Unknown deposit into my account

[Deleted User]

I noticed on a few days before Christmas that a sum of money was paid into my bank account via automated bank transfer. I was not expecting this money, and I am fairly sure that it was not meant for me.

I contacted my bank initially by phone and then I have followed this up with visits in branch.

The bank do not seem concerned and are of the view that whoever the money belongs to will want it back at some stage if it was not meant for me and will then take it back. They have assured me that I would need to be written to in advance of this happening (and the money is now in another newly opened account so it doesn't get mixed up with my own finances)

I have a meeting with them again and would like to know what more pro-active steps they should, or could, be taking to get to the bottom of all this

And is there anything that I can do to figure out where the money has come from?

Nothanks

I've seen this at work a couple of times, mystery pay-ins.

If you have a statement narrative line, with a reference or something you could post it here for some experienced eyes to have a peek at.

2/3 times in my experience this has been from a company that has been liquidated. Have you worked for/owned shares in/lost out at any point in the past to a company that went belly up. Liquidators can take yonks, and sometimes just pay out a year or two later with no warning. I've seen that more than once.

coolesticeking

I think it's best just to keep it in the account unless you do hear the money was for yourself - As you have said, if it is for someone else it will be removed at some point and if you have spent it and don't have the funds upon removal, it could leave you in a mess plus any fees that might have to be paid.

Paul_Herring

Domino9 wrote: »

And is there anything that I can do to figure out where the money has come from?

No. Just pretend it's not there.

[Deleted User]

Thanks for your reply

If you have a statement narrative line, with a reference or something you could post it here for some experienced eyes to have a peek at.

Do you mean what is says on the the statement next te BAC and the deposit amount? If so, I can find this again. Neither I nor the bank can make head nor tale of this (it's just some letters - like something has been shortened to initial form), the equivalent for my own salary BACS payment is the name of my employer. Is this what you are referring to?

2/3 times in my experience this has been from a company that has been liquidated. Have you worked for/owned shares in/lost out at any point in the past to a company that went belly up. Liquidators can take yonks, and sometimes just pay out a year or two later with no warning. I've seen that more than once.[/QUOTE]

No, thankfully I have never had this experience, and to my knowledge have always recieved all payments due

[Deleted User]

coolesticeking wrote: »

I think it's best just to keep it in the account unless you do hear the money was for yourself - As you have said, if it is for someone else it will be removed at some point and if you have spent it and don't have the funds upon removal, it could leave you in a mess plus any fees that might have to be paid.

Yes coolesticeking , I have set up a seperate account and the money is in there so that it cannot get confused with any of my own money.

The bank assure me that they will have to write to me in advance of taking it - and at that point I will return it to my own day to day account. I am almost certain that charges will not be made, as the cash is in another bank account at their advice - if so, I will be claiming them back. They have already agreed to reimburse for telephone calls I have made regarding this.

The other issue is that I was intending to switch banks I think cannot do this now until this issue is resolved.

Degenerate

Domino9 wrote: »

The other issue is that I was intending to switch banks I think cannot do this now until this issue is resolved.

Why not? There is no requirement to close your old account for a switching bonus, it's usually just that you transfer your DDs and salary payments. Switching should actually make this easier to deal with. You can leave the exact amount of money behind in the original account and no longer have to worry about losing track of it as the balance fluctuates with other transactions. I would go right ahead.

dzug1

Domino9 wrote: »

The other issue is that I was intending to switch banks I think cannot do this now until this issue is resolved.

Don't see why not - just leave the disputed sum with the current bank in the account it started off in

[Deleted User]

Degenerate wrote: »

Why not? There is no requirement to close your old account for a switching bonus, it's usually just that you transfer your DDs and salary payments. Switching should actually make this easier to deal with. You can leave the exact amount of money behind in the original account and no longer have to worry about losing track of it as the balance fluctuates with other transactions. I would go right ahead.

Thanks for this, I thought that I had to close it, was going to call and confirm later - that's excellent news!

Another quick one - my account has certain criterea attached (the one I want to close) if I no longer meet the criterea (paying in salary etc), can I still keep the account but change it to a basic bank accoutnt, so that the account info is the same and thus they'll be able to take the cash back fri=om the same account?

michaels

I was wondering where my money had gone - I must have mis-entered the sort code when I did the transfer. If I PM'd you my paypal details please could you return the funds - and please keep a tenner for your honesty and trouble

Domino9 wrote: »

I noticed on a few days before Christmas that a sum of money was paid into my bank account via automated bank transfer. I was not expecting this money, and I am fairly sure that it was not meant for me.

I contacted my bank initially by phone and then I have followed this up with visits in branch.

The bank do not seem concerned and are of the view that whoever the money belongs to will want it back at some stage if it was not meant for me and will then take it back. They have assured me that I would need to be written to in advance of this happening (and the money is now in another newly opened account so it doesn't get mixed up with my own finances)

I have a meeting with them again and would like to know what more pro-active steps they should, or could, be taking to get to the bottom of all this

And is there anything that I can do to figure out where the money has come from?

thenudeone

Domino9 wrote: »

The bank do not seem concerned and are of the view that whoever the money belongs to will want it back at some stage if it was not meant for me and will then take it back.

That is simply impossible. Once you make a payment to someone from your bank account, you can't just reverse it and take it back - you try it!

It is possible for a sender to recall BACS payments within a tight timescale: https://forums.moneysavingexpert.com/discussion/comment/36959100#Comment_36959100

But it is even more difficult (perhaps impossible) to retract a payment made in error through Faster Payments. For example Natwest states that it is not possible: http://www.natwest.com/microsites/personal/faster_payments_service/faster_payments_faq.asp#3

I remember a case on Radio 4's Moneybox about someone who made a payment in error. The receiving bank refused to tell him details of the actual recipient (Data Protection) and it could not be recalled, so he lost the money.

I would keep going through the complaints procedure until you get a resolution. If you spend it knowing its not yours, you could be guilty of theft.