Unexpected money in account - anyone able to help me understand code?

FeathersForever

Hi! I've had £280 appear in an account I hardly use with Halifax. I rang them up, and they can't tell me where it came from. I have just started a mortgage, rang them up, and it's nothing to do with them. I have emailed round solicitors and mortgage broker in case it's from them, but am not expecting anything . . .

The code is:
F/FLOW BOS PLC OUT

F/FLOW means it's a CHAPS payment

and I believe BOS PLC means it's Bank of Scotland?

But what does OUT mean? (the lady I spoke to on the phone at Halifax couldn't tell me, nor could she tell me what would happen if we couldn't find out where the money came from)

It's an oddly precise amount, and as mentioned, this is not my main current account.

Any suggestions???

garth549

Don't worry about it, happens all the time.

Just keep the money safe until someone asks for it back (you'll probably get a letter in a few weeks/months)

dr_adidas01

Why is it always newbies that have mysterious amounts of money accidentally paid into their accounts?

As others have said, leave it alone and don't spend it, someone will realise their mistake and claim the money back.

agrinnall

Alternatively, withdraw the money, close the account, and flee to South America to start a new life of wine, women and song (warning - may not be viable with £280).

quidsy

Could it be cash back on your mortgage or some other insurance product you have brought relating to the house? I would call the head office, explain, ask to speak to someone & have them look into it for you.

FeathersForever

Thanks guys.

quidsy - there's no cashback on the mortgage, and have already double checked (by phoning up the mortgage provider - also Halifax). Have also phoned Halifax current account helpline (not helpful), and have checked the solicitors and mortgage broker I've used. Checked paypal and quidco. Went back through my statements to see if I'd paid out £280 I'd forgotten about (!!!) and it had bounced back. It's a mystery :-) I guess like the others I've said I'll just sit tight and wait for someone to yell at me

jonesMUFCforever

OP what is/will be your monthly mortgage payment?
Is there not a scheme whereby they pay back one month's payment on completion of the mortgage?

Caladan

Interestingly, and this doesn't help resolve the OPs question in the slightest, a close friend of mine has also had random money paid in with Halifax to the tune of £100.

He's called them asking where it originated from, he's offered to give the money back to the sender and suchlike as well. They've basically told him they don't know, but there's no error.

I've advised him to sit on it for a while and if nothing comes through in a few months asking for the money to just go ahead and spend it. He's made reasonable steps to establish the reason for the payment and been proactive in attempting to resolve the situation. If ultimately the remitter (sender) of the funds asks for them back he can say to the bank 'go to hell, I queried this ages ago.'

The bank isn't likely to chase for anything under £500 anyway, even if there is legal justification to do so.

Archi_Bald

Caladan wrote: »

I've advised him to sit on it for a while and if nothing comes through in a few months asking for the money to just go ahead and spend it. He's made reasonable steps to establish the reason for the payment and been proactive in attempting to resolve the situation. If ultimately the remitter (sender) of the funds asks for them back he can say to the bank 'go to hell, I queried this ages ago.'

Banks are allowed to take incorrect payments back without your agreement (particularly if you tell them to go to hell). Check the T&Cs, most if not all of them have recently added appropriate wording.

EDIT: Changes to Halifax T&Cs coming into effect on December 1 2014 include:

7. Payments in error
We are adding condition 6.1 (p) as follows: “If we are advised, for example by another bank, that money has been paid into your account by mistake, we can remove up to the amount of the mistaken payment from your account. We do not have to ask you to agree to this, but will let you know if it happens.
If this happens we will always act in a reasonably appropriate way and will try to minimise any inconvenience to you.”

http://www.halifax.co.uk/bankaccounts/pdf/current-account-guide.pdf

You can close your account if you don't agree with these changes but it will be hard / impossible to find an account that doesn't have this sort of clause.

brendon

It looks like Halifax is running a promotion where you get 2 months interest credited back to your account within 60 days on your mortgage. There's details on the website -- anybody who gets a mortgage between 19 August and 6 October. Is £280 about 2 months interest?

giblet10

We got money back via BACS from our solicitor shortly after we completed..turns out he had over estimated the cost of conveyancing..was honest of him I suppose.