Bank Error in my favour, what should i do?!

lorwiggins

My bank made a mistake the other day as well, it's only £20 but I'll be damned if I'm going to point it out to them. At the end of the day they won't thank you for it and they have probably had a load of money of yours illegally through bank fees anyway, so I don't see the difference. If that means I'm giong to be reincarnated as an ant then so be it, I'll be taking my £20 thank you very much! :j

Badger_Lady

I think of myself as a very honest person, but I wouldn't volunteer to return the money either (TBH I doubt the cashier would know what to do with it, so it could be a very complicated escalation to management).

However, if the bank even suggests that they want it back, I would have it ready and available to give them. They would be within their rights to ask for it back, and I wouldn't get in their way.

First of all, though, are you absolutely sure? They didn't agree a temporary overdraft for the initial £500 to tie you over while the money was in the holding account?

After all, the cashier couldn't have actually given you the money from the holding account until it was released, so it must have actually been an advance of some sort. If it didn't come from your account, where did it come from?

MABLE

moneymadman wrote: »

Im a long time MSE user, first time poster so be gentle please! I just started a new job and was awaiting a part months wage of £524 in my account on the 26/10. my wages got paid into someone elses bank account due to my employers error :mad: and my bank recovered the funds and put them into a holding account. After numerous attempts to get the funds a cashier agreed in branch with their missing payments section to give me £500 cash over the counter while the funds were transfered. After waiting another week i went back to branch to advise i still was waiting for the remaining £24 from my wages. She rang her head office and told them it was unacceptable for me to wait over a week for the funds and I got the usual "sorry it should be in shortly" and took it with a pinch of salt but low and behold i have recieved my wages today, but instead of the remaining £24 they have deposited the full £524 instead :T ! i now have my initial £524 wages and another £500 i obtained over the counter. What should i do?! ill happily keep their money but dont want them knocking on my door months later demanding it back! anything like this happened to anyone or any suggestions would be most welcome!

Well do you really need advice on what to do. Your employer and not the bank made the error. The bank have done everything within its power trying to help you. You now find in error the bank have credited you with £524 instead of £24.00. Two rights dont make a wrong etc. I would say let your conscience be your guide.

inkie

My question to the OP has to be - what would they have done of the error was in the favour of the bank? No doubt they, and I too would have highlighted to the bank the error. It cuts both ways i'm afraid. You need to inform them.

Badger_Lady

inkie wrote: »

My question to the OP has to be - what would they have done of the error was in the favour of the bank? No doubt they, and I too would have highlighted to the bank the error. It cuts both ways i'm afraid. You need to inform them.

Not if we didn't ask for our money back.

(example: I had a student overdraft; a friend noticed that my interest had been calculated wrongly by the bank, so we asked to be refunded £300-odd. If we hadn't spotted it, the bank would have happily carried on charging the same rate)

The bank hasn't asked OP for its money back.

(If the bank does write and say "oops, we overpaid, can we have it back?", I'm sure the OP will happily oblige)

Jada

moneymadman wrote: »

Im a long time MSE user, first time poster so be gentle please! I just started a new job and was awaiting a part months wage of £524 in my account on the 26/10. my wages got paid into someone elses bank account due to my employers error :mad: and my bank recovered the funds and put them into a holding account. After numerous attempts to get the funds a cashier agreed in branch with their missing payments section to give me £500 cash over the counter while the funds were transfered. After waiting another week i went back to branch to advise i still was waiting for the remaining £24 from my wages. She rang her head office and told them it was unacceptable for me to wait over a week for the funds and I got the usual "sorry it should be in shortly" and took it with a pinch of salt but low and behold i have recieved my wages today, but instead of the remaining £24 they have deposited the full £524 instead :T ! i now have my initial £524 wages and another £500 i obtained over the counter. What should i do?! ill happily keep their money but dont want them knocking on my door months later demanding it back! anything like this happened to anyone or any suggestions would be most welcome!

As others have said, it was your employer's fault not the bank's so why penalise it? You were incredibly lucky for the bank to be so helpful as to LEND you an advance.

In fact, if any bank staff are reading this thread now, they're going to think twice about going out of their way to LOAN anyone else emergency money in this manner again. Why will a memeber of staff want to get into trouble by helping, say, a single father with a starving family who has this kind of financial issue when they see people like you abuse their compassion?

If it had been a case of you looking online and seeing the bank had credited you with £500, I would've said put it in a savings account to accrue interest until the bank asks for it back. It is a certainty that the bank will so DO NOT SPEND IT as I envisage you'd be here again moaning that you can't afford to pay back money that wasn't yours in the first place.

However, considering the bank LENT the money to you as a favour, you really should be ashamed. I really hope you redeem yourself and hand it back before you're asked.

So many people are disillusioned by the whole bank charges fiasco. Granted they're extorinate but a person keeping money that isn't theirs and justifying the act as a fair balance is irrational.

£30 bank charges are unlawful; stealing is illegal.

:staradmin Jada :staradmin

Badger_Lady

Jada wrote: »

In fact, if any bank staff are reading this thread now, they're going to think twice about going out of their way to LOAN anyone else emergency money in this manner again. Why will a memeber of staff want to get into trouble by helping, say, a single father with a starving family who has this kind of financial issue when they see people like you abuse their compassion?

Be fair - the only reason they LENT OP the money was because they'd spent so long processing it. Yes, it was the employer's error originally, but the bank delayed things further (OP waited some time for wages to come through from a "holding account").

jamesd

They will notice eventually when the books don't balance. But ignore that for the moment: here's your chance to make it obvious to them that you are a customer they can trust with their money. Prime opportunity if you're ever going to want to borrow from them... So tell them as soon as possible.

dzug

It's really far too early to say the bank have made a mistake at all. Your full wages went into the bank 'today' (ie yesterday). It might well take several days for the separate transaction of repaying the 'loan' catches up and goes through.

Don't spend the extra, don't move it out of your account - it will only make things worse. If it's still there in a week or two - that's the time to start thinking and taking whatever advice from here you fancy.

MABLE

moneymadman wrote: »

Im a long time MSE user, first time poster so be gentle please! I just started a new job and was awaiting a part months wage of £524 in my account on the 26/10. my wages got paid into someone elses bank account due to my employers error :mad: and my bank recovered the funds and put them into a holding account. After numerous attempts to get the funds a cashier agreed in branch with their missing payments section to give me £500 cash over the counter while the funds were transfered. After waiting another week i went back to branch to advise i still was waiting for the remaining £24 from my wages. She rang her head office and told them it was unacceptable for me to wait over a week for the funds and I got the usual "sorry it should be in shortly" and took it with a pinch of salt but low and behold i have recieved my wages today, but instead of the remaining £24 they have deposited the full £524 instead :T ! i now have my initial £524 wages and another £500 i obtained over the counter. What should i do?! ill happily keep their money but dont want them knocking on my door months later demanding it back! anything like this happened to anyone or any suggestions would be most welcome!

Sorry this is no help but it really does say something about your character to even think about saying nothing when some kind bank official has gone the extra mile for you. You should feel totally ashamed.