Premiuym bonds money lost

RetiredInThailand

emyr85 wrote: »

No i gave them 1 incorrect digit on my account number

Then unfortunately it is your mistake and only you are responsible.

The person who has received the money in error has a moral obligation to return it, but how many people have any moral sense these days? Not many.

dzug1

The banks are not allowed to disclose details - without a court order.


A court orders costs - so for small sums (and £1200 is a small sum in this context) it's rarely worth the bother.


They may be willing to write to the recipient asking them to repay but they can't do anything if the recipient refuses or ignores the request

sorcerer

RetiredInThailand wrote: »

Then unfortunately it is your mistake and only you are responsible.

The person who has received the money in error has a moral obligation to return it, but how many people have any moral sense these days? Not many.

It's also illegal to keep hold of any money which you know is not yours, doesn't matter if it's in a bank or picked up in the street.

mike88

A person was prosecuted recently for spending money that accidentally landed in her account from the Council. This situation is no different.

colsten

http://www.money.co.uk/article/1005023-can-you-keep-money-accidentally-paid-into-your-bank-account.htm

http://news.bbc.co.uk/1/hi/magazine/6966683.stm

Mr_K

Security has always concerned me with NSI. They are incredibly archaic, they've only recently gone online but only for new investments and its very limited. Everything important seems to be by post. It only needs the post to go astray or you or the person at the other end to input a wrong digit and your money has gone. Its not like you can do a test £1 payment to check details like you can online. With savings certificates you just need the number and a forged signature to cash them in and they'll transfer it to any account - you just have tovtick a box to say you've lost the original certificate and they'll accept that. You probably wouldn't find out for years until the end of term as they don't send statements out unless you request ( which has to done by post of course..). Time they came into the 21st century but since they have no competition they probably don't see the need to.

BobQ

Mr_K wrote: »

Security has always concerned me with NSI. They are incredibly archaic, they've only recently gone online but only for new investments and its very limited. Everything important seems to be by post. It only needs the post to go astray or you or the person at the other end to input a wrong digit and your money has gone. Its not like you can do a test £1 payment to check details like you can online. With savings certificates you just need the number and a forged signature to cash them in and they'll transfer it to any account - you just have tovtick a box to say you've lost the original certificate and they'll accept that. You probably wouldn't find out for years until the end of term as they don't send statements out unless you request ( which has to done by post of course..). Time they came into the 21st century but since they have no competition they probably don't see the need to.

It s unfair to blame NS&I. If you give them the wrong account number and the carry out the transaction correctly, you have instructed them to make a payment. It is unfair for a genuine mistake but the OP can only blame himself.

Some recipients will be honest and repay the money but the alternative is to give a bank the right to disclose your details to anyone who claims that you have received money from them by accident. That is not fair either. That said the banks ought to have the right to resolve the matter.

Noname29

You need to check that the money has actually gone to another bank account. You know it has not gone to your bank account but Bank accounts don't go up by 1. It could be that the payment bounced back to NS&I.

melbury

Is bank transfer the only way you can cash in premium bonds now?

No good old cheque made out to you personally?

JGal

Not sure if there's any safety check within an eight digit bank account number and six digit sort code to give a basic validation like there is with Luhn codes in sixteen digit debit and credit card numbers. I would guess not as this may cut down the range of numbers available for use below what would reasonably be required.