Unknown deposit into current account - can I keep it?

lovetoad_2

A few weeks ago a (low) three figure amount appeared as a deposit into my current account. This has not been paid in by me and I know nothing about it. So far my bank have not done anything about it and it is still in my account. Im expecting them to snatch it back at any minute but is there:

1) Any law saying I have to declare it to them and
2) If not, how long has to pass before I can claim it as mine?

Any other tips suggestions etc, all gratefully received!

Cheers

:beer:

Bossyboots

It never becomes yours and they can take it back without telling you they are going to do so. They can be slow in picking these erroneous transactions up, but the rightful recipient will no doubt notice shortly that their account is short. You don't have to let them know, but if it was me I would make on call to tell them and then leave them to sort it out. I would then leave it to earn interest in my account while they sort it out.

Whatever you do, do not move it out of the account and definitely do not spend it. You know it is not yours and frankly I am surprised at the number of people coming on these boards lately who have had this happen and query when they can keep the money. The simple answer is you cannot. If you move it out of the account you could be accused to attempting to deprive of the bank of the money. If you spend it, you will then have to find a way to pay it back and although you might be able to negotiate installments if you play dumb, in reality for this sort of amount they are likely to take it back without notifying you.

HugoSP

There have been some shocking stories of what banks do when they realise a mistake has been made.

If I were you I would phone the bank and tell them. Keep a record of the conversation, time, name of representative etc.

H

lovetoad_2

Many thanks Bossyboots and HugoSP. Your replies confirm what I was intending to do anyway but was just putting off doing. I am an honest person (honest!) and would hate to hear that someone is suffering financially for my "gain". Id love to be able to return it personally. Chances are the bank will snatch it back regardless of whether or not they know where it should have gone. Thanks anyway for taking the time to reply.

inmypocketnottheirs

Your bank should be able to trace the original deposit slip, as possibly what has happened that when the account details have been keyed in, digits in the sort code or account number have been transposed. What you could do is ask the bank to provide you with a copy of the slip (which unless was paid in at a branch of your own bank must be pre-printed). If it was a bank giro credit then this information should prove who actually made the transfer.

HTH

Mark7799

It wouldn't necessary be a deposit slip - it may be an automated payment

cmm2006

Hello lovetoad. Might be a daft suggestion and sure you have already thought about it but just in case....

A few months ago i had an unknown amount appear in my account. Had no obviously recognisable reference and bank couldn't tell me at the time what it was but they couldn't see any error either. So i did nothing for a while - just didn't spend it! Turned out later when i got my quarterly gas bill that my DD payment had been too high for a while and i in credit by around 300 pounds. Scottish Gas had just refunded the overpayments to the DD account without notifying me until the bill came in where it was listed. So the money was mine after all!

Don't know if this is likely to be a possibility for you but may be worth checking if it is.

Milarky

There is the possibilty of the bank showing some 'goodwill' to you if you raise the wrong payment with them first (but I doubt it!)

inmypocketnottheirs

Mark7799 wrote:

It wouldn't necessary be a deposit slip - it may be an automated payment

Yes, a bank giro credit.

researcher

I've also had an unknown deposit into my account. I rang my bank and told them and it turned out to be a money-back payment from a credit card. Bite the bullet and contact the bank, tell them you don't recognise the payment and ask for details, it might be your money, so you don't have to say to them its not yours! Good luck

Towen_2

Bossyboots wrote:

It never becomes yours and they can take it back without telling you they are going to do so. They can be slow in picking these erroneous transactions up, but the rightful recipient will no doubt notice shortly that their account is short. You don't have to let them know, but if it was me I would make on call to tell them and then leave them to sort it out. I would then leave it to earn interest in my account while they sort it out.

I have to say Bossyboots that you are actual wrong! The bank has 6 years to claim the funds back after which time it becomes yours!

However, holding onto funds paid in error which you know not to be yours is seen in the eyes of the law as theft, so you shouldn't just wait for the bank to contact you and ask for it back. In this case there seems to be some doubt as to if the payment is unknown but intended for you or a payment in error not intended for you.

If you and the bank both think the funds are yours you can keep it, however if the banks finds out within the next six years it made a mistake they can take the money back. If they find out after six year they cannot. If at anytime you find out the money is not yours and fail to contact the bank then this could be considered, by the letter of the law, as theft.

So although bossyboots is technical wrong in explanation, her/his advice is sound and should be followed.

Towen