What happens if a bank deposit money accidently into an account?

matt_j_k

I was wondering if anyone is aware of consumer rights. I have had a substantial Cash payment made into my account but have no idea where it has come from. I contacted the bank once and they were no help. I think it could be a banking error and have written to them to ask if they could find out who paid the money in and whats going on (basically I have alerted to them to a potential irregularity with my account). I've moved the money to an account I can't use as the payment could well be an error. Does anyone know where I stand with relationship to ownership and recompense from the bank for me having to find out what's going on and for the error with my account. If they can't identify it as an error then what happens to the money?

Many thanks for your ideas.

Lokolo

The money stays with you until they figure out whats wrong and they then take it back when they figure it out.

crispy_chris

Theft_Act_1996_Chapter_62 wrote:

“24A Dishonestly retaining a wrongful credit
(1)A person is guilty of an offence if—
(a)a wrongful credit has been made to an account kept by him or in respect of which he has any right or interest;
(b)he knows or believes that the credit is wrongful; and
(c)he dishonestly fails to take such steps as are reasonable in the circumstances to secure that the credit is cancelled.

Its not yours, once the bank realise and request it back if you refuse you are then guilty of theft.

matt_j_k

If they requested it they'd get it back! I am acutely aware of the potential for being accused of theft. They made me laugh though, I rang the telephone banking service 1st who seemed so uninterested and told me I should identify the payee?????? Hence writing to them. Thanks for the information. It'll just have to sit in my savings account until they fix the problem.

YorkshireBoy

matt_j_k wrote: »

It'll just have to sit in my savings account until they fix the problem.

Let's hope they don't just remove it from your current account then and leave you in an (un)authorised overdraft situation.

The resultant O/D could cost you 19.9-29.9% EAR. How much is your savings account paying?

RayWolfe

You realise that it may be nothing to do with the bank? It could be someone who has used your account number in error to make a payment to someone else.
This does not change the legality.

Rao_Vantika

matt_j_k wrote: »

I was wondering if anyone is aware of consumer rights. I have had a substantial Cash payment made into my account but have no idea where it has come from. I contacted the bank once and they were no help. I think it could be a banking error and have written to them to ask if they could find out who paid the money in and whats going on (basically I have alerted to them to a potential irregularity with my account). I've moved the money to an account I can't use as the payment could well be an error. Does anyone know where I stand with relationship to ownership and recompense from the bank for me having to find out what's going on and for the error with my account. If they can't identify it as an error then what happens to the money?

Many thanks for your ideas.

What does it say on the Statement? there should be a name or reference?

I agree with the other posters though. Personally I would not have moved it, the bank could recall it at any time!:eek:

stealth

Have a look at the telegraph newspaper website and search for an article about the west brom bilding society written by Jessica Gorst-Williams published 17th feb. This happened to a guy and he got lucky.

Trust me - the bank will eventually ask for it back - have a look at the above - this guy was very, very lucky.

It has happened when proceedings have been started when a person has not given the money back asap.........

It's probably another customer at the banks error - that person may not realise for a long time....

PC_Gabriel_Kent

Im waiting for the can i keep the money question! Closley followed by the situation where the bank give the money back to the real owner, bank account overdrawn and they moan about that.