Banking payment error. Need advice.

kgconsumer

Hi,

Logged on to my A&L online account this morning to find a whopping £1200 in there courtesy of LTSB.

The payment was broken down in two (c.£700 and c.£500).
I'd recently paid off two credit cards and so naturally assumed something had gone wrong with the payment. However, I was confused as to why they credited my A&L account as I paid my CCs via my Lloyds account.

When I called them they explained the £500 by saying they had taken it in error last October and were now repaying it. Sorry.

However, they could not explain the £700 which they promised to look into. Don't look too hard I said.

But, what can I expect guys? Can the bank take that £700 back any time? Can I withdraw it and effectively 'mis-place' it i.e. under my mattress? Is it tough luck for them or me?

Thanks.

SimbaSimon

kgconsumer wrote: »

Hi,

Logged on to my A&L online account this morning to find a whopping £1200 in there courtesy of LTSB.

The payment was broken down in two (c.£700 and c.£500).
I'd recently paid off two credit cards and so naturally assumed something had gone wrong with the payment. However, I was confused as to why they credited my A&L account as I paid my CCs via my Lloyds account.

When I called them they explained the £500 by saying they had taken it in error last October and were now repaying it. Sorry.

However, they could not explain the £700 which they promised to look into. Don't look too hard I said.

But, what can I expect guys? Can the bank take that £700 back any time? Can I withdraw it and effectively 'mis-place' it i.e. under my mattress? Is it tough luck for them or me?

Thanks.

I believe they can claim it back upto 6 years. Stick it in a savings account (providing you have an overdraft to cover the balance if they do claw it back) and wait 6 years until you spend it!