please advise re bank error Abbey

phlogeston

cj087122 wrote: »

Hi

I'm currently in a similar situation as Pops and could do with some advice.

On Thursday 2nd April, I was credited with just short of £3k from a company I don't know with the reference of 'Goodwill Gesture'. I noticed the money on Sunday (5th April) and immediately phoned the bank and was told that i should spend the money. I questioned this and was told to perhaps wait until Monday (today).

Today I've phoned my bank again (Barclays) but the advisor was equally helpful (ie, not at all!). I've also tried to call CAB but can't get an appointment until next week.

I had unfortunatly already spent a little of the money before i noticed the error, although i can replace if i transfer the money from another account.

Any advice? Do i need to contact the company in question directly? Can they take the money back out of my account without my consent? And how did they get my bank account details?

At the moment, you do not believe the money to be yours. Therefore, you have no right to spend it.

Write to Barclays Head Office and point out the error and ask them to explain the transaction.

IF you are subsequently told the money is yours AND you then spend the money having relied on advice from Barclays, then it would be virtually impossible for the bank to reclaim it.

cj087122

Thanks Phlogeston. Do I need to stipulate a certain amount of time in which I expect a reply?

ie, if i don't hear from you in 30/60 days I'll take this as confirmation that the money has been transferred into my account correctly?

phlogeston

cj087122 wrote: »

Thanks Phlogeston. Do I need to stipulate a certain amount of time in which I expect a reply?

ie, if i don't hear from you in 30/60 days I'll take this as confirmation that the money has been transferred into my account correctly?

If you spend the money, you may subsequently have to show that you honestly believed the money to be yours.

At the moment, you DON'T think it belongs to you.

If Barclays don't reply, why would this change your position?

You must take all reasonable steps - just put everything in writing and keep copies and proof of postage.

My opinion (and only my opinion) is that for £3,000 pounds you might be expected to make considerable efforts to ascertain the source of the money.

Tozer

phlogeston wrote: »

If you spend the money, you may subsequently have to show that you honestly believed the money to be yours.

At the moment, you DON'T think it belongs to you.

If Barclays don't reply, why would this change your position?

You must take all reasonable steps - just put everything in writing and keep copies and proof of postage.

My opinion (and only my opinion) is that for £3,000 pounds you might be expected to make considerable efforts to ascertain the source of the money.

Agree with Phlogeston on this one. The only time you can categorically confirm that the money is now yours is if the bank (or rightful owner) is time barred from reclaiming it.

cj087122

Tozer wrote: »

Agree with Phlogeston on this one. The only time you can categorically confirm that the money is now yours is if the bank (or rightful owner) is time barred from reclaiming it.

how long does it take to 'time barr' the money?


Thank you all for your help on this one, very much appreciated!

OlliesDad

For the time being i would put it in a savings fund somewhere to make a bit from the interest!