wrong rate of exchange

hotcity

hi was wondering if anyone has had the same thing happen to them and got any were
i went into my co-op branch to change 830 euros back to pounds and have the money put into my account the tiller showed me the rate and i accepted it and signed for it
three weeks later the co-op took 380 pounds out of my account
i phoned them and they said they had tried to contact me to tell me the rate i was given was wrong and they were sorry but that was it
David

Gromitt

So you signed to say you agreed to a rate, completed the transaction and then they decided they wanted to change the rate 3 weeks after and even took the money directly from your account without your knowledge or authorisation?

If so, I think I would complain to my bank about an unauthorised transaction.

bengal-stripe

hotcity wrote: »

.....to change 830 euros back to pounds and have the money put into my account the tiller showed me the rate and i accepted it and signed for it.......three weeks later the co-op took 380 pounds out of my account.....

The bank must have credited your account with something like GBP 1100 for your EUR 830, which is approximately 50% above the going rate. Can you blame the bank for rectifying the error? Had it been the other way round and the bank had underpaid you by some 50%, would you want the mistake rectified?

You should have taken the dosh in cash, instead of having it credited to your account; then, presumably, the bank would have been unable to trace you.

xylophone

http://www.currency.me.uk/convert/eur/gbp

Presumably you knew roughly the current rate?

Did you query the rate at the time?

How much was paid into your account?

It seems to me that the bank should have advised you in writing that an error had occurred and of the steps that would be taken to rectify it.

dzug1

Someone (??you, surely?? There can't be two of you) asked precisely this question a week or so back - either here or on AB.

I doubt if you will get any different answers now to the ones given then.

Hominu

I think it's another one of those which we have not been given the full story.

If the OP's knows the rate was incorrect, then they are obviously going to fix it, but they'll usually send a letter first.

Gromitt

bengal-stripe wrote: »

Had it been the other way round and the bank had underpaid you by some 50%, would you want the mistake rectified?

Had it been the other way around, I don't think they would have signed to say they were happy with the exchange rate. They signed because they thought it was a decent rate. It also begs the question that in this case the OP knew it was a bargain rate and thus may be incorrect.

Two different things here:

(1) The bank confirmed an exchange rate with the customer, and then decided they gave the wrong rate and corrected it. IMO, they should have asked the customer to pay the extra or refunded in full back to the original amount converted.

(2) The conversion was fine, but they deposited too much money in the OPs account. Obviously they are going to fix this error pretty quickly.

IMO, (1) is like a builder quoting you £1,000 for a job, completing the job, accepting a cheque for £1,000, and then coming back in 3 weeks time to say they quoted wrong and asking for a further £3,000.