Bank error in my favour?

louissusman

If you spent it thats you r in a problem.

bluu2k

Fedz wrote: »

They'd have to give reasonable notice of such action so you'd be fully aware of any pending withdrawl

Hello,

Do you know how strictly banks would apply the process you mentioned above? or just your guess?

One of my unused saving a/cs was also unexpectedly credited with £1,000 in June 2009 (likely from another a/c within the same bank). I duly called to inform the bank as soon as I realised it, prob 2 or 3 weeks after the money landed.

The man on phone took up the details, promissed to investigate and keep me updated. He called me the day after to say they did not see any abnomality in that transaction, and said if they found out something, he would contact me again.

Nearly three months after that call, nothing happened at all. The money still stays in my unuse saving a/c (which has a scrap rate).

What should I do now? call the bank again, or move the money to a better rate a/c, or just leave it as it is? can I use that amount a few days a month?

I want to clear it asap and do not intend to spend it at all. However, it would be handy if I can "borrow" it to recycle to some current accounts of mine which require min pay-in every month.

Thanks and cheers

jonesMUFCforever

It's not your money - the moment you touch it you are guilty of theft.

Wait 6 years and 1 day then celebrate.

Extant

bluu2k wrote: »

Do you know how strictly banks would apply the process you mentioned above? or just your guess?

There's no legal requirement to advise you before hand.

If the money is there, banks can, and will, just take it - however, many might inform you before hand as a courtesy, to avoid any distress in having to repay it, collections, etc.

hippey

BarclaysManager wrote: »

There's no legal requirement to advise you before hand.

If the money is there, banks can, and will, just take it - however, many might inform you before hand as a courtesy, to avoid any distress in having to repay it, collections, etc.

Very true,

And in reality the money belongs to someone, how it got in the OPs account is the issue, a member of staff could have typed in the wrong digit and presto! the money has gone to the wrong place, meanwhile 'granny Jones' who can only afford a tin of beans on her terrible pension is missing her life savings and her bank are giving her the run around trying to blag whats happened!

These things do happen, and it is very rare that a bank would just credit an account with random cash without it affecting someone else.

Just think of the person who *might* be missing his/her cash!

Mikeone

A similar thing happened to me, and the bank didn't give me any notice.

I had about £13k mysteriously deposited in my account a few years ago. I enjoyed looking at my balance for a few days, until the bank took it back. They said nothing to me about it, and I said nothing to them. I hardly think about it now, but it was funny for a while...

olly300

BarclaysManager wrote: »

There's no legal requirement to advise you before hand.

If the money is there, banks can, and will, just take it - however, many might inform you before hand as a courtesy, to avoid any distress in having to repay it, collections, etc.

It actually depends on the T&C of your account.

As account t&c are amended many times particularly when sites like this get publicity then your best bet is to inform the bank in writing that you have the money, keeping a copy, and as jonesMUFCforever leave it alone for over 6 years.

If the bank is as bad as A&L and the customer is as stupid as the one highlighted on the BBC news then you will get to keep the money.

olly300

Lokolo wrote: »

Not sure how A&L do it but HSBC shows the name of payee, pay description, account number and sort code. So with that information I think I can find someone out! But as I said, not sure how A&L system works.

I still don't see your point, the bank can't give the customer the other persons details. The person who recieved the money will just sue the bank for giving their information out.

I have more than one current account.

On one of the accounts I have I made a unusual (for that account) payment to someone. The BS concerned phoned me up and gave me the full details of who I wanted to pay the money to asking me if it was a fraudulent transaction. It wasn't.

I have also had to contact organisations when I don't know the name of the person who is involved. (Can't go into more specific details for privacy reasons as it's an ongoing issue.) H

According to A&L giving out this information would be against the Data Protection Act. It isn't. I have other details that are unique to that individual and due to the laws that are being broken giving me that individual's name is not a breach of the act.

Also from knowing people who worked in Investment and Retail banks I know that banks breach the Data Protection Act everyday and the Information Commissioner generally turns a blind eye. (If other types of businesses are involved then they are more interested.)

Having had to use the service of the Information Commissioner myself as I pointed out they just tell you if the act has been broken in your particular case. If your case involves legal action it is up to you to take the action.

Having been involve in legal action where the Data Protection Act has come into play and knowing people who work in the legal profession using the act all the time, if you are a basically a crook or trying to pervert justice no judge will be helpful to you. Especially as many laws including the Data Protection Act are not set in stone. Even if you win the case on principle, judges can be very good at making sure you are worse off.

PROLIANT

Think of it this way, if you inadvertently transferred £19,000 in to the wrong bank account say via a BACS or CHAPS transaction; would you pursue the recipient until it was lawfully returned to you?

Any court in this land will lock you up with your intent and attitude, if you had the back-bone to contact the bank and tell them they have made an error and you would like to get it sorted ASAP, then not only would you be in a better position legally you would have just done the right thing. Remember; treat other people’s money as if it was your own, ergo do not abuse it.;)

M_Thomson

Fedz wrote: »

They'd have to give reasonable notice of such action so you'd be fully aware of any pending withdrawl

It's a courtesy if they do, but they are under no obligation whatsoever too. Especially if a customer has tried to benefit from funds that are not theirs.