Bank error in my favour. What should I do?

CAK1965

I sold my car to a guy and he arranged a BACS payment to me which would have been credited 3 days later. I wouldn't let him collect the car that day as the money was still in transit and so he then cancelled the BACS payment and made a same day transfer of funds to my account and collected the car the same day. A few days later the original BACS payment was credited to my account resulting in me being paid twice. I only noticed this about two weeks later and immediately contacted the guy thinking how could he miss so much money. He told me the bank had also credited back the original BACS payment to him so he wasn't missing the money. He told me to send him a cheque and he would take it to his bank to explain what had happend. I haven't done this and I'm not saying I don't trust him to do that but I'm curious who the bank will approach to recover the money when they notice the mistake. Any advice would be appreciated.

zppp

CAK1965 wrote: »

I sold my car to a guy and he arranged a BACS payment to me which would have been credited 3 days later. I wouldn't let him collect the car that day as the money was still in transit and so he then cancelled the BACS payment and made a same day transfer of funds to my account and collected the car the same day. A few days later the original BACS payment was credited to my account resulting in me being paid twice. I only noticed this about two weeks later and immediately contacted the guy thinking how could he miss so much money. He told me the bank had also credited back the original BACS payment to him so he wasn't missing the money. He told me to send him a cheque and he would take it to his bank to explain what had happend. I haven't done this and I'm not saying I don't trust him to do that but I'm curious who the bank will approach to recover the money when they notice the mistake. Any advice would be appreciated.

Keep hold of the extra funds. They will contact you to recover the funds - as they have a legal right to do so.

tazdevil01985

Make sure you DONT spend it as they will recover the extra funds

jonesMUFCforever

Never ever repay something like this with one of your own cheque!
Let them ask for it back on headed paper.

stephane_2

If you were honest you would contact the bank.....

CAK1965

tazdevil01985 wrote: »

Make sure you DONT spend it as they will recover the extra funds

Thanks, no intention of spending (yet). I'll let them work for it.

CAK1965

stephane wrote: »

If you were honest you would contact the bank.....

I am and will but I'll sit on it for a while. They don't rush when its the other way around!

CAK1965

jonesMUFCforever wrote: »

Never ever repay something like this with one of your own cheque!
Let them ask for it back on headed paper.

Noted thanks:)

JA2412

A similar thing happened to me but with a credit card payment. I paid them on the due date but got a call saying I had missed a payment. My card had been lost a few months before and I had not changed my online banking to reflect the new card number... So I explained this and the lady on the phone found the payment against my old card number and moved it to the current one. Then when my statement came through I saw that a duplicate payment also been applied to my account - leaving it in credit. Every month when I get my statement I expect them to notice the error but they have not yet done so (3 months have passed). As a result my statement continues to show a credit balance and I am not being charged interest or being asked to make a payment. I know they will probably eventually discover their error but, frankly, as a poorly paid public servant, I reckon the bank can probably bear the loss for a bit longer....

Cmdr_Bond

CAK1965 wrote: »

Bank error in my favour. What should I do?

Collect £200?



I'll get me coat.