Bank error

moiledie

Hi
Don't know if this is the right place - so sorry if wrong.
On-line banking says I've a cheque paid in for £892,000 this didn't happen, I've rung bank and they investigating.
How longcan it take to investigate?
Can I move money out of current account into a account I don't use so I can easily see the money I have avalible to pay bills (its with the same bank)?
Lastly can they take the money back before the cheque clears as I'd go seriously overdrawn?
I don't want to keep money but don't want to go overdrawn because of there error.
Thanks in advance

Jojo1daffy

If it's a sum of money paid into your account in error, why would them reclaiming those funds leave you overdrawn unless you were going to be overdrawn anyway? I doubt it will take long to investigate and what they will probably do in the meantime is remove the funds as you have said they are not yours and put them in a suspense account until they know who they actually belong to.

zppp

Not only that, but it may not be your bank's fault, as someone may have filled out a paying in slip incorrectly for example.

moiledie

Because the cheque hasn't cleared so the money is pending to be there not there yet. If they take it back before its cleared I don't have the money.

zppp

They won't, they will wait for it to clear and then transfer it.

preable

i wish that happend to me hahaha

Mikeyorks

moiledie wrote: »

If they take it back before its cleared I don't have the money.

That's silly. If they take it back before it's cleared - you're in the same position you were in before they put it in!

Have you paid in a cheque recently ..... eg £8.92???

moiledie

So it wouldn't be taken out it would disappear.
Thanks for advice.
Paid in cheques to value of £8.50 but they are there separately - so thats not the error.

barak

If somebody is missing £892,000 it shouldn't take too long for it to be sorted

pmduk

just think of the poor soul who is trying to find out what the bank is doing with his/her £892,000!

Mrs_justjohn

Mikeyorks wrote: »

That's silly. If they take it back before it's cleared - you're in the same position you were in before they put it in!

Not true....The OP is correct it would show as 'overdrawn'. Although technically they are not overdrawn they will have drawn against uncleared funds which has the same end result ....debit interest and maybe charges.

If you pay a cheque in on Mon at your bank it will show in your balance at close of bus Mon, although it won't clear until Wed/Thurs. Therefore if you withdraw the funds before that then you have borrowed against money that is not yours.

Hence why sometimes cash machines show a 'balance' and an 'available balance'