Money credited to someone else's account!

shed_head_2

Has anything been resolved with your bank yet? Curious to see what happens as this happened to a friend of mine years ago. Also recently was on the recieving end of this situation.

Em

reehsetin

the money they recieved was a wrongful credit and according to the theft act, if they know its a wrongful credit and do not make reasonable attempts to return it they are breaking the law and can be imprisoned.
if the bank wont do anything speak to the police to report a theft

trenale

Thanks again everyone for your interest and comments. It seems the receiver has spent the money or at least removed it from their account. The bank have not been good at keeping us up to date. The last we heard was that they have offered the receiver a loan to pay us back.............more later

MrExample

trenale wrote: »

Thanks again everyone for your interest and comments. It seems the receiver has spent the money or at least removed it from their account. The bank have not been good at keeping us up to date. The last we heard was that they have offered the receiver a loan to pay us back.............more later

Unbelievable that someone could spend someone else's money like that without a second thought.

That said, the bank is right to not simply suck it back out of the receiver's account. After all, you could be the 'bad guy' in this: e.g. trying to steal money back from someone you paid. Certain other business behave this way, and everyone suffers.

trenale

We have got the money back!!! Just suddenly appeared in the account. I would love to know what action the bank took. Thank you for all your comments. A happy ending.

mleonard79

That's excellent - glad the bank made them see sense :beer:

Beate

Question is now will they reimburse you for the lost interest as well?

medic1978

Beate wrote: »

Question is now will they reimburse you for the lost interest as well?

They should do as a good will gesture

However, they MAY argue that it was the person transferring the money at fault - afterall the wrong details were in fact used (sortcode)

Beate

Then they would have had to use that argument for the £3,000 as well...

MarkyMarkD

I don't agree. The £3,000 wasn't fairly the property of the person who received it. Whilst the interest on the £3,000 wasn't theirs either, it is a trivial amount and could be considered fair compensation for the inconvenience caused by the OP's mistake to what was, after all, an innocent third party.

Forget the interest!

5% on £3,000 is £150 pa - or less than 50p per day.