Money mistakenly tranferred into my account??

Lippyx

I checked my account last night, and noticed a large sum of money had been transferred to my account!!


A week ago I received a "good will gesture" from a bank who had not be following the rules, I got the FOS involved etc., and they sent me compensation.


So that was last week. This week, the same bank had transferred the same amount into my account again. I have contacted them, telling them of this mistake, and I am waiting for a response. I have also transferred it into another account, so I don't accidently spend it!


My question is, is there a time limit that the bank has to respond to me, before the money becomes rightfully mine, especially if I show I have attempted to make them aware of the mistake? Like if you find a watch in the street and hand it in to the police, if its not claimed within 3 months, it becomes yours.


Cheers.

bengal-stripe

Lippyx wrote: »

My question is, is there a time limit that the bank has to respond to me, before the money becomes rightfully mine,

The statutory limitations apply the same way: six years (five in Scotland).

Lippyx

bengal-stripe wrote: »

The statutory limitations apply the same way: six years (five in Scotland).

WOW!! 6 years!! OK then!

Steve_xx

I'm not so sure that the Statute of Limitation would apply here. If somebody discovers that you have their money, then as I see it, you will be bound to return it, otherwise that would constitute theft.

McKneff

In my opinion, it would never, ever be rightfully yours.


Moving it to another account is all very well, but they could just easily take the amount back from
where they put it, and putting you overdrawn, have you thought about that then.

callum9999

McKneff wrote: »

In my opinion, it would never, ever be rightfully yours.


Moving it to another account is all very well, but they could just easily take the amount back from
where they put it, and putting you overdrawn, have you thought about that then.

Then the OP would call and the bank will apologise and refund the charges.

A hassle yes, but if the OP thinks they're going to spend it otherwise, probably better than the OP having to ring and tell them they don't have their money any more!

stator

If they ask you to send it back manually don't forget to deduct an Admin Fee

SailorSam

They've been talking about money going into the wrong A/c quite a lot recently on R4 Moneybox. Some listeners had almost lost their houses 'cos the banks wouldn't or couldn't give refunds. Last week though they were saying that since the pressure Moneybox had started to put on them, some banks are changing their rules.

rogerblack

McKneff wrote: »

In my opinion, it would never, ever be rightfully yours.

There is a difference between rightful, and legal.
After 6/5 years, while the money may not rightfully be yours, the person that paid it to you cannot claim it back through the courts.

Steve_xx

rogerblack wrote: »

There is a difference between rightful, and legal.
After 6/5 years, while the money may not rightfully be yours, the person that paid it to you cannot claim it back through the courts.

Why can they not?

rogerblack

Steve_xx wrote: »

Why can they not?

Because debts over 6/5 (england/scotland) years that have not been either paid within that period (which extends the time limit) or court action during that period are 'statute barred'.
They no longer exist as enforceable debts through the courts.