Advice when Bank takes £8,000 in error.

Willman_Rodders

I think this is how the law presently stands ....

If, as a result of the bank taking money out of your account they had then returned a cheque or payment unpaid that action would have damaged your credit. If you were a business you would then be entitled to compensation for that damage. If you are not a business person then there was a maximum compensation payment of £2.50. In your case you have not indicated that any item was unpaid, and other than the inconvenience and worry you have not been damaged in any way.

As stated in other posts you could ask for payment to cover your costs etc., and certainly if you don't ask you won't get.

My own advice.... the case is sorted. Life is too short to dwell; move on.

dawnybabes

A bank "lost" £9500 I paid in just before Xmas - it took 9 weeks to find and resolve this. I was told they could not pay me for stress etc just calls (of which I made dozens !!!), but they made a goodwill gesture of £100 to me and all my interest backdated.

Glad

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]!!!!!![/EMAIL].

moonrakerz

Icqabargin wrote: »

Thank you all for your comments and advice it is appreciated.

Hopefully moonrakerz never encounters such a problem in life with lost money and wakes up one day in the real world to understand a bank is a business who charges people when they make even the smallest of mistakes. (re current situation championed by Martin, on claiming back bank charges etc).

How about a free loan moonrakerz ? :-)

I have had financial mistakes made against me, I sort them out -IF it causes me extra cost, I claim those costs back and get them.
Your point about bank charges is spurious; there is a big difference between a mistake and acting unlawfully.

ben500

I still say my idea is best send them four or five letters requesting details of what happened how and why and advising them there is a charge for each correspondence based on their own calculations of the cost of a letter £35

jonesMUFCforever

Banks do not charge for correspondence just for returned items or advising of an unauthorised borrowing fee. The letter is 'free'!

DrFluffy

Try for compensation - tell them that you will report the matter to the financial services ombudsman if you do not get a satisfactory response from them...

Mark7799

Icqabargin wrote: »

. The bank has said it will pay the lost interest but should I be able claim any form of compensation for the worry / panic / time / phone calls etc ?

I do not want to seem greedy but the loss of the money for 5 days did worry me a lot as it did not appear after I reported the problem on Monday afternoon. To me it was theft.

Any advice would be very welcome before I write my complaint letter.

Advice as requested

1. It was not theft - you have had the money back
2. The Bank made a mistake - it happens
3. You may get a nominal sum to reflect the time spent (maybe £10)

Write a letter expressing your dissatisfaction and move on.

ben500

ejones999 wrote: »

Banks do not charge for correspondence just for returned items or advising of an unauthorised borrowing fee. The letter is 'free'!

I'd say this situation could be loosely considered a an unauthorised borrowing fee.

MABLE

I suggest you write back and advise them we now live in a compensation society and the least they can do is offer some sort of compensation.