Please help Do I have to give it back?

girlracer34

Hi
I have just gone to my bank and found that I have more money than I expected.
So what am I complaining about why do I need help?
I just wondered where I stood with reagrds to giving the transfer back.
The bank does not know where it came from and neither do I. Do I have to give the money back?
Forever hopeful x

Clive_Woody

girlracer34 wrote:

Hi
I have just gone to my bank and found that I have more money than I expected.
So what am I complaining about why do I need help?
I just wondered where I stood with reagrds to giving the transfer back.
The bank does not know where it came from and neither do I. Do I have to give the money back?
Forever hopeful x

If it's definitely not your money at some point the owner will most likely track you down through the banking system and you will have to give it back. You could always stick it in a savings account somewhere and then at least you get a decent interest rate and you can keep the interest.

Lots of threads on here from folk who were overpaid or something similiar then proceeded to spend the money then were shocked when they were told to return it.

Generali

girlracer34 wrote:

Hi
I have just gone to my bank and found that I have more money than I expected.
So what am I complaining about why do I need help?
I just wondered where I stood with reagrds to giving the transfer back.
The bank does not know where it came from and neither do I. Do I have to give the money back?
Forever hopeful x

The rules as I understand them are that if tell the bank of their mistake, if they tell you to keep it (has happened according to banking fable - I work in banking) you can spend it. Most likely they'll take it back off you.

If you decide to spend it you will have to pay it back eventually as it's not yours but you can offer to do that at £30-50 pm and the bank may accept that.

My advice as a banker? Tell the bank - to spend the money knowingly is theft.

LittleVoice

girlracer34 wrote:

Hi
The bank does not know where it came from and neither do I. Do I have to give the money back?

You don't have to give the money back right now - it may really be yours! - and any way you would only be offering it to the bank (for them to make use of for the time being) not the sender or their other intended recipient.

It seems to me that you have alerted the bank to the fact that it may not be yours so I would do as Clive Woody suggested and put it in a high interest easy access savings account. This way, if it is proved that it's not yours, it would be ready for you to repay quickly - rather than drip feed it back on a monthly basis.

tom188

It never ceases to amaze me how many people ask this question. See the sticky from Al Mac on the current accounts board involving questions where the answer is obvious.

girlracer34

Hi
I have place it in a high interst accont and will wait for the day to give it back.
Many thanks for all your help.
I tried to search for this type of topic and couldn't find anything.
girlracer34