Bank's mistake - what should I do?

BASFORDLAD

Lloyds do,

regularsaver1

how strange

dhug

Maybe I'm wrong but if you have taken the money and have spent it and the bank have made a mistake putting it back then surely its not your money to earn interest on. If the boot was on the other foot there would no doubt be lots of posts about "thieving banks" so if it is wrong for banks then it is just as wrong for individuals I would be ringing them up but then I am probably too honest, what is that saying "do unto others"

Vickicb

Years ago when I was just out of Uni I had a Barclaycard with £250 on it (up to it's limit) and I paid the minimum repayment. Then one day my statement said there had been a payment made in of £342.15 (weird how I can still remember the exact figure!). I knew it wasn't a concerned family member because of the odd figure, so I left it there for six months, the length of time I was told banks have to correct their mistakes. Then I spent it on Christmas pressies! Nothing was ever said, I didn't close the card but it was never queried. Bit less than a 4 figure sum though!

ffacoffipawb

Vickicb wrote:

I knew it wasn't a concerned family member because of the odd figure, so I left it there for six months, the length of time I was told banks have to correct their mistakes.

Not sure that's right. They can still take it back in the future as it wasn't your money to start with, assuming they find the mistake.

(Unless you claim that the money caused your circumstances to change or whatever.)

I had an erroneous credit into one of my accounts nearly two years ago. The money is still there waiting to be removed, but nothing has happened yet. If only I could guarantee to be able to keep it!

tom188

Im sure it wont take long for them to correct the mistake.
If theyve made a mistake and realize they will take back the money and any interest earned.

To withdraw the money and spend it would be theft. it's not your money nor will it ever be, it is the bank's. Surely you have a moral obligation to tell the bank of the error if they do not clear it up themselves. Or do people no longer have morals anymore.

ffacoffipawb

tom188 wrote:

Im sure it wont take long for them to correct the mistake.
If theyve made a mistake and realize they will take back the money and any interest earned.

To withdraw the money and spend it would be theft. it's not your money nor will it ever be, it is the bank's. Surely you have a moral obligation to tell the bank of the error if they do not clear it up themselves. Or do people no longer have morals anymore.

Well, my mistake was in the first quarter of 2005. I made a withdrawal from a savings account (NOT first direct) into my bank account with first direct. Anyway, nothing happened, so a week later I asked them why the withdrawal wasn't made and they apologised. Just under a week later the withdrawal was credited to my bank account. The next day, an identical sum was deposited with the same reference. But there was only one withdrawal from the savings account, I am pretty sure of that. It was just over £100 to pay a stooz bill.

Not a large sum of money, so I waited for it to be taken back but it never was. So it is stil there.

If the error wasn't picked up when the company did its accounts at the end of the 2005 year, when will they pick it up (given that these banks process thousands of transactions daily)? They can have it anytime as it is there for them!