Where do you stand if you spend money a bank has paid in error?

suzywong1974

If a bank pays funds into your account in error and the money has been spent where do you stand with them retrieving the money? What steps would the bank take?

stclair

If the money was not yours why have you spent it?

The bank could possibly take legal action for fraud or just chase you for the money in question.

http://www.cps.gov.uk/legal/s_to_u/sentencing_manual/dishonestly_retaining_a_wrongful_credit/

Fedz

Naughty, naughty

The bank will contact you either by phone & or letter & ask you to pay it back urgently!

If you can not pay it back immediately they'll:
Depending on amounts, person ... plus your individual circumstance eg: how long you've been banking with them, your past account history ... ask you how you are going to pay it back at the quickest possible time.

If you can't come to an acceptable agreement ... then possibly the above what forum member stclair has answered.

Remember if you have any savings with them they may also possibly take that towards it.

They may even depending on individual circumstances close your account.

The nicer you are & quicker you are at giving it back the better.

themull1

how much did you spend?

McKneff

In all honesty, what do you think they will do,

pmduk

At the end of the day you're expected to know what's in your bank account. Where did you think that money came from?

fozmcfc

Hoping we don't just have a troll here or someone who just signed up because they were curious and won't ever post again.

Anyway assuming we haven't, I would say that in general if it was a small amount, I guess a person could well not realise and it could well be passed as a genuine mistake, even though the money will still be payable back.

But if we are talking thousands unless the account actually holds 10's of thousands or more, I don't reckon the bank would accept it as a genuine error.