Sending money to friends with joke captions like 'strippers' can harm a home loan application

Sending money to friends with joke captions like 'strippers' can harm a home loan application

There are some jokes that nobody can resist, and making fake captions for bank transfers is one of them.

Oh come on, don't play dumb with me. You know what I'm talking about. When you're transferring a sum of money to a friend on a banking app or via a website, it can always be tempting to describe the payment as if it's for something scandalous: ''drug money'', ''strippers'' and ''porn'' are just some of the joke captions I've seen over the years.

Watch this robber return a victim's money after discovering she was broke: 

But according to an expert, this seemingly-harmless prank could actually be having a major effect on your finances, and could even (shock-horror!) lead to your home loan application being rejected.

Australian commercial real estate website Domain reports that joke bank transfer descriptions aren't looked upon as funny by banks themselves, and this had led to a number of problems for prankster millennials looking to jump onto the property market.

Commenting on the phenomenon, Chris Foster-Ramsay (principal finance broker at Foster Ramsay Finance) told Domain: "If that person happens to be in the property market at that time, the bank's going, 'Hang on, what's this?' Particularly if there's $50 here or $50 there. [Banks ask] 'Is it adult entertainment?'"

A person holding bank notes. Credit: Pexels

Foster-Ramsay added: "If that happens over a period of time, the bank is picking up on it. Bank statements are a legal document. You have to be semi-serious about it. As fun as it may be, it's not advisable to be creative in the transfer text."

So there you have it guys. Next time you're thinking of paying your housemate back for the cost of the Uber you used to get home last Saturday, for goodness sake, don't refer to it as ''Sugar Daddy's Trust Fund.'' It could lead to big problems down the line...