Bank Error

colsten

mgdavid wrote: »

Surely you'd be better to check recent transactions on both accounts online at least weekly if not more often. Many people look at their account daily, I do mine twice a week.

With online access and/or mobile apps, it's a doddle these days to keep on top of the transactions that happen on your accounts. I would agree that checking once a month is way too little, especially where a business account is involved. I check my 27+ accounts daily, takes me no more than a minute to notice any unexpected transactions.

molerat

People need to pay more attention to their accounts. I noticed that there was a 2p difference in my account the other week, it was my mistake in entering a transaction into my spreadsheet but the fact is I noticed 2p and found out why. A bit anal I know but then I never seem to get hit by unerxpected problems.

ChiefGrasscutter

colsten wrote: »

I check my 27+ accounts daily, takes me no more than a minute to notice any unexpected transactions.

You log in to 27 accounts each day every day to check the balance?
The mind boggles!

colsten

ChiefGrasscutter wrote: »

You log in to 27 accounts each day every day to check the balance?
The mind boggles!

Yes I do, and it takes just about no time as I use an account aggregator to do it and have all 27 on the same screen.

Why does your mind boggle?

EDIT: just to clarify, the 27 are just current accounts. I actually check the balance of a total of 74 accounts each day - savings, credit cards and investment accounts account for the bulk of the accounts. The aggregator I use is AccountUnity, same that First Direct and Yorkshire Building Society use. The native version has not been adulterated by FD/YBS and is a lot more functional.

fozmcfc

I now check my 2 bank accounts every few days at least, if not every day.

People who are in debt, quite often don't check, for fear more than anything else I think.

In the my dark days of debt and more debt, I never use to check it at all, just when I withdraw money, I would get a receipt to show how much of my overdraft I had left and guess how much I was likely to have after any further deductions.

As far as the OP switching accounts, it's easy to say, but then if the current bank account isn't run well, then it's not always possible.

Not that I'm saying this is the OP, but a lot of people who have debt and get charges, do seem to blame their bank and think their bank are useless. It's an easy way to convince themselves that they are not the problem.

ripepear81

I think legally you have to cough up if such errors are made (my Dad had a huge sum of money transferred, mistakenly, into his account). But I think Banks have failed in their attempts to try to make customers pay for their financial mistakes e.g. the mis-calculated mortgage rates that a well known bank tried to bill their customers for; the ruling was tough the Bank must foot the bill.

DevCoder

In answer to your question about dipping into another account, then yes virtually all banks have the right to set off in their T&C's

Natwest for example state

Rightsoflien,pledge,set-offandcombination.
You agree that, in addition to any general lien or similar right to which we may be entitled, we shall have a right at any time at our discretion without telling you first, to combine or consolidate all or any of the accounts in your name (including but not limited to, those in joint names) and to set off or transfer any sums standing to the credit of any one or more of the accounts against any of your liabilities to us, whatever their nature, in whatever currency they are denominated, and whether they are payable yet or not (including but not limited to, any joint and several liabilities you owe us). In addition, we shall have a lien over securities or other items that have been deposited with us for you (including, but not limited to cheques given to us for collection). We will notify you as soon as practicable after exercise of any of the rights set out above.

jonesMUFCforever

OP just for one moment think about this scenario - you go into the bank and withdraw £300 - the bank makes a mistake and debits your account twice.
How quickly would you want the bank to rectify their mistake?