Unexpected bank windfall

ozburt

One of my bank accounts was recently credited with £200. As I move my money around and make frequent deposits I assumed this was of my doing.

However, after I checked everything I realised that this money had been credited to my account in error.

As I am honest I asked the bank where this credit had come from but no information was forthcoming. I have told them several times that it has been added to my account by mistake, they noted my comments and said they would be in touch if anything came to light.

Several months have since passed and I have heard nothing from them. I have left the money alone and it is sitting in my account earning interest.

As far as I am confirmed I have done the right thing in informing the bank and it's not down to me to keep chasing the bank to correct their errors. Contrast this to their attitude if an error is made on my part like going overdrawn.

I know it can take a few months before the error is identified, etc, and I'm willing to return the money to its rightful owner.

But what I would like to know how long does the money reside in your account before it's legally yours. I know there's a certain length of time where money that is unclaimed is yours by right. Does anyone know what the time limit is?

Butlers1982

As far as I was aware, there isnt a specific time period for something like this.
They could at anytime notice their error and want it back- so if you dont need it, leave it where it is and let it accrue some interest.

Soubrette

I used to bank with the Co-op and had a mysterious £25 deposited. I phoned and asked them where it had come from and was told there was no way they could find out and not to worry about it

I banked with them for about 4 years and never had any comeback then moved accounts so closed the Co-op one.

I was surprised they couldn't find out how it had been deposited though

Sou

lindseykim13

My opinion would be that if they don't know where it came from then it's yours, as they would surely have to proove that it wasn't yours at a later date if they wanted it back? They couldn't just take £200 out without your say so. Or you could just take it out and close the account then its all your anyway. The only people that would be loosing out on the £200 is the bank i doubt that it came from another customer.

tigtag02

lindseykim13 wrote: »

My opinion would be that if they don't know where it came from then it's yours,

Thank g*d that only your opinion ~ the circumstaces in the OP does NOT make the money his

lindseykim13 wrote: »

as they would surely have to proove that it wasn't yours at a later date if they wanted it back?

No they wouldn't

lindseykim13 wrote: »

They couldn't just take £200 out without your say so. Or you could just take it out and close the account then its all your anyway.

Yes they could

lindseykim13 wrote: »

The only people that would be loosing out on the £200 is the bank i doubt that it came from another customer.

I think the people losing out would be the intended recipients of the £200 and not the bank