Co Op Account mysterious deposit dissapeared

Raksha

I have a Co Op bank account which I don't use. A few weeks ago I received a statement showing a deposit of £10,000 and a few days later a withdrawal of the same amount.

I didn't think much more of it, but realised today that a deposit made by mistake can't be revoked unless the owner of the account agrees to it, and I gave no such permission.

Has anyone got any idea what might have happened?

grumbler

Raksha wrote: »

I didn't think much more of it, but realised today that a deposit made by mistake can't be revoked unless the owner of the account agrees to it....

I think your are mistaken.

pmduk

You'll find a bank can and will correct an error if the error is obvious. It's where there's any doubt that permission is required. eg a cashier mistyping an account number will not require the customer's permission. A disputed fast payment inwards might require permission.

jonesMUFCforever

Unless you could prove the deposit was yours don't waste people's time with stupid posts.
Did you really think you can lay claim to that ten grand?

Raksha

jonesMUFCforever wrote: »

Unless you could prove the deposit was yours don't waste people's time with stupid posts.
Did you really think you can lay claim to that ten grand?

No, I was just curious as I'd obviously got the wrong end of the stick re removing unsolicited funds.

But there really isn't any need to be so rude - no such thing as stupid question, only stupid answers ....

jonesMUFCforever

There is you know.....................

chanz4

your entitled to the funds

brettcta

chanz4 wrote: »

you're entitled to the funds

no, they're not (i fixed your post - you're welcome)

Agricolae

I believe most people will refer to the relevant section of the 1968 Theft Act: http://www.legislation.gov.uk/ukpga/1968/60/section/24A

However this only covers funds which have been received and are the proceeds of some sort of crime (I believe).

Section 3 of the Fraud Act 2006 covers "failure to disclose information", which may make holding onto funds received in error illegal, but I am not sure.

In any case I believe the bank is within their rights to take it back. The polite thing to do would have been to ask for your permission. However, if you had refused your permission they would probably have written you a letter giving seven days notice that they will take the money from your account anyway.

Look at it this way:
1. You received a credit into your account which was unexpected.
2. You did not reasonably believe the funds were intended for you.

I think that would leave you in quite a weak position if you attempted to argue it with your bank (though I know you don't intend to).

Here is the Financial Ombudsman's position:
http://www.financial-ombudsman.org.uk/publications/ombudsman-news/87/87-banking-complaints.htm

thatsean

Quite a useful FOS resource there. Such a shame that so many people go to the ombudsman for them to apply the magic known as common sense.

artbaron

People are transferring tens of thousands into and out of your account and you don't think anything of it? I'd think something of it. In fact, I'd think enough of it to ring up the bank immediately and demand to know what's going on.