Topic: Lending your bank account and it's consequences! (Read 45 times)

It is very common, infact people accept money from a complete stranger in front of ATM because someone approach us and ask us to give the money that we are going to deposit there and they will send it to our bank account and the most common reason from them is they forgot to ATM card or it's not working in the particular machine so please help, and people over 40s will not see as a threat in anyway and accept it but it has serious consequences if the person has wrong intentions.


This is just a minimum security but can be helpful on various situations especially for someone who deal with small amounts so their chances of freeze all their bank account is minimal.

Any huge deposits we have in our bank accounts will come under the radar of the IT department.
If the funds are received from an illicit source then the chances of our bank accounts getting frozen are high.
These two are enough reasons why we should not get money in our bank accounts for somebody else.

Even if we are getting it for ourself, I would suggest maintaining a separate bank account for trading purpose. This will eliminate first level bank account freeze.
Chances of getting all the bank accounts related to same PAN card are low but it can happen if there is a huge fraud involved.
So stay cautious when you are dealing with INR trades and only trade with reputed traders and avoid falling for cheaper price.

I dont know how prevalent this is, but this is something I personally would never do and neither would I ask someone to do it. Its highly dangerous as to what sort of money that can come in or what they are going to use it for even if they are trusted enough family.

When it comes things like money where crime and fraud are happening as we speak, you can only trust yourself.

In our country, it is a very common practice among friends, family members and relatives to lend our bank account to receive their money in our accounts and let them withdraw with ATM cards. Which is the issue I wanna address today after reading a bank freeze story on other platform.

People involved in p2p trading know the risks of bank freezes which often happens due to receiving funds linked with an illegal/unauthorized transfer from someone's bank account so months after we done trades just on a random day our bank accounts, credit/debit cards, internet banking will be inaccessible and when we contact the branch their response will be cyber crime ordered them to. Once we are at this stage it almost 99% that there's no going back and since we can't identify who send the funds so the primary suspect will be us to avoid being in the situation we should avoid trading p2p especially when they offer 12% or 20% over the market rate.

Now coming back to the topic, there are chances that someone can take advantage of their ignorance and trade couple of times and withdraw their money immediately but after months they will receive bank freeze and all their money will be under hold indefinitely so we should create awareness about this among our friends and family circle about not lending our bank accounts to anyone and even by the bank terms it's solely for personal usage and all the legal liability comes under the responsibility of the account owner alone.