share dealing service mistake

panky_2

I have just receieved a letter from my share dealing service

They say in Oct 2007 they paid the same dividend to me twice - a small matter of £584. They say they want this money by the end of the month or they will take it out of my trading account.

I remember something happening around that time but I wasnt fully sure what was going on and presumed they knew what they were doing and it was ok.

Does anyone know how I stand about giving it back are they in their rights to have it back as it has been over 30 months and it was their error ?

Weirdlittleman

Yes if they paid it twice they have the right to reclaim it back.

panky_2

Thanks Weirdlittleman
isnt there some sort of timeframe thay have to request it by?

Optimist

They are entitled to ask for it back and instantly. If you have a problem paying they "might" give you a breathing space but that's their choice after all you have had the use of their money for the last 30 months.

Now if you had said it was 6 years ago you would have had a chance of keeping it !

panky_2

Thanks Optimist, I thought that was probably going to be the case, but lived in hope cheers

Equaliser123

I would say, however, that (depending on the terms and conditions) they would be unable to unilaterally deduct it from your trading account.

brightonman123

best empty your trading a/c, if short of funds to repay right now..?

panky_2

Equaliser123 wrote: »

I would say, however, that (depending on the terms and conditions) they would be unable to unilaterally deduct it from your trading account.

Thanks Equaliser. I am going to speak to them (needed to check how I stood first) so i will ask where in their T&C it says this

panky_2

brightonman123 wrote: »

best empty your trading a/c, if short of funds to repay right now..?

Thanks, its looking like I owe them the moneyand have to pay, so thats what I will do