Bank error in my favour

kbollan

I closed an account with NatWest, which only contained £1.73. As I did not have my new bank account details to hand when I closed the account NatWest undertook to send me a cheque. When this arrived it was for an amount of several thousand pounds. I wondered if anyone had advice as to what would happen if I opened an interest earning account - when NatWest identifies their error would I be liable to pay them the interest I earn or only return the money they paid in error. The Financial Service Authority was unable to provide me with any advice on this issue.

vax2002

kbollan wrote: »

I closed an account with NatWest, which only contained £1.73. As I did not have my new bank account details to hand when I closed the account NatWest undertook to send me a cheque. When this arrived it was for an amount of several thousand pounds. I wondered if anyone had advice as to what would happen if I opened an interest earning account - when NatWest identifies their error would I be liable to pay them the interest I earn or only return the money they paid in error. The Financial Service Authority was unable to provide me with any advice on this issue.

If they contact the bank, which they most likely will as the all pee in the same pot, you may be arrested for conspiracy to de-fraud if you have not told the bank, so could anyone else offering you tips on here on how to pocket it, it matters not if they know you or not.
My Advice call the bank !

Rupert_Bear

kbollan wrote: »

I closed an account with NatWest, which only contained £1.73. As I did not have my new bank account details to hand when I closed the account NatWest undertook to send me a cheque. When this arrived it was for an amount of several thousand pounds. I wondered if anyone had advice as to what would happen if I opened an interest earning account - when NatWest identifies their error would I be liable to pay them the interest I earn or only return the money they paid in error. The Financial Service Authority was unable to provide me with any advice on this issue.

Are you a troll:rotfl:

stuart30

Rupert_Bear wrote: »

Are you a troll:rotfl:

Why do you ask that..?

The banks do make mistakes...Esp Barclays

zxspeccy

In cases like this the bank would only really require the money back, and it is unlikely to pursue you for any interest. However knowingly depositing this money could be seen as fraud.
I do know that when funds are deposited into your account electronically, there are occasions where you do not have to pay the money back. However this is only in cases where you could prove you didn't notice. For example a £10 faster payment credit may not be something you would notice and could easily be spent without you realising it was not yours. However £10K into you account you should notice (unless you are a millionaire) so it that case you wouldn't have a leg to stand on if they came after you for the money.
I would be honest with the Bank and tell them about the mistake and if you complain about the delay in receiving your balance and the time you have had to spend sorting out the matter, you might even get a nice goodwill gesture payment for you help and honesty. The other thing to remember is that a cheque is not a guaranteed payment, even from a bank (I am assuming it is not a Bankers Draft), so if you do pay it in it might have been stopped by now.

Childintime

Go to jail, go directly to jail, do not pass go, do not collect £200.

Gromitt

You can't really get a cheque for £1.73 confused with a cheque for £1730, so no, I wouldn't dare to bank it. They WILL ask for it back, and I'd expect pretty soon after you deposited it, if they even approve the funds.

Easier just to go back to them and say "This is exactly why I'm leaving you, look, you can't even get the closing balance correct!".

Plus this way would be far more fun