| jeffweico | 11-01-2013 06:13 AM |
Re: MisMatched Bank Accounts
Quote:
Originally Posted by donkeykong2012
(Post 499680)
Just out of curiosity, why do banks allow mismatched and even completely different names on deposit?
| How many complaints do you suppose the banks receive from account holders regarding too much money being DEPOSITED into their accounts???
:pound:
Seriously, though... Banks view the risk as being in the withdrawals area.
The names can, in most cases, be COMPLETELY mismatched. Of course, the bank has to be OK for stealth. Some banks are sticklers and will not allow any transactions with mismatched names. But many others either don't check or they don't care.
Don't take this as a license to do whatever you like. You STILL want to stay under their radar by keeping the amounts running through the accounts REASONABLE and being consistent in your withdrawals. An account doing $2,000 per month in activity is less likely to attract scrutiny than an account where the activity is $10,000 per month. And, if you normally withdraw $500 per week, you want to avoid any sudden spikes - like taking out $4,000 in one chunk.
In other words, you want the account to look like an ordinary, run of the mill account.
In the US, when my accounts start exceeding a certain dollar amount I either keep the volume on the account DOWN on purpose, or switch it to a business account. I am not sure if this will work on the UK or not. | 
