Difficulty repaying bank error in my favour

CKhalvashi

Gravelrash wrote: »

Yes, thank you. I wasn't sure if I was required to repay it all very quickly, which would cause me difficulty, particularly at this time of year.

I think £50 a month is more than fair, and I also think that £30 a month over 15 months would be fair.

I sent money where it shouldn't have gone a few years ago, and it was just that the acc no. and sort code matched up, that it didn't bounce back. It was (I think) £100, sent to someone struggling anyway (offered £5 every 2 weeks), and I think I just told them to keep it.

CK

mulronie

I think you would be perfectly justified in telling them you will repay the money, in monthly installments of whatever you are comfortable with, less £50 to cover your costs of administration.

They are asking you to spend time helping them rectify a mistake of their doing, it's only fair you are compensated for your effort.

NorthernOne

How did another bank get your details to write to you? You also state that you found your account balance "perfectly reasonable" even with the additional £450 which seems strange as anyone who knows what their incoming/outgoing payments are would know there was something not right with their balance but rather than check you have just gone off and spent this additional funds.

I would also suggest you ring the bank (if they exist) rather than writing to them. Are they a major bank as this could be a scam (money laundering).

Ultimately if genuine you have spent money which does not belong to you and I would not think they will accept any payment plan.

artbaron

Gravelrash wrote: »

Hmm. OK, if I had accidentally sent, lets say £5, to someone in Zimbabwe, and they told me they would have difficulty repaying, not only would I accept instalments, I would tell them to keep it.

They'd probably offer you a deal whereby you pay a £500 processing fee and they'd send you £10m, plus the £5 they already owe.

Mozette

If you didn't know you had an extra £450 in your account, how can it be such a struggle to pay it back if £450 is such an insignificant amount as to not notice you had it?
Doesn't add up...

JuicyJesus

mulronie wrote: »

I think you would be perfectly justified in telling them you will repay the money, in monthly installments of whatever you are comfortable with, less £50 to cover your costs of administration.

They are asking you to spend time helping them rectify a mistake of their doing, it's only fair you are compensated for your effort.

1) "Costs of administration"? What? If anything the bank should be charging the OP.

2) It's not their mistake, it's the customer's for spending money they should have reasonably known was not theirs.

Gravelrash_2

I am, quite frankly, a bit surprised by the number of slightly rude and even accusatory (Mozette) posts I have received in response to my question, simply because I don't really know how much money I have in my bank account at any given time. I am not proud of it, but I am clearly not alone in this - take a look at telegraph.co.uk/finance/personalfinance/consumertips/banking/9640179/One-in-three-leaves-bank-statements-unopened.html

Anyway, those responses are still a surprising but useful preparation for the level of disbelief I am likely to encounter when explaining my circumstances to the staff at the bank. I think this is probably a good reason to make sure I make all communications in writing rather than over the phone.

Thank you to everyone, even the rude and accusatory contributors, for taking the time to respond.

dalesrider

Gravelrash wrote: »

but useful preparation for the level of disbelief I am likely to encounter when explaining my circumstances to the staff at the bank. I think this is probably a good reason to make sure I make all communications in writing rather than over the phone.

Thank you to everyone, even the rude and accusatory contributors, for taking the time to respond.

I would ring the bank ASAP and explain the situation. That way you are showing willing to sort the issue.
By writting it could be taken that you are trying to string it out.

You may find that to sort it out quickly that they give you a £450 o/d FOC and reduce that at a agreed rate.

In reality you will find the bank more friendly that some of the natives here :rotfl:

innovate

Gravelrash wrote: »

.....simply because I don't really know how much money I have in my bank account at any given time. I am not proud of it, but I am clearly not alone in this - take a look at telegraph.co.uk/finance/personalfinance/consumertips/banking/9640179/One-in-three-leaves-bank-statements-unopened.html

Don't kid yourself - - the only one who loses out in the end if you aren't on top of your finances is yourself. The fact there's tons of other people who never open their bank statements doesn't give you any safety net - - if money vanishes from your account, it's your money that's gone, and if you don't realise it's gone, it's your loss.

Nothing rude about pointing this out to you. But you don't, of course, have to take on board these well-meant suggestions.

Southernman

I deal with customers and their bank accounts on a daily basis and the amount of times they say they haven't noticed £12.95pm for a packaged account coming out for x years astounds me. If I got paid £1 every time someone said that to me, I'd be rich, insanely rich!

I can vouch that more people than you think don't check bank statements