Universal Credit: How do they check savings?

[Fink]

I've received a managed migration notice to swtich from 'legacy benefits' to UC.

I just wondered if anyone is on UC and knew how they check how much money you've got? I know I will initially have to provide bank statements, but how does it work on an ongoing basis after that? Do I have to upload bank statements every week/month going forward? Do I have to grant them access to constantly check my bank accounts?

I'm worried if it's the latter. I've got nothing to hide. And I completely understand that it's a means tested benefit so there has to be some mechanism for checking who's eligible. I certainly don't have over the threshold amount of money or assets, but I just feel uncomfortable with the thought of the government bods being able to dip in and out of my account at any time and check what I've been buying. So, does anyone know how it actually works?

And what happens if I temporarily go over the £6k, say for a couple of days? I can imagine it, e.g. if I agreed to organise a holiday for my extended family and collected in everyone's money before paying out to the accommodation provider. Would I get penalised and lose UC?

Can anyone who currently claims give any insight as to how the process actually works?

TIA.

Apologies if there's a dedicated topic for this, I couldn't find one.

@Fink
They don’t check your accounts, but may sometimes ask for a review of your claim. When they do, you need to give all financial information they ask for and it’s a lot.
I have always updated significant increase in savings, immediately. However, when they savings go down, I only do it maybe once a year as I don’t want the hassle of a review.
The situation you described with somebody sending you money to purchase something for them is not savings. Maybe have a written note from them asking for the purchase in case you have to go through a claim review.
I had a situation when there was a sum in my account after moving house post divorce ,as I took a larger mortgage to cover the cost of necessary roof replacement. I did not declare it savings as it was there only for couple of weeks till the roofers completed their work.
UC have a very strange way of calculating what counts as savings. I had only one review with them. I declared my savings as X ( all in saving accounts),however according to the reviewer my savings were X-Y-Z as they deduct child benefit and monthly income from the amount of the savings you have 🤷‍♀️. Even though I did not include the money in my current account in savings, as there are no savings there at the end of the month.

Hello,
im looking for advice regarding what is classed as capital under Universal Credit.
I know you need to declare anything over £6K but what is classed as capital?
my assessment period ends on the 15th. On this day I need to declare anything I have over £6K but does that need to include everything you have in your bank even if there is some money in there for bills that will come out say the next day on the 16th?
do I need to declare every last penny in my bank on the 15th regardless if some of it is for upcoming bills?
im fine with doing this just want to make sure im doing it right.
hopefully that made sense.
thankyou

Because the DWP have form for fucking up people's payments. I have heard of quite a few instances where people have migrated from ESA to UC,were reassured that they would get the same money due to transitional protection,but still ended up getting less initially. They did manage to get it rectified eventually,but it's a pain in the bum that you can really do without. Another reason I've heard that people didn't like having to migrate is because despite being told that if they are on ESA with no expectation to be looking for work due to sickness or disability,they are suddenly being told they have to provide fit notes and attend job search interviews. Thankfully,I believe this has now been rectified,it was a glitch early on in the system.

Banks contact HMRC to report interest paid on accounts. They no longer tax them directly.

When I do my tax return I enclose all interest received.

Hubby does not do his own tax returns but did receive a bill from HMRC which was deducted via his tax code on interest received.

They will know about your savings. HMRC gets details of everyone’s accounts from the banks.
Just be honest. If you have the money taxpayers do not neeeed t help you out.

i wasn’t trying to do anything wrong. My partner and I have always worked and also raise a disabled son. The money we receive from UC is for my son and also because I can only work part time due to his needs.
your allowed capital of up to £16K with UC so having savings is allowed.
I have no problem declaring any money just wanted to make sure I was doing it right, so that I didn’t receive more then I was entitled to. (Which is more honesty then a lot of people I might add)
the comment “if you have the money tax payers don’t need to help you out” was very passive aggressive. A lot of people claim UC even tax payers themselves, it is there to help.
im doing nothing wrong here by claiming and by wanted to make sure I declare any money correctly.