Do banks monitor salary coming in ?

[SimonV8ster]

Do banks monitor what salary is coming in each month? I mean if you had one of those all in one accounts (current/mortgage/savings,etc) and your normal salary stopped appearing but another amount was coming in in its place and you were still meeting the mortgage payments would they be concerned/notice ?

[custardkid]

Yes and no

Bacs paid salary is easily seen and identifyable by staff in branch and head office.
and its mostly used at an agrigate level.

however the for the majority of banks:
- do they monitor it for an individual? - no not unless you start defaulting
- will they care that one income has been swopped for another - no

Custard
(PS its what i do for a living)

[Eric Mc]

I doubt it.

What's happened to the salary though?

[randlemarcus]

At a rough guess, its going into a better serviced current account, but the OP has some deal in place that relies on having a current account open and operational.

[SimonV8ster]

Thinking of a sabatical, some paid, some not, if I had 3/4 months of not being paid but my parents put money in to cover the costs are they going to cause hassle while i'm away ??!!

I'm not up to anything dubious just don't want my house reposessed if i'm away !!

[Andy OH]

Surely as long as there is sufficient funds in your account to cover your mortgage and other household related costs it has nothing whatsoever to do with the bank.

[SimonV8ster]

But I also have my mortgage with the bank ?

[custardkid]

i wouldnt worry about it

unless you get 1/2 percent off or something for having your salary mandated to your account

even then i'd be suprised if they would question it if there is still income coming in

[Eric Mc]

SimonV8ster said:

Thinking of a sabatical, some paid, some not, if I had 3/4 months of not being paid but my parents put money in to cover the costs are they going to cause hassle while i'm away ??!!

I'm not up to anything dubious just don't want my house reposessed if i'm away !!

Parents are mugs.

[SimonV8ster]

Its called love Eric

[Eric Mc]

SimonV8ster said:

Its called love Eric

No greater love hath a parent than to pay their child's mortgage whilst they are off enjoying themselves.

[helmutlaang]

It's funny,3 weeks ago I would have said no they dont monitor account movements,except for ones out of the ordanary.

But our bank have just moved our basic current account over to their 'Private' banking even though we do not meet their criteria(100k/year or 50k savings)

The only thing I can conclude is that they have been watching our savings and current accounts and as we manage to save a small amount every month,have fairly healthy incomes and are never overdrawn have decided that we qualify?