardian or Mail for example.

If you had said multiple reports on MSE, I would need to know who had made the comments. Then I would make my judgement based upon their track record here, which is subjective, but based upon the veracity of previous comments.

Edit. I have had a look at the Reddit round up comments and see that they look genuine.

I guess that your experience also leads you to that conclusion.

Rob5342

I think I'm missing something here - why would banks be unhappy about you keeping more money in your account?

eskbanker

Rob5342 said:

I think I'm missing something here - why would banks be unhappy about you keeping more money in your account?

They're happy if you provide it all yourself, but less so if you manipulate payments to maximise their contribution....

Rob5342

What contribution? It's all coming from your account.

eskbanker

Rob5342 said:

What contribution? It's all coming from your account.

The interest earned on the roundups.