Bank error in my favor!

TDQO

Also meant to say that in this current financial situation banks WILL do everything they can to get money off you so it's definitely best to play it safe and return the cash...

farso

Personally, Id just leave it there until such a time they might or might not ask for the funds back. Worst case is they notice and you recieve interest for the time the funds have been in your account. Plus, there is always the chance that it never gets picked up too.

bestpud

Ok, you should contact the bank and let them know what has happened. Then you won't go overdrawn and you know it is the right thing to do morally.

What would I do...?

Leave it there and see if they notice. If they ask for it you can repay it immediately. If they don't...

diamondgirl78

bestpud wrote: »

Ok, you should contact the bank and let them know what has happened. Then you won't go overdrawn and you know it is the right thing to do morally.

What would I do...?

Leave it there and see if they notice. If they ask for it you can repay it immediately. If they don't...

Just what I was thinking...

Mike1989

Anyone remember the Nationwide story that happened last week?

Were a cash machine was giving out double money and people flocked there, used a number of cards etc to get double the amount of money than they actually were meant to get. nationwide were disappointed that people did not report it sooner, and have said;

"Legally, recipients of payments made by mistakes are not entitled to benefit from it.

"We will reserve the right to contact people about the matter on an individual basis."

I know different to your situation, but I guess they have the right to contact you and request the money back. Because it is not really your money. But it is up to the person in question. As I suppose honesty doesn't get you very far in many walks of life. So maybe keep the money, make some interest on it, and pay it back when they notice if they do. Either that or go in and tell them and see what happens.

What would I do?

No idea, depends whether I was getting interest on my current account, as most give you 0.1% which basically is jack. Savings accounts aren't very high these days, maybe a 3% web saver if you are lucky. You can get some decent fixed rates at 3 to 3.75%, but problem is if they ask for it back you can get closure charges from that specific bank. So all in all, I would just go in and tell them. Each to their own.

andyuk2005

hmmm well they can't really take out the money from my bank since I never authorised them to do so, i can only imagine they can request it back, however since I could of sent it to any old tom they might not have much luck getting back off me! I'll hold onto it for now and update you if anything happens!

Mike1989

I think they would be well within their rights to take the money back or at least request it. If they notice they can request it back, if you refuse, they can close the account and take legal action to get it back. I suppose it is each to their own when it comes to this, but at the end of the day, it is not your money to begin with. So even if they did take it you have nothing to complain about...

So to say I could have sent it to any old tom, they might not have much luck getting it back. Just shows how dishonest some people are these days. Not that I am surprised. Heck, I'm sure some would get interest on it. But I suppose honesty is not a virtue by some and they expect anything credited to their account as theirs.

Remember, whether you spend this money, put it in a savings account, give it to someone, or just don't have it any more. When they find out, you'll have to pay it back regardless.

olly300

andyuk2005 wrote: »

hmmm well they can't really take out the money from my bank since I never authorised them to do so, i can only imagine they can request it back, however since I could of sent it to any old tom they might not have much luck getting back off me! I'll hold onto it for now and update you if anything happens!

Yes they can.

What they will do is sent you a letter stating they will take the money out at a certain date implying if you don't want them to then you should contact them. Then they take the money out on that date.

Edited to say: There is actually a law they can use to reclaim the money even though it may not state they can in their T&Cs.

Aspiring

andyuk2005 wrote: »

I'm pretty sure it was halifax made the mistake, as my nationwide, smile and my bros nationwide all got credited twice instead of the once they were supposed to. However I know the halifax can't retract the money immediately as they don't have the authority off me to do so from my other banks, I can only imagine they can send me a letter to request the money back, but can't I just say no? for all they know I could of sent it to a complete stranger for who I have no say over!!

I've had to come back to this issue, simply on an ethical point of view. The "fact" is, you do indeed "know" that the money isn't yours. Simple as!

What you appear to be asking is "permission" to keep schtum about it. Not whether it is ethical to do so

Personally, I think you have obtained money, knowing it does not "belong" to you and you are trying to justify keeping it by blaming someone elsewhere and abdicating any responsibility, despite openly (on this forum) admitting you know a mistake has been made. Dishonestly appropriating money with the intention of permanently depriving anothe of it, is in fact, an offence: it's commonly called THEFT!

Being a student isn't an excuse to be corrupt, dishonest or compromise your own integrity; yet, that is how you begin your opening paragraph (by apparently justifying your point of view due to your "student" status). On the contrary, as - an assumed - intelligent person, one would expect a degree of integrity! (Old fashioned? Maybe!)

YOU know it's not your money. YOU know there has been an error. YOU are choosing to not declare that error and even if the Halifax inform you of that error, you are suggesting you will bamboozle them with the arguement that you could have sent it to any old "Tom, !!!!!! or Harry".

In my personal opinion, that smacks of a corrupt and perverse state of mind. I value integrity far and above student status. You may well be a student (implied poverty), but one day you will not be. Your honour and integrity should far out weigh anything else. But, that is just my opinion and I dare say, there will be those who disagree with me.

You're looking for a way out to keep money that you KNOW does not belong to you: you are looking for approval, for what I believe, is a corrupt point of view.

You may well achieve an academically high grade; yet your attitude regarding integrity doesn't even cut mustard on the basis that you are finding any excuse to abdicate your responsibilities! How very sad that an intelligent person is trying to deceive.

You had overdrafts (knowingly taken), you are actively choosing to be dishonest about this "bonus" and blaming anyone/thing but yourself, to justify keeping it. Then, you post on a public forum, your intentions!!!
Keep the money (Clearly what you want to hear!), if it takes priority over your integrity! (One day, it will surely be your undoing ) Says far more about you as a person than anything else. You didn't post this thread to ask for "help"; you were asking for permission to endorse your own dishonesty! I can't, in all honesty, condone that.

This forum isn't about obtaining money through dishonest behaviour - it's about playing the companies at their own game - seems you have missed the point somewhat if you are asking forum members to condone your (illegal) behaviour.

That's simply my own point of view: I do not expect you to agree

naijapower

This is becoming interesting. Legal and illegal talk with regards to returning the funds. What if you genuinely did not realise the error. For example your account has high activity and things like that pass you etc and they come chasing you for the money many months later.Can you not have a valid legal claim for the inconvenience and stress they have caused you. The only proof you need is that fact you didnt realise the error and then you can claim compo from the bank i.e. return their money but still ask for something for all the stress they caused you.
My understanding of law is that if one party admits mistake and you can prove that the mistake cost or caused you pain, inconvenience or stress, then you are liable for compensation