Is Cycling Money through my accounts each month Illegal ?

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  • Kernel_Sanders
    Kernel_Sanders Posts: 3,617 Forumite
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    Does any bank specify in its T&Cs that the minimum monthly deposit has to consist of salary, tax credits or pension?
  • beefturnmail
    beefturnmail Posts: 906 Forumite
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    fraud has to involve some sort of deception - if you're not deceiving anyone then you're not comitting fraud
  • TheTracker
    TheTracker Posts: 1,223 Forumite
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    For every month of the last 10 years I've cycled an average of £30k a month through 10+ accounts, despite having a self assessment salary of £10k or less per annum from an income of £40k or less per annum. Never been bothered, in both senses of the word.
  • chambta
    chambta Posts: 2,770 Forumite
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    Kernel_Sanders wrote: »
    Does any bank specify in its T&Cs that the minimum monthly deposit has to consist of salary, tax credits or pension?

    They realise it's impossible to enforce so as far as I'm aware, no.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    In the olden days (rememeber them) before the internet this was done by cheques and called cross-firing.
    It was frowned upon by banks then.

    What OP is doing is not illegal .........BUT some banks may not like it and could choose to close their account without giving any reason.
  • Kendall80
    Kendall80 Posts: 965 Forumite
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    They are probably glad to have the increased customer base so they can push their mortgage / personal loan/credit card special offers. Which is also an added benefit to us.
  • robatwork
    robatwork Posts: 7,090 Forumite
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    You'll be going to jail for at least 10 years.

    Joined by about half of us on this forum.

    And Martin.
  • neilsedaka
    neilsedaka Posts: 396 Forumite
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    I do all of my money cycling on the same day by standing order. Never had a problem.
  • paragon909
    paragon909 Posts: 1,498 Forumite
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    What a weird way of conducting your banking business, Why the hell does anyone need 8 current account lol. Banks may freeze accounts if they see a pattern.

    It's not like your earning interest funds.... Do you OP just like seeing money being sent about... Like a kid with sweets.
  • chambta
    chambta Posts: 2,770 Forumite
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    paragon909 wrote: »
    What a weird way of conducting your banking business, Why the hell does anyone need 8 current account lol. Banks may freeze accounts if they see a pattern.

    It's not like your earning interest funds.... Do you OP just like seeing money being sent about... Like a kid with sweets.

    It IS done to make money. Why else?
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