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Bank Error
Stung_3
Posts: 4 Newbie
I have recently re-mortgaged and the bank transferred more than it should have done into my account. Can anyone tell me if I have to give this back. I have this attitude as the bank made me increase my buildings sum insured by £50,000 without ever valuing the property - another example of profiteering
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Comments
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The first question is are you paying interest on the extra? If they made a mistake and gave you too much mortgage it is of no advantage to you if you are paying interest on it.
If it is an error and you are not paying interest on it then yes, you do have to legally give it back. I wouldn't be in any great hurry though. Transfer it to a high interest savings account, wait for the bank to realise their mistake, correspond with them by 2nd class mail to "establish that it was an error" and check the figures, go on holiday etc without making it too obvious that you are stalling. In the end pay it back and keep the interest.0
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