someone is (incorrectly) paying a standing order into my account

thetope

I have an internet-only savings account which is associated with one of my banking current accounts. As I haven't been directing any savings to this account for a while I wasn't really paying any attention to the balance. However I recently noticed that the account held £200 more that I thought was in it and opened up the online statement, only to find that someone has been paying £50 a month into the account on the 28th of every month for the past 4 months! Noone i know could possibly have the details of this account and the name on the transactions is not one i recognise so it's definitely a mistake.

Being an honest sort, i phoned the bank and explained that someone appears to have incorrectly set up a standing order into my account and could they return the money back to the sender. The agent on the phone said that it was not possible to return the money as they do not have the account number/sort code of the person who has been putting this money into my account!! She said that what ever happens, the money can not be withdrawn from my account and it is effectively mine to keep!? Is this correct?

I don't have any intention of spending money that isn't mine but there doesn't seem to be a whole lot else i can do until the person who has misplaced the money tries to trace it and retrieve it. From what the agent said, if this occurs i am still not legally obliged to return it but of course I will. Until then I am in limbo though, what if this person never notices?!

chanz4

Put it in a savings account out of the way, with it been a standing order it may take time for them to notice. Glad to see someone honest for once

jojo_2012_2

Definitely put it in a savings account. But unless I had a letter in writing saying it was 'mine to keep' I wouldn't spend it. I wouldn't take the agents word for it over the phone. Soon as you get that letter take the money and run!

Andystriker

Ask your bank for the account number and sort code of where the money has come from. I am sure they will know this information and at least if you want to send it back you can then do so.

Hazzanet

Andystriker wrote: »

Ask your bank for the account number and sort code of where the money has come from. I am sure they will know this information and at least if you want to send it back you can then do so.

thetope wrote:

The agent on the phone said that it was not possible to return the money as they do not have the account number/sort code of the person who has been putting this money into my account!!

Doesn't seem possible.

mr_fishbulb

Hazzanet wrote: »

Doesn't seem possible.

The agent the OP originally called doesn't know what they are talking about. They money isn't theirs to keep, and also I don't think a bank would have no idea where money comes from. Would make criminal's lives a whole lot easier if they didn't.

I'd suggest the OP calls the bank again.

GlamGirlie

Andystriker wrote: »

Ask your bank for the account number and sort code of where the money has come from. I am sure they will know this information and at least if you want to send it back you can then do so.

The receiving bank won't have this information for a standing order.

Put the money aside, it is most likely an error, perhaps transversed digits, rather than someone actually trying to pay you. Eventually the sender will be made aware their monies have not arrived and will ask their bank to put a trace on the monies.

Then, their bank will get in touch with your bank and ask you to return it. .... at which point you can happily do so.

CLAPTON

GlamGirlie wrote: »

The receiving bank won't have this information for a standing order.

Put the money aside, it is most likely an error, perhaps transversed digits, rather than someone actually trying to pay you. Eventually the sender will be made aware their monies have not arrived and will ask their bank to put a trace on the monies.

Then, their bank will get in touch with your bank and ask you to return it. .... at which point you can happily do so.

why do you say that
a standing order is only a BACS transfer

agrinnall

CLAPTON wrote: »

why do you say that
a standing order is only a BACS transfer

Absolutely (or a FP SO, but it's basically the same), I can guarantee that the receiving bank will have the sending sortcode and account, banks have a legal requirement to be able to reconcile payments and this forms part of it. It's probably not available to someone in a call centre, they will need to pass it on to a more specialist area that deals with standing orders.

Andystriker

GlamGirlie wrote: »

The receiving bank won't have this information for a standing order.

Wrong.

The bank will have the information and will give it to you if you ask them. They may not know the name of the person who sent it, but they will know what account number and sort code it came from and when you have this information you can send it back (if you want to).

Ask your bank again (in writing if you get nowhere, and then ask them to reply to you in writing)