Lloyds TSB Error

reidy12345

Hi

Bit of a moral issue here... Last week I drew £3,000 out of a my Lloyds current account in order to set an ISA up with Barclays. I literally withdrew the £3,000 and took the cash along to Barclays to deposit it.

Logged in to check my balance this morning on Lloyds and noticed immediately after the withdrawel, they have credited my account with £3,000 pound - marked as 'COR' which I'm guessing stands for correction.

Now my question is, where do I stand legally? Do I have to make them aware of their mistake? Or could I leave the money in my account to gather interest? Is there a timeframe I can wait before the money is written off. I have heard a few rumours but not sure where I stand.

Thanks
David

DocProc

The bank will surely find this error and then remove the money from your account without warning. If you spend any of it you will be required to pay it back and pay any fees the bank assigns to your account.

If you write cheques and you don't have your own money to cover them, and then they bounce, you will be reponsible for all the pertinent fees.

Banks never lose money in these types of instances and they will always recover all the money.

If you tell them about it, you might get a small reward. If you don't, you might get a black mark against the internal credit rating the bank give you, which would be negative about you and also the truth.

Tell them about it and quickly too. Worry about it if it's still there in 3 month's time, because they can still find it and take it back without warning then.

Biggles

reidy12345 wrote: »

Now my question is, where do I stand legally?

You owe them £3,000.

Now, it may be, as there was obviously a manual correction of some kind, it's being sorted as we speak. Otherwise, you would be well advised to do as Doc says and tell them.

Paul_Herring

The 'best' /you/ can do is to treat it as if it wasn't there. The bank will realise in time, and will want it back. If it's where they left it, they can claim it back with a minimum of fuss.

You /should/, of course, inform them about it.

Do not under any circumstances attempt to spend it or otherwise treat it as an extra £3000 you have.