Old credit card overpaid 4 years ago

Cazzr

My mother in law managed to overpay her mbna (used to be abbey) credit card by 418£ in November 2011. She hasnt used the card since. MBNA as far as we can tell has made no effort to send the money back. Should they have?

We only just found out now when getting her credit file for her, for another reason, and will get her to contact them to arrange repayment but I'm curious, should they pay interest on the balance they've had for 4 years?

thanks in advance

YorkshireBoy

Cazzr wrote: »

MBNA as far as we can tell has made no effort to send the money back. Should they have?

They sent a statement (or several) or, if she was paperless, an email (or several) asking her to log into her account and check all was well. Seems she didn't act on these?

should they pay interest on the balance they've had for 4 years?

No. They do not hold a deposit licence.


She must be quite wealthy, or have been quite incapacitated, to not notice over £400 missing!

boo_star

Cazzr wrote: »

My mother in law managed to overpay her mbna (used to be abbey) credit card by 418£ in November 2011. She hasnt used the card since. MBNA as far as we can tell has made no effort to send the money back. Should they have?

We only just found out now when getting her credit file for her, for another reason, and will get her to contact them to arrange repayment but I'm curious, should they pay interest on the balance they've had for 4 years?

thanks in advance

Should they pay interest? Maybe in principle but not by law. It was her mistake.

If MBNA accidentally paid money into her bank account (let's assume it pays interest,) would you be happy if they not only wanted the capital back, but all the interest (or worse, statutory interest rates) as well.

Probably not.

Her mistake, her loss I'm afraid.

Cazzr

As I thought tbh I was just curious as I felt maybe they should have made more effort to get the money back to her especially having it sit there with no transactions in or out for 4 years.
She isn't particularly wealthy but is pretty disorganised, well very disorganised in all aspects of her life. She's still working as a cleaner at 68..
thanks for your thoughts

YorkshireBoy

The more I think about it, wasn't it MBNA who, a few years ago, started charging/said they were going to charge customers a monthly fee if they had credit balances?...an initiative designed to stop such problems.

Cazzr

the balance doesnt appear to have changed in 4 years tho..according to clearscore..

Cazzr

maybe that was for new accounts

boo_star

Cazzr wrote: »

As I thought tbh I was just curious as I felt maybe they should have made more effort to get the money back to her especially having it sit there with no transactions in or out for 4 years.
She isn't particularly wealthy but is pretty disorganised, well very disorganised in all aspects of her life. She's still working as a cleaner at 68..
thanks for your thoughts

They probably should have, but ultimately they didn't.

Chalk it up to experience.