Bank's mistake - what should I do?

Redrum_2

Had to withdraw a large amount of cash yesterday - well into 4 figures - so went into my nearest LTSB and did it. Needed to go through some security checks, but that was all fine

Anyway, I've checked my statement today online, and they've got the withdrawal there as expected....however straight after it, they've put in a "correction" and put the money back into my account!!

Like I said, it's quite a substantial amount of money. I'm not stupid enough to go out and spend this, coz I know it's not my money anymore.

But given I'm getting 4% on the current account, I could just leave it in there until they notice and benefit from a bit of interest? Or should I just call them up and tell them?

Voyager2002

I think they'll correct it pretty soon, but any interest would be a nice bonus. But no-one would expect you to tell them.

Cypher

I wouldn't tell them just yet.

Leave it a while and give them a chance to sort it out

BASFORDLAD

Yea just leave it, dont touch it though

going2die_rich

Just don't touch the money for a few months. If they don't remove it or ask for it back then I guess it's just a bonus you've received for being such a good customer or maybe an interest payment?

After all whose likely to be wrong, you or their state of the art computer systems that they've spent millions on? You must just be mistaken that you didn't have that extra four digit figure in your bank, it must be the stress of work and that, thats made you forget you had it

Gordon_the_Moron

Just leave it in the account, if they realise and you earn interest on it then good, if they don't realise then it is their fault. I wouldn't remove it for about 6 months, after that put it somewhere else (make sure it is still available though) if they remove it without any warning from your current account then, replace it, if it puts you overdrawn ask them to refund fees/interest, they will have to.

ohmsoft

Not to sure about moving the funds (and certainly not spending).....start entering the obtaining funds by deception teritory which could result in unpleasentrys.

Leaving it there for a while without noticing should be fine but when they remove it chances are they will backdate the interest - if its there in a couple of days why not write them a letter and charge the for the trouble?

nethesi

Redrum wrote:

Had to withdraw a large amount of cash yesterday - well into 4 figures - so went into my nearest LTSB and did it. Needed to go through some security checks, but that was all fine

Anyway, I've checked my statement today online, and they've got the withdrawal there as expected....however straight after it, they've put in a "correction" and put the money back into my account!!

Like I said, it's quite a substantial amount of money. I'm not stupid enough to go out and spend this, coz I know it's not my money anymore.

But given I'm getting 4% on the current account, I could just leave it in there until they notice and benefit from a bit of interest? Or should I just call them up and tell them?

We had a similar but much smaller similar situation with a £30 cheque that nationwide lost, so we rang and wrote to our branch and they credited our account with 30 then found the cheque and credited us again. we rang them and my husband (mr ethical) even wrote to them, but they never got back to us and on the phone they just said don't worry about it. this was a year ago!:T

however in your case it's 1000s of £ and I don't think they'll take the same attitude. i think you should inform them - don't stoop to the level of the banks! plus you know they'll come down on you if they suspect wrongdoing...:mad:
them but on the + side from our experience they'll be slow about taking it back and you'll gain a few pence of interest... not much - but should be about 30p a day :rolleyes:

thecotswolds

If LTSB swipe your debit card at the counter and have to ring card services for authorisation, the transaction is corrected, the withdrawal is earmarked from your available balance and will appear as a debit card debit a couple of days later.

No error has been made.

BASFORDLAD

That makes sense, i dont un derstand why a branch has to ring through for authorisation.wierd

regularsaver1

I think that they will realise as they would have had a cash error and check their journal roll

you don't ring swipe cards and do authorisations in banks - only in shops. it would be taken as cash, not as a debit card purchase

banks have their own internal procedures though