bank creditted account by £2K

Mikeyorks

What kind of account is it that has been credited?

I have never known a Bank write to confirm a credit to a current account. Why would they do so ... they provide Statements to keep you abreast of overall transactions. And generally expect you to be aware of credits / debits affecting your account.

Why would they write to you about this one in particular??

mad_monkey

that is another thing that i find really odd.
it is a regular current account - that is normally always around £0 as my bills = my wages! lol

Mikeyorks

Then personally .. I'd contact them to find out?

Regrettably it's not a long forgotten relative in Australia who always thought well of you .. 'cos the first letter would have been to enquire your Bank details!

And it would be better to organise the recovery of it - rather than start to create some reliance on the money being there. And finish up with charges you can do without. The Bank didn't need your permission to (erroneously?) credit it - nor do they need your permission to (correctly?) remove it. So, perhaps better to know when it will go?

M_Thomson

sublime wrote:

No because surely a bank which has millions can afford to carry a debt of 2000 until it finds its funds. You'll find it's the other way around (meaning the way I said it) in reality you just never see both sides of the coin so you don't notice it. There must be cases of when money has literally disappeared. Then the bank foots the bill instead of looking for money which is long gone. Of course they'll try to find the money first if they can, but the lead time wont be 'forever' it'll be a few weeks.

You really have zero idea of how banks work do you? Do you honestly think they would credit an account with money everytime a customer walks in and says where is my money? No, they will investigate it.

sublime wrote:

I think some of you are getting overly paranoid and sure it's a risk, but a risk I'd take.

Is getting a bad credit rating and possible court proceedings worth the risk???!!!

sublime wrote:

And again seven-day-weekend, thats a two month wait reguardless of whether the other person withdrew the money or not. Which is my point!

please tell me where I can get a seven day weekend???!!!!?? Er, the point is that there was a two month wait because the bank did not do what you said. They investigated where the money was before giving it back.

sublime wrote:

There are ways around bad credit ratings

Please do tell, you obviously have a vast banking knowledge.

sublime wrote:

I'd only close the account if it was a small one and I had an account elsewhere. I think if you act fast enough you can have the money withdrawn and placed in another account before either bank is notified of anything going on. Once you've switched you're practically untouchable.

No, you can be traced on the electoral role, and via credit reports. Unless you decide to leave the country, but there are still ways of tracking people down even overseas.

sublime wrote:

Besides, IF you want you can always play it safe. Collect the interest on the money given and then just repay the debt. They're not allowed to touch the interest you've gained from it, nor would you need to pay back an interest rate on the money if you did withdraw it, so you can sit on it for a few months and then if it's all clear spend away. If they come knocking you've got it ready.

The one semi sensible thing you have said in all your posts on this topic. Although the bank could backdate the transaction out of a high interest account as the interest is not legally yours, and if you don't have the money in the account where the money was put they can still take it back. Making you overdrawn and liable for charges and overdraft interest.

oldwiring

In reply yo dublime

M_Thomson wrote:

is getting a bad credit rating and possible court proceedings worth the risk???!!!

Sublime And what about insurances, when uou've obtained your crimianl record. You'll have to declare the conviction. There was someone only recently in that situation on MSE, finding great difficulty in getting car insurance. Bu then criminal types probably do not bother about such legal niceties. Mugs like us can pay extra in their premiums:rolleyes:

sublime

M_Thomson wrote:

You really have zero idea of how banks work do you? Do you honestly think they would credit an account with money everytime a customer walks in and says where is my money? No, they will investigate it.

Obviously not but if the money is clearly missing (which of course the person can prove easily) then the bank will start investiagting. If the lead time expires then the bank will pay off the money and carry the debt whilst still investigating. That way if the money does turn it it's the banks and everyone's happy and noone loses out.

please tell me where I can get a seven day weekend???!!!!?? Er, the point is that there was a two month wait because the bank did not do what you said. They investigated where the money was before giving it back.

Seven-day-weekend is the name of the forummer :rolleyes: and the two months is the lead time! I thought that wpoint as blatently obvious (but then again so was the username).
Week 1 - Person notices money is missing so contacts a bank providing them all the details they need to start an investigation
Week 2 - 4 - Bank looks for the missing money
Week 6 - 8 Bank chases up the money before returning it back / Bank pays off the money owed and continues to persue the money.

Please do tell, you obviously have a vast banking knowledge.

Just because you have a bad rating it isn't the be-all-and-end-all. You might not be able get an account with that bank again, or closely related partnerships, but there will be one that will take you on at a normal rate.

No, you can be traced on the electoral role, and via credit reports. Unless you decide to leave the country, but there are still ways of tracking people down even overseas.

I'm not saying you shouldn't give it back if they ask for it. Of course you should but that bank alone can't do anything to you if you pay it back. (again I thought this point was made but your ignorant attitude didn't notice this either).

The one semi sensible thing you have said in all your posts on this topic. Although the bank could backdate the transaction out of a high interest account as the interest is not legally yours, and if you don't have the money in the account where the money was put they can still take it back. Making you overdrawn and liable for charges and overdraft interest.

No they can't. No matter what type of account they can't touch the interest!

Hereward

M_Thomson wrote:

The one semi sensible thing you have said in all your posts on this topic. Although the bank could backdate the transaction out of a high interest account as the interest is not legally yours, and if you don't have the money in the account where the money was put they can still take it back. Making you overdrawn and liable for charges and overdraft interest.

sublime wrote:

No they can't. No matter what type of account they can't touch the interest!

I think that M Thomson is right: if the bank backdates the transaction then technically, you haven't had the money at all; therefore, you can't have earned any interest, so they haven't touched it, you just didn't earn it.

Jay-Jay_4

sublime wrote:

No matter what type of account they can't touch the interest!

I can't be bothered arguing because you don't seem to have any real knowledge of banking practice :rolleyes: but you will find that in the event of a transaction being reversed, a product adjustment is done to calculate and remove any interest earned over that specific period. Often, as a gesture of goodwill, it is left in the account but it CAN be reversed out of the receiving account.

Let it go :cool:

Mikeyorks

sublime wrote:

Week 1 - Person notices money is missing so contacts a bank providing them all the details they need to start an investigation
Week 2 - 4 - Bank looks for the missing money
Week 6 - 8 Bank chases up the money before returning it back / Bank pays off the money owed and continues to persue the money.

Sorry .... you've been way off the mark with all your posts throughout this thread. And you're not getting any closer with the above!

It's a cheque we're discussing. And it leaves an audit trail as it goes through Clearing. The OP's Bank can trace it backwards (there's a stored image that will immediately show the payee). Or the intended beneficiary can have the payer trace it through their Bank - and it will clearly reveal where it's been credited.

Max .... 3 days from start to finish.

ljhhuk

A few years ago my bank mistakenly credited my account with £79 for a cheque which was only for £19. (The 1 looked like a 7). I immediately told them about this and after that deducted £60 from my balance when working out how much money I had in my account. The bank never took this money back and a couple of years later I closed the account and kept the £60. I did not feel it was my responsibility to chase them to take back this money and I left it in my account so they could take it at any time.
Are there any lawyers out there who could tell us the legal position if we inform the bank of the wrong deposit and they subsequently do nothing about it??