Money appeared in bank - what do I do?

Mark_Hewitt

Personally I would leave it exactly where it is for now. Legally, it is not his money and he must inform the bank of the error immediately.

However, I believe that if nobody asks for it, he can keep it after a time. I believe it is six months although I can't be sure on that.

I've often heard of 'theft by finding' although I believe the legal definition is simply theft. The fact is that the money being in his account is no different to you picking up a wallet in the street.

Bongedone

Don't take it out of the account. If the bank reverses the transaction he could be hit with overdrawn charges.

alocacoc

why on forums do you get over the top too honest law abiding advice from people who would never buy a copied dvd haha!!!

wooopeedoooo draw it out and spend it !!!!!!!!!

if anything draw it out in three amounts !

always act thick never admit to anything and plead your innocent!

for crikes sake everyone if youd have paid into someone elses bank by mistake I can guarantee they wouldnt be moping over it!!!

the bank upped my OD by £1000 the once it was a mistake

it was there fault and I spent it in about two days flat

woohooo!!!!

makapo

majik48 wrote: »

Thanks all. Would there be a problem with removing it from his account? Even if it isn't touched, does that count as interfering with it, and is that wrong?
Dave - I didn't want to contact the bank again as I worry they'll just take it out and that'll leave us nowhere. Congrats on your savings, by the way!

It wouldn't leave you nowhere. You'd just be back where you were before this problem occurred. Correct solution. If it turns out it was intended for your son, the bank can transfer it back to his account. If it turns out (far more likely) that it was a mistake, the bank can transfer it into the account of the rightful recipient.

No problem, really. No problem at all.

scullster

To qualify my earlier responses -

• if it turns out that another customer instructed the bank incorrectly, you are not legally obliged to return the money. Moral obligations aside.....
• if the bank has made the error, they can reverse it without notice.
• it will be up to the bank to decide where the fault lies, i.e. the other customer or them.

If you choose to move it to safeguard, just make sure you've got funds in the account to cover it in the event it was a bank error and they reverse the credit.

GSXRCarlos

or you can do a same day balance transfer (ie abbey to abbey transfer) which seems likely if he has a savings account with them, but will need to check the balance daily