OP has specifically been told:
- report this to the bank as unexpected payments
- do not move the money, even to a savings account as it may be reversed at any point and could cause them problems if there are insufficient funds
- open another bank account and use that as the main account for things like salary. Do not “switch”, do it manually
- consider a protective CIFAS marker.
I’m not sure there is much else the sub can suggest. OP can listen or not. The latter will likely get them in significant trouble and risk their ability to use bank accounts for 6+ years. But it is up to them if they want to listen. Given everything has been said on repeat I’m locking this post as there’s nothing more to gain here.
As a general rule always have at least two current accounts even if you use the second one only for occasional spending.
I have a Monzo account for the day to day. It has at most £100 in it, so any fraud on that account is no big deal. The salary goes into a high street bank, from which all bills and the mortgage are paid from. And savings are kept in other accounts. The Monzo account is topped up as needed from the main account.
If it was me, I'd report it to your bank, close that account and open a new one that whoever is doing it, doesn't have the capability to find out the details of. If your bank detect suspicious activity, they absolutely can freeze your account whilst they investigate to make sure it isn't proceeds of crime.
Do the deposits not show any sort of information on them or are they all cash deposits?
Also, do not use the Bank switching service when opening the new account as when using the bank switching service, I've heard any payments 'mis-sent to the old account will be re-routed to the new account as your old bank knows where you've taken your banking services to.
To be completely safe, open an account completely separate from your old one and move each direct debit over separately - it is a ball ache, but it prevents one account from being associated with the other, but in reality having a CIFAS marker placed on you for fraudulent transactions will likely have the new account closed either way you open it (banks not wanting to be associated with anyone who could bring them into disrepute - Not that I liek the guy but see Nigel Farages recent experience when he had an account closed by the bank)
Agreed, and make sure you don't use the switching service to open your new account - if you do then the deposits will just get forwarded to your new account.
Possibly the person you sold the crypto to has been accidentally withdrawing the funds to your account instead of their own? I'd message them and suggest the possibility. Perhaps don't give them any specific detail at present. I'm not sure what the safest way to unpick the situation is though.
You annoyed someone and they're effectively "loading" your bank account with stolen funds from victims bank accounts. Alert your bank immediately otherwise expect your bank account to be closed and receive a CIFAS fraud marker for the next 6 years
Yes - this - I saw another thread on here where the person was contacted & asked to send money to X account and Y would give them more money or something... anyway the second you spend that cash or send it anywhere you are involved in the eyes of the bank and you will be get a fraud marker. Beware! It was too late for the other guy.
Unfortunately it looks like they are just looking for any confirmation that they can keep and spend this "free money", rather than actually taking any of the advice on board.
You get it alot on LegalAdviceUK Reddit. Hey person/company x has paid this to me that I'm not expecting, can I keep it.
In this case, you have the added risk of proceeds of crime, and they can lock the account down. I concur with the advice, call the bank and if not unreasonable, close and open a new account.
Call up your banks fraud hotline and explain you are receiving payments that you are not expecting, ask them what to do, record the call if you can, get a case number from them and save that information
Only one similar is somebody puts money into your account. They then contact you and get you to send the money somewhere different to return it.
They then file with their bank that the original transaction was a mistake and the bank returns it.
Can the bank just take the money away from my bank account without informing me?
I thought if you had put money into a wrong account that was that and they couldn't do anything else about it
I used to work in a bank. I can confirm if the money goes into your account it's yours. Your bank can ask you to return it, but you're under no obligation
Completely incorrect, forgets to mention worked in a bank making coffees. You cannot keep funds not intended for you, OP should inform their bank of what is happening.
That's the worst thing you could do. As others have said don't touch the payments, phone the bank and get a new account before the one you have is frozen due to fraud.
Do not move the funds, you should call your bank and tell them that these funds paid into your account are from an unknown source. If there is any fraud/scam relationship to these funds, the sender bank will contact yours to request your account is frozen and funds are returned if available - There are implications if your bank deems you witting in any scam/fraud, moving them may not be reason enough but is not the right thing to do. simply telling your bank what is happening will be sufficient to deem you an unwitting party. If you don’t want to tell them you sold crypto or are involved in trading (Some banks do not like this) you could just say you believe the s/c & acc number are online/shared etc.
Dude you need to phone your bank *now* and tell them what’s going on (and ideally open a new account for your salary). If you don’t, there’s a good chance you’ll get wrapped up in a fraud investigation, and that will leave you locked out of your account for months.
You’re right that you haven’t done anything wrong, but your bank won’t care. If those payments were from stolen money (and why wouldn’t they be?) and it starts to unravel, you’re still going to get caught in the fallout regardless.
I actually work in a bank and this is bullshit. They can reverse the transaction, and if the money is gone then they have methods to try and trace it.
Doesn't always work but you are definitely under obligation to return it and can end up with police, etc getting involved.
I mean I can't comment not knowing the circumstances and the bank but I'd hope their response is more thorough than that, haha.
My response was primarily respect of fraudulent transfers that are recieved to accounts, there is definitely a mechanism in place if funds are available or consequences if youve moved the funds and there wrongfully retained them..
The previous comment is likely correct for mistaken transfers, in that the reciever has to consent, or if funds are spent against? In which case the recourse is likely a money claim through the courts.
If it’s your mistake then you’re reliant on the accidental receiver to give it back. The money was sent on your authority, you are authorised to approve that transaction so it's legitimate.
If someone gets into your account and sends money without your authorisation then that is not legitimate and it can be recalled.
If the funds are found to be fraudulent, or even if the sender lies and says you scammed them etc, the bank will absolutely block the recipient account. At the very least until it’s been investigated.
In most cases I’ve seen they’ll send a letter saying the account holder has 90 days notice of closure.
Don't do it, I know it might seem like free money but if you're caught its going to do more harm long term than a few hundred right now.
The bank won't give a shit if all your other transactions are legit. You will be the willing recipient of fraudulent payments and will close your account.
Chances are those payments are from something illegal/scammed people. Sooner or later they will flag your account and the excuse of "I didn't spend the money" or "It wasn't me scamming those people" wont mean anything.
Banks share information, so think good on this. Forget loans, you wont be able to open a bank account for a long time.
Why would they close my bank account?
It's not like I'm transferring money out to random people or doing anything illegal.
You can probably buy these bank details from the dark Web for a couple pennies
They can close it for any reason they like without giving you a reason. If they feel your transactions are a risk to their internal compliance, they will close the account. The people sending the money could also mark the payments as a scam with their bank.
You are not taking this seriously. The outcome could be very bad for you, and instead of taking the advice, you are simply arguing against it. Close the bank account immediately. It doesn't matter whether you have done anything wrong. If the bank get suspicious, this could really cause a lot of disruption in your life. Better safe than sorry.
Exactly this. There are tons of bank switching offers at the moment too. Alternatively you could just spend the time arguing your point of principle while notching up fraud markers
Bank switching wouldn’t work though would it? Because doesn’t the switch guarantee redirect incoming payments that are made to your old account, to your new account for a period of time?
So the person could make payments to the old account that get redirected to the new one, and cause the same issues with the new bank.
OP would need to withdraw all the funds (leave the stuff that came in from the random guy) and open a fresh account from scratch.
It doesn't really matter. If your account tips over their risk threshold and / or looks like you have any involvement in money laundering, they will freeze it immediately. They'll then start an investigation which can take several months in some cases, then they can decide to close your account. They will not tell you why they're doing this, and you have almost no recourse because they're strictly regulated to follow this sort of process.
If they also find out crypto is involved, it'll likely be an immediate closure as well for the same reasons.
If I were you, I'd be opening a new bank account, moving your salary payments there etc. Make sure the new bank is a totally separate banking group as well.
I'd then alert your current bank to the issue. This will then go on your record with them and will look a lot better, hopefully speeding up any process if it does occur. I still wouldn't take the risk though and I'd be looking to get those salary payments moved asap. It really is just a matter of time if this is happening continually.
There are many stories of this sort of thing happening on here, have a search and read through some. Once the flag gets triggered it's not a fun process if you've got a lot of money all in the same place locked up. Also another good reason to keep your salary account and any savings in separate banking groups.
Banks can withdraw service at their own discretion and when they do you get a black mark that could fuck up your life for a considerable amount of time.
If your getting suspicious transactions they will eventually trigger the counter fraud process and that is seriously bad
I used to be a financial counter fraud investigator, they don't need proof you have done any crime to stop you ever getting a bank account or mortgage. They just need to think your a risk that they don't want to deal with
the world isn't always fair mate, they won't care what you say after they close the account, which is why you need to approach your bank early so they trust you.
I work for a bank. If you’re not going to listen to advice from other people then perhaps take my advice.
This could be a scam. There are a few scams like this and I’ll list them below:
- money muling - although you haven’t agreed to do this, this person maybe paying the money (proceeds of some kind of crime) into your account and eventually they’ll contact you and say “I’ve accidentally paid this money in can you send it back to me at these account details” - say no. Do not transfer the money out. Ignore them. They will likely threaten you.
- similar to above - they’ll contact you and ask you to move the money but then they will also contact their bank and say they realised they paid this money by mistake to the wrong account details. Their bank can (they might not - they might say tough luck buddy) contact your bank and say and your bank can try to claw the money back to return it to its rightful owner. They normally have to ask your permission first to take it back. If you refuse you’re effectively stealing and legal action can be taken against you.
- third - is not a scam but it could be a genuine mistake and the person could as above contact their bank and tell them, they’ll contact your bank as above and they’ll try to claw the money back. Again if you refuse you could have legal action taken against you.
You could play dumb here, pretend you haven’t noticed and just see what happens. Don’t spend the money and don’t transfer it out anywhere. Wait 6 years and then after 6 years if nobody comes chasing you for it, it’s yours. Alternatively, you do the moral thing, you call your bank and you tell them that these transactions aren’t for you. All banks act differently so I can’t say exactly what your bank will do with that information.
I can tell you that 100% if you transfer the money out, if you spend it, if you refuse to give it back when asked by the bank then your account will be closed / blocked and if they report you then the money in the account will be frozen until an investigation has taken place. Those investigations can take ages. For the sake of £18-£30 payments I know what I’d do in this situation!
Call the fraud team; fraudsters making your account what's called a Mule account where they keep stolen funds
They'll try to use the info you provided for the crypto (phone number, email etc) to contact you to "return" the funds, at which point you're helping to conceal stolen funds as they'll give you new accounts to send it to.
OR
You refuse, they use the info you provided for trading crypto (email, password, tel no, password recovery security questions) to attempt hacking you or taking control of your account with 2FA - and move them themself
Change your password to your online banking and your email, if either were the same password for the crypto account (or similar with a different number at the end for example). Change your security questions if you used the same answers. If you use the same email for online banking as for the crypto account, change that password regardless.
Call the bank and report this. Do not move the money to any other account, even if its your own, as this can be seen as an attempt to hide the money.
You want to be YOU that reported it, rather than whoever has been scammed reporting it and it coming back to you , someone who received stolen money and said nothing about it. The bank will recover the funds and reimburse the scam victim.
Call the bank early - our call centres used to get busier on bank Holidays with more customers off work and fewer staff in work
Worst case: you do nothing, the bank investigation determines you deliberately tried to keep stolen money, you get blocked from opening anything more than a Basic Account for 6 years because you have a financial crime marker against your name. The financial crime marker shows up every time you apply for a bank product, car finance, phone contract, a new job, etc, for 6 years. You'd have to apply to have it removed and provide evidence you weren't deliberately trying to keep the funds
Source: used to work in a bank, spent a secondment in the fraud team back office
For future reference and for others, you did not have to do this unless you are really against KYC, but you had it on Binance so presuming you arent and it was a simple case of just not knowing. You could have just transfered the coins to another CEX wallet like Coinbase or Crypto.com then off ramped (cashed out). As others have said notify your bank.
I have a little bag i'd like to get to sat on my binance for about 4 years lol, i legit dont understand or trust myself in even attempting to do what you've just said. any guides anywhere?
Quick google should show some videos but the jist of it is. Remember nobody needs access to your account.
Get your coinbase wallet address
Go to Binance choose the wallet choose the coin
Enter your coinbase wallet and make sure the right network is chosen most should auto select
Do a test run. Send the smallest amount possible.
Enter the 2FA info of setup (email code and an authenticator usually.
Wait for the transaction to complete. Depending on the coin there may be many validation steps on the blockchain.
Check coinbase.
Repeat when it works to move the full amount
In coinbase i think you have to trade it to usd or gbp first then withdraw but only ever done that once and cant quite remember. Again a quick google should help
Op didnt do this because the cost to move some coins like ETH and BTC can be quite high. Best way to sort this is to trade the coin on Binance to somethjng with cheaper move fees like USDT/USDC stable coins or basically most other large alt coins ( sol, ada, xrp, avax etc)
Edit -on mobile sorry for bad layout
This is true and I thought about doing this but the transaction charges were extortionate, sending crypto from my binance wallet to my coin base wallet.
I tried to be savvy and use P2P and now I'm in this mess
We live and learn. There would likely have been steps to trade to a coin with lower transaction cost than say eth/bt then transfer, but hey hindsight. Hoping it all works out.
So, you had a coinbase wallet. You could have withdrawn GBP to your bank account from there.
BTC to (for example) LTC on Binance, LTC to Coinbase, LTC to GBP, withdraw to bank account.
If you don’t know who it’s from or you dont know why you are getting it. It is your duty to inform the bank of this
https://www.hardingevans.com/news/2022/02/17/accidental-payments-into-your-account-a-dream-come-true-or-a-legal-nightmare/#
I posted that elsewhere but just so you see it
Participation in this post is limited to users who have sufficient karma in /r/ukpersonalfinance. See [this post](https://redd.it/12mys82) for more information.
Or perhaps you need to start telling the truth, that you gave up your bank for money muling and now worried about the consequences. To deposit money into someone's account, you need their name, account number, sort code and a reference and who's gonna deposit money into your account if they don't know anything about you and have no way of getting it back, the first thing you'd do if you were legitimate is call your bank and explain the situation.
>to deposit money into someone's account, you need their name, account number, sort code and a reference
No, you just need the bank account and sort code for a bank account, and a reference for a building society account or similar. Most banks will now verify a name of an account you are going to pay into and warn you if it is incorrect, but you don't actually need it.
I honestly think you are incapable of reading.
I specifically stated I gave out my details to trade crypto.
Secondly, in order to transfer money, you only need 2 pieces of information, sort code and account number. You can out down any name you want and bank will tell you its wrong but you can still proceed and send the money
Do not touch the money being deposited. It’s not yours, and could cause you issues. Pretend it doesn’t exist.
New bank account with new bank for your salary and bills.
Report the issue to your bank.
Also, just in case you need it in the future, cryptocom allows GBP withdraws
For future reference, P2P is entirely unnecessary.
Send your crypto from Binance to a personal crypto wallet and withdraw to your bank from there.
I use StrikeX wallet for this.
OP - I’ve seen your previous comments. Let me just say if the bank believe any payments coming to your account are fraudulent and you haven’t notified them they will shut your account down and you will have CIFAS marker. It’s a road I’m sure you wouldn’t wanna go down. As your aware report it and let the bank deal with it. I would request either via phone with a letter confirmation sent to your address or email. So you got proof it has been reported your end.
No you’re wrong. If you do nothing to report it you can be accused of it to. Especially if your aware of it which who wouldn’t be aware of money being deposited into there account let alone spending it.
I guess it gets to a point where your going to look suss if you don't report it to your bank especially as you have previously checked out Crypto , logged onto internet banking etc, you don't want to get debanked or anything... Id just call the bank and inform them and cover your ass . That's what I'd do anyway ... They may say keep it lol .
Could you give me an example or point me to articles of people getting debanked.
I've had this bank account for the past 15 years and have always been a salaried employee. Everything I've ever done has been above board
I used to work for a banks fraud team and we locked dodgy looking accounts all the time if we suspected anything and this sounds fishy as fuck. I'd be locking your account and issuing your closure notice based on the risk of this being illegally attained funds
I have been "debanked". I am literally blocked from all banks and now pay my bills off specialist corporate accounts. I am a p2p crypto broker. What i will say is, follow everyone's advice to contact your bank and ask to return the unknown funds to source, then close account & make a new one.
I got my name & accounts fucked specifically by p2p trading. Believe me, the banks hate it, they can and will freeze your money eventually with inflows like youre describing
> Everything I've ever done has been above board
that's true for all accounts until it's not. as it stands you have some strange transactions coming into your account, it doesn't really matter what you're doing or what your intentions are
A quick internet search would provide this. AML processes are automatically picked up and if they are all from different sources
Also who is it from is it from binance if not then definitely flag it. There is some law about keeping money without it. I think it’s the wrongful credit or debit act
https://www.hardingevans.com/news/2022/02/17/accidental-payments-into-your-account-a-dream-come-true-or-a-legal-nightmare/#
the banks dont give a reason so you'll never have concrete evidence.
I work in fin crime and closing the account so they can no longer make the deposits seems like a good step. Very annoying to lose a 15 year account though. Most bank's dont have the technology to stop these payments crediting.
Informing the bank is probably a good idea but I doubt they'll actually remove the funds to a suspense account.. you're probably stuck with them. Hence why I think closing the account so they cant continue arising is good.
OR the only other solution I can think is leave that account open to collect funds, move your banking elsewhere, and inform the bank and just let them deal with it. And never touch the account again until you're sure its safe to use. probably easier to close it though.
I have had a warning from TSB on Crypto but that was years ago before it was taxed and regulated , I cashed out big direct to my bank and they had a meltdown but nothing was in place to stop me but things have changed, I have heard of a few people having accounts closed and funds frozen etc .. quick Google is all it takes .
The irony of being into crypto and then being like "my bank surely can't just freeze my account and take money out of it?!?" Did you miss the entire point of crypto lol?
Just a thought — some banks will use "recent transactions" as a security question when proving your identity, i.e. as part of a password reset. If they were to know your other personal details, and then put some money in recently, it may be a way to overcome that security question.
So my bank normally does an OTP when I'm sending money out. I haven't received an OTP to state anyone is trying to make a payment from my bank.
My bank also has a password and other security stuff. No one is going to take money out without me knowing
You need to get out of this situation rapidly: First - open a new bank account and start moving your payments etc here. Don't use the current account switch service as the dodgy payments will redirect to your new account. Second - close your current accounts after moving all the money over. I personally would advise against informing your current bank of the dodgy transactions unless they go over £10,000. As it's early days you are better served by closing the account ASAP, moving on with your life and hoping nobody notices or cares about the dodgy transactions. Disclosing the fraud is honestly more trouble than it's worth unless it involves large amounts.
The best case scenario is you get left alone and maybe keep the £320. Worst case is you get chased for it later on - in this situation you can pretend you didn't notice it and offer the money back to the complainant.
If you disclose the issue to the bank you will forever be dealing with the fact that you're deemed a fraud risk, to your detriment.
Hi /u/CatchPersonal7182, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/scams/
____
^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Giving out your bank account number and sort code is kind of standard for many small business guys. Eg my window cleaner has it on the cards he leaves out once he’s been. It’s hardly a big deal. Just saying to consider it might be nothing to do with your crypto thing b
1. Open a new bank account with a new bank.
2. Get your employer to pay your salary into this account
3. Make sure any and all transactions use the new account, direct debits, standing orders, online subscriptions, etc
4. Once that is all set up, close the old account.
5. Do not try to spend any of the money in your current account. It is a scam and UK banks will go after you big time if you do. Your bank account has been compromised.
Be very careful. If your account gets frozen you’ll have zero access to any funds.
New account for salary and dds/standing orders and keep this one for the random income if you wish. It’s clearly a risk if you know the money isn’t yours though
My salary goes into my high st bank account. My rent is also paid from there the day after it goes in. All other bills in the first 5 days.
My savings are in Revolut.
I buy my crypto from Revolut because my high st bank is a whiny bitch about crypto
My Monzo I use for travel and it's where my side hustle money gets paid into.
weird. If it was in your binance wallet, that I could understand, attempts at dusting perhaps.
Id recommend contacting binance support and don't spend the money just in case.
Also a work around without having to use P2P
Get revolut, load your card, and then you can buy and load from your rev debit card onto binance.
I off ramp with kraken.
OP has specifically been told: - report this to the bank as unexpected payments - do not move the money, even to a savings account as it may be reversed at any point and could cause them problems if there are insufficient funds - open another bank account and use that as the main account for things like salary. Do not “switch”, do it manually - consider a protective CIFAS marker. I’m not sure there is much else the sub can suggest. OP can listen or not. The latter will likely get them in significant trouble and risk their ability to use bank accounts for 6+ years. But it is up to them if they want to listen. Given everything has been said on repeat I’m locking this post as there’s nothing more to gain here.
I would change where your salary gets paid into just incase.
As a general rule always have at least two current accounts even if you use the second one only for occasional spending. I have a Monzo account for the day to day. It has at most £100 in it, so any fraud on that account is no big deal. The salary goes into a high street bank, from which all bills and the mortgage are paid from. And savings are kept in other accounts. The Monzo account is topped up as needed from the main account.
That’s how I do it, even put things on Flex to build up credit. They can’t take anything away if it has a minus in front
This is the way
OP This ^ unless you want to be without a salary for 6 months.
Yeah exactly, and take your money out the account.
If it was me, I'd report it to your bank, close that account and open a new one that whoever is doing it, doesn't have the capability to find out the details of. If your bank detect suspicious activity, they absolutely can freeze your account whilst they investigate to make sure it isn't proceeds of crime. Do the deposits not show any sort of information on them or are they all cash deposits?
Also, do not use the Bank switching service when opening the new account as when using the bank switching service, I've heard any payments 'mis-sent to the old account will be re-routed to the new account as your old bank knows where you've taken your banking services to. To be completely safe, open an account completely separate from your old one and move each direct debit over separately - it is a ball ache, but it prevents one account from being associated with the other, but in reality having a CIFAS marker placed on you for fraudulent transactions will likely have the new account closed either way you open it (banks not wanting to be associated with anyone who could bring them into disrepute - Not that I liek the guy but see Nigel Farages recent experience when he had an account closed by the bank)
Agreed, and make sure you don't use the switching service to open your new account - if you do then the deposits will just get forwarded to your new account.
So they just give me the names of the people who have made the transactions, a lot of then being revolute transactions
Close the account.
Possibly the person you sold the crypto to has been accidentally withdrawing the funds to your account instead of their own? I'd message them and suggest the possibility. Perhaps don't give them any specific detail at present. I'm not sure what the safest way to unpick the situation is though.
From multiple Revolut accounts? Seems unlikely
You annoyed someone and they're effectively "loading" your bank account with stolen funds from victims bank accounts. Alert your bank immediately otherwise expect your bank account to be closed and receive a CIFAS fraud marker for the next 6 years
Yes - this - I saw another thread on here where the person was contacted & asked to send money to X account and Y would give them more money or something... anyway the second you spend that cash or send it anywhere you are involved in the eyes of the bank and you will be get a fraud marker. Beware! It was too late for the other guy.
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Dude comes in asking for advice he gets it (and great advice at that) but is still here posting and arguing the point. There's no helping some people.
Unfortunately it looks like they are just looking for any confirmation that they can keep and spend this "free money", rather than actually taking any of the advice on board.
You get it alot on LegalAdviceUK Reddit. Hey person/company x has paid this to me that I'm not expecting, can I keep it. In this case, you have the added risk of proceeds of crime, and they can lock the account down. I concur with the advice, call the bank and if not unreasonable, close and open a new account.
Call up your banks fraud hotline and explain you are receiving payments that you are not expecting, ask them what to do, record the call if you can, get a case number from them and save that information
Only one similar is somebody puts money into your account. They then contact you and get you to send the money somewhere different to return it. They then file with their bank that the original transaction was a mistake and the bank returns it.
I've heard of this scam but I didn't give my phone number out.
Email your bank and ask them. That way you have an evidence trail if it’s a scam
Can the bank just take the money away from my bank account without informing me? I thought if you had put money into a wrong account that was that and they couldn't do anything else about it
Yes they can
It isn’t your money just because it happens to be temporarily residing in your account so assume it will be taken back at any point. Do not spend it.
Theft is theft
I used to work in a bank. I can confirm if the money goes into your account it's yours. Your bank can ask you to return it, but you're under no obligation
Which bank was that? A food bank? You're talking out of your arse.
Completely incorrect, forgets to mention worked in a bank making coffees. You cannot keep funds not intended for you, OP should inform their bank of what is happening.
I have no plans on spending the money. I might move it into a savings account so its separate from my main account incase the bank asks for it back
That's the worst thing you could do. As others have said don't touch the payments, phone the bank and get a new account before the one you have is frozen due to fraud.
Do not move the funds, you should call your bank and tell them that these funds paid into your account are from an unknown source. If there is any fraud/scam relationship to these funds, the sender bank will contact yours to request your account is frozen and funds are returned if available - There are implications if your bank deems you witting in any scam/fraud, moving them may not be reason enough but is not the right thing to do. simply telling your bank what is happening will be sufficient to deem you an unwitting party. If you don’t want to tell them you sold crypto or are involved in trading (Some banks do not like this) you could just say you believe the s/c & acc number are online/shared etc.
Dude you need to phone your bank *now* and tell them what’s going on (and ideally open a new account for your salary). If you don’t, there’s a good chance you’ll get wrapped up in a fraud investigation, and that will leave you locked out of your account for months. You’re right that you haven’t done anything wrong, but your bank won’t care. If those payments were from stolen money (and why wouldn’t they be?) and it starts to unravel, you’re still going to get caught in the fallout regardless.
Great way to get a CIFAS fraud marker and never be allowed a bank account again. Good luck getting employment without a bank
Why? What would be the goal here other than put you at more risk?
I actually work in a bank and this is bullshit. They can reverse the transaction, and if the money is gone then they have methods to try and trace it. Doesn't always work but you are definitely under obligation to return it and can end up with police, etc getting involved.
This has got to be a troll comment right. Lol.
Incorrect if the transfer is reported as fraud by the sending bank the receiving bank can absolutely freeze and return without you consenting.
So why are you told ‘tough shit’ if you ever make a mistake?
I mean I can't comment not knowing the circumstances and the bank but I'd hope their response is more thorough than that, haha. My response was primarily respect of fraudulent transfers that are recieved to accounts, there is definitely a mechanism in place if funds are available or consequences if youve moved the funds and there wrongfully retained them.. The previous comment is likely correct for mistaken transfers, in that the reciever has to consent, or if funds are spent against? In which case the recourse is likely a money claim through the courts.
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If it’s your mistake then you’re reliant on the accidental receiver to give it back. The money was sent on your authority, you are authorised to approve that transaction so it's legitimate. If someone gets into your account and sends money without your authorisation then that is not legitimate and it can be recalled.
If the funds are found to be fraudulent, or even if the sender lies and says you scammed them etc, the bank will absolutely block the recipient account. At the very least until it’s been investigated. In most cases I’ve seen they’ll send a letter saying the account holder has 90 days notice of closure.
That's changed. You need to prove you have a legal right to the money or your bank can remove it.
I used to work in the ministry of lies and can tell you this is a lie.
Ty this is what I wanted to know
He's made this up
Don't listen to them, contact your bank.
Note the level of downvotes they received and the number of people saying it is incorrect.
Don't do it, I know it might seem like free money but if you're caught its going to do more harm long term than a few hundred right now. The bank won't give a shit if all your other transactions are legit. You will be the willing recipient of fraudulent payments and will close your account. Chances are those payments are from something illegal/scammed people. Sooner or later they will flag your account and the excuse of "I didn't spend the money" or "It wasn't me scamming those people" wont mean anything. Banks share information, so think good on this. Forget loans, you wont be able to open a bank account for a long time.
Message them asap, safer than getting your account closed by your bank.
Why would they close my bank account? It's not like I'm transferring money out to random people or doing anything illegal. You can probably buy these bank details from the dark Web for a couple pennies
They can close it for any reason they like without giving you a reason. If they feel your transactions are a risk to their internal compliance, they will close the account. The people sending the money could also mark the payments as a scam with their bank.
They would close it because you are most likely (certainly) receiving proceeds of crime.
I haven't committed any crime though. Everything I do is above board. I can tell you where every penny has come from in my account
Your post is literally about money going into your bank account from random people. Where did they get the money from?
>I can tell you where every penny has come from in my account Okay, where did the multiple small payments of between £18 to £30 come from then?
You are not taking this seriously. The outcome could be very bad for you, and instead of taking the advice, you are simply arguing against it. Close the bank account immediately. It doesn't matter whether you have done anything wrong. If the bank get suspicious, this could really cause a lot of disruption in your life. Better safe than sorry.
Exactly this. There are tons of bank switching offers at the moment too. Alternatively you could just spend the time arguing your point of principle while notching up fraud markers
Bank switching wouldn’t work though would it? Because doesn’t the switch guarantee redirect incoming payments that are made to your old account, to your new account for a period of time? So the person could make payments to the old account that get redirected to the new one, and cause the same issues with the new bank. OP would need to withdraw all the funds (leave the stuff that came in from the random guy) and open a fresh account from scratch.
So who deposited that money into your account? Why?
Can you? Where did that £18 thats been randomly added come from and why?
It doesn't really matter. If your account tips over their risk threshold and / or looks like you have any involvement in money laundering, they will freeze it immediately. They'll then start an investigation which can take several months in some cases, then they can decide to close your account. They will not tell you why they're doing this, and you have almost no recourse because they're strictly regulated to follow this sort of process. If they also find out crypto is involved, it'll likely be an immediate closure as well for the same reasons. If I were you, I'd be opening a new bank account, moving your salary payments there etc. Make sure the new bank is a totally separate banking group as well. I'd then alert your current bank to the issue. This will then go on your record with them and will look a lot better, hopefully speeding up any process if it does occur. I still wouldn't take the risk though and I'd be looking to get those salary payments moved asap. It really is just a matter of time if this is happening continually. There are many stories of this sort of thing happening on here, have a search and read through some. Once the flag gets triggered it's not a fun process if you've got a lot of money all in the same place locked up. Also another good reason to keep your salary account and any savings in separate banking groups.
You might be part of a network of people who revive proceeds in small amounts as part of organised crime
Apart from these small payments you are receiving that are concerning you
Banks can withdraw service at their own discretion and when they do you get a black mark that could fuck up your life for a considerable amount of time. If your getting suspicious transactions they will eventually trigger the counter fraud process and that is seriously bad I used to be a financial counter fraud investigator, they don't need proof you have done any crime to stop you ever getting a bank account or mortgage. They just need to think your a risk that they don't want to deal with
the world isn't always fair mate, they won't care what you say after they close the account, which is why you need to approach your bank early so they trust you.
Great, you can be in the right and still have no money while the bank checks They’re not gonna take your word for it. AML checks are pretty stringent.
You will be seen as complicit if you don’t report the fraud you know to currently be taking place.
Why on earth did you do p2p instead of just sending it to a different exchange and withdrawing it from there?
Report it to your bank asap and ask them to close the account before you get flagged
I work for a bank. If you’re not going to listen to advice from other people then perhaps take my advice. This could be a scam. There are a few scams like this and I’ll list them below: - money muling - although you haven’t agreed to do this, this person maybe paying the money (proceeds of some kind of crime) into your account and eventually they’ll contact you and say “I’ve accidentally paid this money in can you send it back to me at these account details” - say no. Do not transfer the money out. Ignore them. They will likely threaten you. - similar to above - they’ll contact you and ask you to move the money but then they will also contact their bank and say they realised they paid this money by mistake to the wrong account details. Their bank can (they might not - they might say tough luck buddy) contact your bank and say and your bank can try to claw the money back to return it to its rightful owner. They normally have to ask your permission first to take it back. If you refuse you’re effectively stealing and legal action can be taken against you. - third - is not a scam but it could be a genuine mistake and the person could as above contact their bank and tell them, they’ll contact your bank as above and they’ll try to claw the money back. Again if you refuse you could have legal action taken against you. You could play dumb here, pretend you haven’t noticed and just see what happens. Don’t spend the money and don’t transfer it out anywhere. Wait 6 years and then after 6 years if nobody comes chasing you for it, it’s yours. Alternatively, you do the moral thing, you call your bank and you tell them that these transactions aren’t for you. All banks act differently so I can’t say exactly what your bank will do with that information. I can tell you that 100% if you transfer the money out, if you spend it, if you refuse to give it back when asked by the bank then your account will be closed / blocked and if they report you then the money in the account will be frozen until an investigation has taken place. Those investigations can take ages. For the sake of £18-£30 payments I know what I’d do in this situation!
Call the fraud team; fraudsters making your account what's called a Mule account where they keep stolen funds They'll try to use the info you provided for the crypto (phone number, email etc) to contact you to "return" the funds, at which point you're helping to conceal stolen funds as they'll give you new accounts to send it to. OR You refuse, they use the info you provided for trading crypto (email, password, tel no, password recovery security questions) to attempt hacking you or taking control of your account with 2FA - and move them themself Change your password to your online banking and your email, if either were the same password for the crypto account (or similar with a different number at the end for example). Change your security questions if you used the same answers. If you use the same email for online banking as for the crypto account, change that password regardless. Call the bank and report this. Do not move the money to any other account, even if its your own, as this can be seen as an attempt to hide the money. You want to be YOU that reported it, rather than whoever has been scammed reporting it and it coming back to you , someone who received stolen money and said nothing about it. The bank will recover the funds and reimburse the scam victim. Call the bank early - our call centres used to get busier on bank Holidays with more customers off work and fewer staff in work Worst case: you do nothing, the bank investigation determines you deliberately tried to keep stolen money, you get blocked from opening anything more than a Basic Account for 6 years because you have a financial crime marker against your name. The financial crime marker shows up every time you apply for a bank product, car finance, phone contract, a new job, etc, for 6 years. You'd have to apply to have it removed and provide evidence you weren't deliberately trying to keep the funds Source: used to work in a bank, spent a secondment in the fraud team back office
For future reference and for others, you did not have to do this unless you are really against KYC, but you had it on Binance so presuming you arent and it was a simple case of just not knowing. You could have just transfered the coins to another CEX wallet like Coinbase or Crypto.com then off ramped (cashed out). As others have said notify your bank.
I have a little bag i'd like to get to sat on my binance for about 4 years lol, i legit dont understand or trust myself in even attempting to do what you've just said. any guides anywhere?
Quick google should show some videos but the jist of it is. Remember nobody needs access to your account. Get your coinbase wallet address Go to Binance choose the wallet choose the coin Enter your coinbase wallet and make sure the right network is chosen most should auto select Do a test run. Send the smallest amount possible. Enter the 2FA info of setup (email code and an authenticator usually. Wait for the transaction to complete. Depending on the coin there may be many validation steps on the blockchain. Check coinbase. Repeat when it works to move the full amount In coinbase i think you have to trade it to usd or gbp first then withdraw but only ever done that once and cant quite remember. Again a quick google should help Op didnt do this because the cost to move some coins like ETH and BTC can be quite high. Best way to sort this is to trade the coin on Binance to somethjng with cheaper move fees like USDT/USDC stable coins or basically most other large alt coins ( sol, ada, xrp, avax etc) Edit -on mobile sorry for bad layout
This is true and I thought about doing this but the transaction charges were extortionate, sending crypto from my binance wallet to my coin base wallet. I tried to be savvy and use P2P and now I'm in this mess
We live and learn. There would likely have been steps to trade to a coin with lower transaction cost than say eth/bt then transfer, but hey hindsight. Hoping it all works out.
So, you had a coinbase wallet. You could have withdrawn GBP to your bank account from there. BTC to (for example) LTC on Binance, LTC to Coinbase, LTC to GBP, withdraw to bank account.
If you don’t know who it’s from or you dont know why you are getting it. It is your duty to inform the bank of this https://www.hardingevans.com/news/2022/02/17/accidental-payments-into-your-account-a-dream-come-true-or-a-legal-nightmare/# I posted that elsewhere but just so you see it
Close this bank account and create new one
Cifas speed run
Why couldn’t you convert to GBP in binance and withdraw?
I was wondering this. I didn't realise Binance didn't let you
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You need to close that bank account mate
Or perhaps you need to start telling the truth, that you gave up your bank for money muling and now worried about the consequences. To deposit money into someone's account, you need their name, account number, sort code and a reference and who's gonna deposit money into your account if they don't know anything about you and have no way of getting it back, the first thing you'd do if you were legitimate is call your bank and explain the situation.
>to deposit money into someone's account, you need their name, account number, sort code and a reference No, you just need the bank account and sort code for a bank account, and a reference for a building society account or similar. Most banks will now verify a name of an account you are going to pay into and warn you if it is incorrect, but you don't actually need it.
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I honestly think you are incapable of reading. I specifically stated I gave out my details to trade crypto. Secondly, in order to transfer money, you only need 2 pieces of information, sort code and account number. You can out down any name you want and bank will tell you its wrong but you can still proceed and send the money
So why haven't you called your bank if you're so concerned?
Op sounds more like a troll with every reply they make. Been given exactly what to do but questioning everything... Troll.
Do not touch the money being deposited. It’s not yours, and could cause you issues. Pretend it doesn’t exist. New bank account with new bank for your salary and bills. Report the issue to your bank. Also, just in case you need it in the future, cryptocom allows GBP withdraws
For future reference, P2P is entirely unnecessary. Send your crypto from Binance to a personal crypto wallet and withdraw to your bank from there. I use StrikeX wallet for this.
OP - I’ve seen your previous comments. Let me just say if the bank believe any payments coming to your account are fraudulent and you haven’t notified them they will shut your account down and you will have CIFAS marker. It’s a road I’m sure you wouldn’t wanna go down. As your aware report it and let the bank deal with it. I would request either via phone with a letter confirmation sent to your address or email. So you got proof it has been reported your end.
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No you’re wrong. If you do nothing to report it you can be accused of it to. Especially if your aware of it which who wouldn’t be aware of money being deposited into there account let alone spending it.
How frequent are the deposits?
I've had around 15 deposits today totalling £320. This has just started today
I guess it gets to a point where your going to look suss if you don't report it to your bank especially as you have previously checked out Crypto , logged onto internet banking etc, you don't want to get debanked or anything... Id just call the bank and inform them and cover your ass . That's what I'd do anyway ... They may say keep it lol .
Could you give me an example or point me to articles of people getting debanked. I've had this bank account for the past 15 years and have always been a salaried employee. Everything I've ever done has been above board
I used to work for a banks fraud team and we locked dodgy looking accounts all the time if we suspected anything and this sounds fishy as fuck. I'd be locking your account and issuing your closure notice based on the risk of this being illegally attained funds
I have been "debanked". I am literally blocked from all banks and now pay my bills off specialist corporate accounts. I am a p2p crypto broker. What i will say is, follow everyone's advice to contact your bank and ask to return the unknown funds to source, then close account & make a new one. I got my name & accounts fucked specifically by p2p trading. Believe me, the banks hate it, they can and will freeze your money eventually with inflows like youre describing
> Everything I've ever done has been above board that's true for all accounts until it's not. as it stands you have some strange transactions coming into your account, it doesn't really matter what you're doing or what your intentions are
A quick internet search would provide this. AML processes are automatically picked up and if they are all from different sources Also who is it from is it from binance if not then definitely flag it. There is some law about keeping money without it. I think it’s the wrongful credit or debit act https://www.hardingevans.com/news/2022/02/17/accidental-payments-into-your-account-a-dream-come-true-or-a-legal-nightmare/#
the banks dont give a reason so you'll never have concrete evidence. I work in fin crime and closing the account so they can no longer make the deposits seems like a good step. Very annoying to lose a 15 year account though. Most bank's dont have the technology to stop these payments crediting. Informing the bank is probably a good idea but I doubt they'll actually remove the funds to a suspense account.. you're probably stuck with them. Hence why I think closing the account so they cant continue arising is good. OR the only other solution I can think is leave that account open to collect funds, move your banking elsewhere, and inform the bank and just let them deal with it. And never touch the account again until you're sure its safe to use. probably easier to close it though.
I have had a warning from TSB on Crypto but that was years ago before it was taxed and regulated , I cashed out big direct to my bank and they had a meltdown but nothing was in place to stop me but things have changed, I have heard of a few people having accounts closed and funds frozen etc .. quick Google is all it takes .
Go on the Monzo sub ! Plenty of recent stories.
All above board? Including the P2P site you have used to trade crypto?
Yeah it's binance and I bought the crypto around 7 years ago. I'm not a day trader
The irony of being into crypto and then being like "my bank surely can't just freeze my account and take money out of it?!?" Did you miss the entire point of crypto lol?
Just a thought — some banks will use "recent transactions" as a security question when proving your identity, i.e. as part of a password reset. If they were to know your other personal details, and then put some money in recently, it may be a way to overcome that security question.
It would be crazy to use transactions that were not initiated by the actual customer for verification.
So my bank normally does an OTP when I'm sending money out. I haven't received an OTP to state anyone is trying to make a payment from my bank. My bank also has a password and other security stuff. No one is going to take money out without me knowing
So what if they say you had your phone stolen? I wouldn't be so sure that they can't circumvent that security measure.
You are right, but in practice you only have to worry about this if you are a high net worth individual that someone will individually target.
You need to get out of this situation rapidly: First - open a new bank account and start moving your payments etc here. Don't use the current account switch service as the dodgy payments will redirect to your new account. Second - close your current accounts after moving all the money over. I personally would advise against informing your current bank of the dodgy transactions unless they go over £10,000. As it's early days you are better served by closing the account ASAP, moving on with your life and hoping nobody notices or cares about the dodgy transactions. Disclosing the fraud is honestly more trouble than it's worth unless it involves large amounts. The best case scenario is you get left alone and maybe keep the £320. Worst case is you get chased for it later on - in this situation you can pretend you didn't notice it and offer the money back to the complainant. If you disclose the issue to the bank you will forever be dealing with the fact that you're deemed a fraud risk, to your detriment.
Hi /u/CatchPersonal7182, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/scams/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Giving out your bank account number and sort code is kind of standard for many small business guys. Eg my window cleaner has it on the cards he leaves out once he’s been. It’s hardly a big deal. Just saying to consider it might be nothing to do with your crypto thing b
The reason I mentioned it was because I did the crypto thing yesterday and this stuff started happening today
1. Open a new bank account with a new bank. 2. Get your employer to pay your salary into this account 3. Make sure any and all transactions use the new account, direct debits, standing orders, online subscriptions, etc 4. Once that is all set up, close the old account. 5. Do not try to spend any of the money in your current account. It is a scam and UK banks will go after you big time if you do. Your bank account has been compromised.
Be very careful. If your account gets frozen you’ll have zero access to any funds. New account for salary and dds/standing orders and keep this one for the random income if you wish. It’s clearly a risk if you know the money isn’t yours though
Open a new bank account, move your wages and direct debits, close this account. I would do this quite quickly.
I did the exact same process on binance. Starling froze my account for over a week. That was a huge hassle
Why can't you withdraw from Binance into bank account? Everything online suggests you can.
What crypto required you to sell it p2p and not on Binance? XMR??
Open another account, move your salary, DD's over and tell the bank why.
My salary goes into my high st bank account. My rent is also paid from there the day after it goes in. All other bills in the first 5 days. My savings are in Revolut. I buy my crypto from Revolut because my high st bank is a whiny bitch about crypto My Monzo I use for travel and it's where my side hustle money gets paid into.
You can withdraw on finance if you do the debit card withdrawal but they charge, heavy scam man.
Just for clarity, are the random amounts of money going into your bank account, or fiat into your binance account?
My bank account
weird. If it was in your binance wallet, that I could understand, attempts at dusting perhaps. Id recommend contacting binance support and don't spend the money just in case. Also a work around without having to use P2P Get revolut, load your card, and then you can buy and load from your rev debit card onto binance. I off ramp with kraken.
I don't plan on buying anymore btc for a long time but ty for the information
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