Money in my account which isn't mine!

Kula_Shaker

I wonder if anyone could advise me. I’ve recently realised that monthly payments have been going into one of my bank accounts from an unknown creditor. This account is not one I use for spending, it’s simply just an account that I transfer money in and out of as and when I need, so I never really bother to check the statements – I either have money in there or I don’t!
As soon as I realised I alerted the bank, and it turns out that the monthly payments are in error from an individual, who set up a standing order online but keyed in 2 incorrect numbers in the account and it just happened to be my account!
Now the bank have told me that this is money I have to pay back. I feel very frustrated as this isn’t my error and now I’ve been put into a position where I owe quite a large chunk of money which I hadn't even realised I had borrowed! Is it definitely my responsibility to pay up?

HappyMJ

Yes it is. If not legally then morally it is.

usedandabused

pay it back, save yourself the hassel and allow the poor sod to get their hard earned money back

DizzleUK

100% yes, it is your responsibility to pay up. Regardless of whether you check your balance regularly or not, that money is not yours and never has been. There is no way out of this one, but do speak to the bank to see if you can arrange an affordable repayment plan.

If you'd not touched the money it would already have been lifted from your account.

System

Insist that the highest rate you will pay it back is at the same rate it was put in.

Kula_Shaker

Thank you for your posts - I hadn't meant that the individual shouldn't get his cash back - but rather that the bank may have some insurance against this and be liable to pay it back to him themselves. It seems too easy to pay into an incorrect account and there should be an extra step to protect account holders - such as the creditor and myself!
Thanks for your advice.

DizzleUK

!!!!!! wrote: »

Insist that the highest rate you will pay it back is at the same rate it was put in.

Why?

The customer would be refunded by the bank and the OP would be repaying the bank. The customer chose the frequency and payment amount, not the bank.

The OP needs to come to an arrangement based on what he can AFFORD to repay.

McKneff

Of course you should pay it back.

Whether you are in debt or not is beside the point.
If you pay it back you will be in exactly the same position you would have been in if it hadnt gone in at all.

onlypaddy

Kula_Shaker wrote: »

Thank you for your posts - I hadn't meant that the individual shouldn't get his cash back - but rather that the bank may have some insurance against this and be liable to pay it back to him themselves. It seems too easy to pay into an incorrect account and there should be an extra step to protect account holders - such as the creditor and myself!
Thanks for your advice.

Well that wouldnt work would it? That way, you could get a mate to 'accidentally' pay £10000 into your account, have the banks insurance pay out and hey presto, £10k profit! Have some common sense...

Fiddlestick

Kula_Shaker wrote: »

Is it definitely my responsibility to pay up?

Of course.

It is not, and never has been your money to spend.

thatsean

When did this forum shift from money saving to "moral bankruptcy - a beginners' guide"?