Dormant Account

snoitcasnart

I have a dormant account, which, I checked online last October 2011 and found a Bank Giro Credit payment of around £500 from a large well-known company. I had not been expecting this, which looks like a refund or wage payment. I have contacted both the bank and the company to verify the payment is mine, but got nowhere, and no one has reclaimed it. How long should I wait before touching this money e.g. put it in a better interest bearing account?

Hooloovoo

There's no reason why you couldn't transfer it wherever you wanted immediately.

If you're the type of person who spends every single penny of your income leaving absolutely nothing at the end of the month, just make sure you never leave yourself in a position where you can't afford to immediately pay back the £500 if someone asks for it.

bris

If it's not yours then the company have 6 years to reclaim it. You can do what you want with it in the meantime, but if they ask for it back you need to be able to give it to them. There are a few cases of theft by finding or retaining wrongful credit on this type of thing, but that is rare.
As you have informed the bank and the company concerned about it you need do nothing else. There have also been cases where the money has been spent and the courts awarded it to the recipient because they believed it was rightfully theirs, this is rare though and you need to prove why you believed it was yours so a good reason is needed.

lisyloo

How long should I wait before touching this money e.g. put it in a better interest bearing account?

Put it in an interest bearing account straightaway.
But wait 6 years before spending it.

BTW - After 6 years, it's still not yours, it's just legally unenforceable for anyone to get it back. That doesn't make it yours.

I'm not morallising, just clarifying the situation.

jonesMUFCforever

If the account is dormant you won't be able to touch it at all until you have re verified your ID.
If the account was dormant then the credit would have been rejected?

alfred64

Troll - op