Bank overpaid me but don't want the money back?

misterross

I've posted previously regarding my bank who mistakenly overpaid me in the region of £3000, due to what seems to be an administrative error regarding a failed transfer. In effect, they credited my account twice.

I've read in other posts about my legal obligations to tell the bank, however after telling them this, they replied with a confused letter suggesting that having concluded investigations, they don't want the money back and don't seem to think there is a mistake.

As much as I'd like to believe it, I do have a sufficient enough grasp of sums to know that I'm £3000 richer.

So do I keep the money? I can't force the bank to take the money back... when is the matter settled?

TotallyBroke

Keep it in the account but do not spend it. Because at some point they will take it back from you. It will be another administrative error that has allowed you to keep it.
After a certain amount of time it can then be yours to what you like with but I'm not sure how many years that is.

skintandsad

I believe banks have a six year period to reclaim a transaction credited in error.

If it were me, I would withdraw the money, and keep it somewhere safe, perhaps a savings account to avoid it being spent; then trot along to local CAB with the letter you have. It might be that because you have a letter stating that they don't believe there is an error, that the letter could be legally binding, but CAB would advise I'm sure.

I hope you get to keep the three grand :j

Lokolo

skintandsad wrote: »

I believe banks have a six year period to reclaim a transaction credited in error.

Just so you know, the 6 year thing is because you are technically in debt to the bank, so if they have not contacted you within 6 years you can keep the money and not pay it back. Its a debt rule thing

Uncertain

Lokolo wrote: »

Just so you know, the 6 year thing is because you are technically in debt to the bank, so if they have not contacted you within 6 years you can keep the money and not pay it back. Its a debt rule thing

Mind you, unless somebody sorts the banks out in the next six years, that won't stop them from helping themselves to it and charging you for the privilage!!

fabulous_girl

Put it in an ISA until they acknowledge the mistake, at least you can gain some interest

Lorian

fabulous_girl wrote: »

Put it in an ISA until they acknowledge the mistake, at least you can gain some interest

But if they ask for it back you loose your ISA allowance.

littlemrtinkle

i would move the money to an instant access savings account. Do not put this in a isa.

Ken68

If you did put it into an ISa, misterross, might work in your favour, as they then have messed you about twice, and Inland Revenue involved so will have to explain their original mistake to them.

jonesMUFCforever

Ken68 wrote: »

If you did put it into an ISa, misterross, might work in your favour, as they then have messed you about twice, and Inland Revenue involved so will have to explain their original mistake to them.

How for heavens sake?
This thread is getting silly.

cash-magnet

Use the Channel 4 Father Ted ruling...

I didn't steal the money, it was just "resting" in my account. :rotfl: