Funds incorrectly paid to my account

KFL

Hello

I've had a sum of money paid into my account incorrectly (over £1000). It coincided with a large transfer in (legitimate) and so didn't notice for 3 days. The incorrect money has come from a different source as the correct transfer so is just a coincidence that it came in at the same time.

It appears that the funds have come from HBOS investments. I don't want to keep the funds illegitimately (would love to keep them legitimately but know that's not going to happen!).

It has now been 3 weeks, What do I do? My bank said that the usual practice is for them to be contacted by the remitting bank.

In the mean time, I have moved the funds to a savings account.

Valli

Given that you have moved the incorrectly-credited funds to a savings account WRITE to the bank telling them that you require notice if they wish to remove the funds from your current account. Add that you have no wish to keep the funds, merely that you have moved them to separate them from your own money.

Perfectly acceptable IMO. Chances are whoever applied the your credit to your account got distracted and applied a subsequent credit to your account.

pvt

Valli wrote: »

Chances are whoever applied the your credit to your account got distracted and applied a subsequent credit to your account.

KFL wrote: »

The incorrect money has come from a different source as the correct transfer

Seems unlikely then Valli

TheBanker

You could ask your bank to send the funds back from whence they came.

pvt

TheBanker wrote: »

You could ask your bank to send the funds back from whence they came.

I don't think that's good advice.

That's analogous to receiving an envelope full of cash through you letterbox, and because you don't think it's for you, putting the cash into a local pillar box.

If the money you received is not for you, then there's every chance the payee will contact your bank and ask them to ask you for it back. As others have suggested, put the cash in a savings account and ignore it until someone contacts you about it. I would suggest that if you've heard nothing after a year or so, it's fair to consider it to be yours.

innovate

pvt wrote: »

I would suggest that if you've heard nothing after a year or so, it's fair to consider it to be yours.

I'm afraid, it's not about what individuals find fair - there is a law (1968 Theft Act, applicable to England and Wales - - probably similar in other countries) that applies. Keeping money that you know doesn't belong to you is theft.