[new] bank error credited me with over £40,000!!...

honeymonster748

Lokolo wrote: »

And shareholders - well thats the idea of shares, theres risk. *sigh*

The risk is that the price drops or worse case scenario, the company goes bust. Realistically, B&B wouldnt have been allowed to go bust, but instead of investing in the institution (as they later did with Lloyds & HBOS), the Government stole (in my opinion) the holdings of all shareholders and then disposed of assets as they saw fit.
That (in the past) was never a possibility or consideration until the government started writing their own rules around the Northern Rock scandal.
I took a risk on B&B as I didnt believe they would ultimately go under (and I still dont think they would have). I never considered the Gov would just waltz in over the weekend and take the lot.
(Lets not forget- a lot of people were also conned into buying even more shares only a few weeks prior to the de-privatisation (with the 'Rights Issue'), who lost that money as well as their original investment.)

honeymonster748

hayley11 wrote: »

The thing that strikes me is that you are suggesting you are quite an honest person and yet you've had this money since some time in June and you haven't rung the bank to arrange to give it back.

I honestly couldn't sleep until i'd sorted it out, somebody could be getting into a lot of trouble over this. I know it wasn't your fault but it's your fault you still have it now.

When this first happened I thought it was quite funny and rather than helping the banks out, i thought "no- sod them, let them sort it out". I was also intrigued as to how they would resolve it (ie. write a letter or just debit my account etc). As time has gone on, the fact it is still there starts to look bad against me, but I honestly thought it would have disappeared weeks ago.

sabretoothtigger

By terms of the british banking system they were not fit for business so yes they did fail to maintain solvency which is end of the line for a bank afaik

The ultimate payer of their failure is banking system in proportion to their deposits held, including the building societies they will all repay the government and any bad debt

Even the bond holders have lost money so its a failure by any normal measure except government allowed them to continue trading still, the fsa called time on them before politics stepped in afaik

honeymonster748

Everyone keeps saying transfer the money to a "high interest account". Bearing in mind this would need to offer instant access, is there such an account out there at the moment ?

D1zzy

Instant Access "high" around 3% at the mo - how about ING (3%) or Coventry 3.3% (4 withdrawals per year) - but check out http://www.moneysupermarket.com/ or www.moneyfacts.co.uk

never-in-doubt

honeymonster748 wrote: »

Any advice?
(Don’t say “pay it back- its not yours”- I’m not interested in your morals)

A first class ticket to Brazil will set you back £700 from BA today...... I agree sod morals, withdraw in fresh new £20's and get that plane outta ere! :beer: :beer: :beer:

DaisyDaisy82

I partly agree with the majority decision about stashing it somewhere and claiming the interest.

However, you seem to be taking the view that you are making a stand against a 'big bad bank' when in reality its likely to be some poor cashier who is getting in serious trouble and probably having sleepless nights over the loss of this money.

Its just a different view point but what if that cashier was your daughter and she was in a state at home, maybe on a disciplinary. Wouldn't you want someone to come forward and be honest?

honeymonster748

DaisyDaisy82 wrote: »

Its just a different view point but what if that cashier was your daughter and she was in a state at home, maybe on a disciplinary. Wouldn't you want someone to come forward and be honest?

I know where you are coming from, but the point is- they KNOW where the money has gone! -which makes it even more unfathomable (is that a word?) that they havent yet taken it back!

vet8

hayley11 wrote: »

Oh come on, do you honestly think it's right that he hasn't repaid it? I don't know how people can be justifying it. Yes the bank made an error, it's a human error, we are all capable of it. Doesn't mean it gives the OP any right to this money, or gives him any kind of moral high ground. And i'm pretty sure if the OP did the decent thing and rang the bank, they would sort it out pretty damn sharpish.

Your second paragraph is all well and good but it doesn't apply because the OP does know about it.

I get pretty sick and tired of posters on here not only defending the banks, but expecting us all to fall over backwards to help them.

If I make a mistale I fully expect to have to sort it out myself and not to rely on someone else to do it for me. The bank have made a mistake, it is 100% their fault, it is up to them to sort it. Why should the Op do anything to make it easier for them? Will he get a reward, even be thanked? No he won't.

hayley11

vet8 wrote: »

I get pretty sick and tired of posters on here not only defending the banks, but expecting us all to fall over backwards to help them.

If I make a mistale I fully expect to have to sort it out myself and not to rely on someone else to do it for me. The bank have made a mistake, it is 100% their fault, it is up to them to sort it. Why should the Op do anything to make it easier for them? Will he get a reward, even be thanked? No he won't.

I don't defend banks. I have no loyalties to banks whatsoever, why would I?

My point was about doing the right thing. I wasn't suggesting the OP "bends over backwards" - I was suggesting he makes one phone call and says, I have your money, take it back. What they do after that is up to them.

At the end of the day, if the OP wants this hanging over him until the banks do eventually ask for it back, then so be it but I couldn't. I'd be worried about it too much.

ETA - I also agree with what Daisy said, somebody could be getting into a lot of trouble for this. Forget about the bank for a minute and think about them.