Home loan applicants face delays after mislabelling transactions as adult entertainment

"Lenders are scrutinising suggestive jokes appearing in the bank statements of prospective home buyers, potentially causing delays to their mortgage applications.

Some young first-home hopefuls are in the habit of repaying friends for their share of group dinners at a restaurant, for example, but are not labelling the transaction as “dinner” through their banking app.


Instead, they may describe the funds transfer as for sexual services or illicit drugs."

More information

 

I'm willing to bet that one person did this, which caused someone in finance to notice it, raise the question, then probably have a chuckle. Word got back to a journalist trying to write something (anything) to meet a word count, and now it's an article suggesting it's a regular occurrence.

 

So Churnalism Clickbait?

 

$30 wont rent you much affection.

 

The voice of experience there?

 

That was always my favourite part of going through bank statements...made the most freaking boring tedious job quite entertaining

 

Hahahaha.... I do this all the time when I'm paying friends back via an online bank transfer.

 

It's still a pain in the behind, but it can be automated fairly easily.

 

Yeah...I don't do it anymore, that's Rob's job. We still do it fairly manually though as automation only goes so far, i find. And it's such a grey area that I want to be well covered in the event we ever get looked into.

 

Haha I’ve seen some doozies Always gives me a good laugh - never been an issue with a bank though. I assume most assessors would crack up too!

Cheers

Jamie

 

I thought it was all the vogue to label something as ‘once off 30th wedding anniversary OS trip’ as opposed to ‘recurring private school fees’.

 

You're tame Nowhere near enough drug and/or genital references in that.

 

You must be the broker for the Mafia. Don't worry I know you can't confirm.

 

All the (big) banks have simple keyword detection for transactions, for example "drugs", that triggers alerts for AML/CT. I have seen this myself. All of these triggers generate reports that are collected and sent to the appropriate Government Agencies. This happens hundreds of times per week.

 

Haha seen some good nicknames clients give accounts

 

geez, ive been doing this since I moved out of home at 18!!! and still do it!

does this mean I havent grown up?

 

I have seen client statements with things like 8=====> and {()} which have graphical meaning too.

I remember asking what does that mean and LMFAO when they explained it was a practical joke to / from a contractor. I got it.