Bank has given me too much money!

Sarah_Kate

My bank has recently closed my current account (for being overdrawn). I don't mind because the service was always awful, but they accepted a salary payment from my employer which I then could not retrieve. After much hassle, I was able to withdraw the full amount in cash from the branch. Presumably due to a technical hitch, they have since sent me a cheque for the same amount!

Unbelievably, two weeks on, the cheque has cleared. I've put it in a separate account so there's no danger of me spending it by mistake. As this particular bank have always messed me around I am not inclined to mention their mistake. Does anyone know where I stand legally with this? And if they don't cotton on, how long do I have to keep the money for, just in case?

maninthestreet

Once the bank discover this, they'll probably just ask for it back. If you then pay them this money back, they are unlikely to take any further action.

Jvic28

OMG that's awful. I'm not sure on the legal side of things but I know I'd be very tepted to hold on to it. For a short while anyway. Have fun wrestling with your concience. Hope it doesn't end badly.

x

emmy05

i wouldnt do this myself, but i guess you feel the need to as youve cashed it, and supposedly now trying to say youre keeping it incase they ask for it back. wouldnt you keep the cheque rather than cash it if you werent intending to keep it?

Jvic28

maninthestreet wrote: »

Once the bank discover this, they'll probably just ask for it back. If you then pay them this money back, they are unlikely to take any further action.

I think I would probably agree with this. It's not worth their time, effort or money if they have had their money back anyway. This is not a recommendation but hyperthetically putting it in a high interest savings account may be an idea to earn interest on it but never spend it, then it's always there for you to give back.

Although being the upstanding citizen that I am I would obviously give it back straight away (??!!)

x

Patrick20

Would agree that you should keep hold of it in a high interest savings account until they ask for it back. You dont mention it to hem though. let them find out for themselves. Banks are always charging people wrongly and would never mention it unless the person inquired first. I dont see any difference. Thats what this site is about is it not? Reclaiming money for the little people.

Jvic28

Patrick20 wrote: »

Thats what this site is about is it not? Reclaiming money for the little people.

Not exactly. It's about money saving and reclaiming money that is actually yours.

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exel1966

Holding onto funds which are knowingly not yours is a criminal offence.
By cashing the cheque you will have committed another criminal offence.
By spending any part of those funds you will have committed another criminal offence.

Is is worth it ? NO ! You're just delaying the inevitable by holding onto it. The only sensible option is to advise the bank and repay the funds ASAP. They will let you keep any interest obtained from those funds if any.

If you don't think I'm right about the above offences ask your solicitor to confirm this:-


The 1968 Theft Act says "A person is guilty of theft if he dishonestly appropriates property belonging to another with the intention of permanently depriving the other of it". It goes on to say "A person is guilty of an offence if - (a) a wrongful credit has been made to an account kept by him or in respect of which he has any right or interest; (b) he knows or believes that the credit is wrongful; and (c) he dishonestly fails to take such steps as are reasonable in the circumstances to secure that the credit is cancelled."

MABLE

Sarah_Kate wrote: »

My bank has recently closed my current account (for being overdrawn). I don't mind because the service was always awful, but they accepted a salary payment from my employer which I then could not retrieve. After much hassle, I was able to withdraw the full amount in cash from the branch. Presumably due to a technical hitch, they have since sent me a cheque for the same amount!

Unbelievably, two weeks on, the cheque has cleared. I've put it in a separate account so there's no danger of me spending it by mistake. As this particular bank have always messed me around I am not inclined to mention their mistake. Does anyone know where I stand legally with this? And if they don't cotton on, how long do I have to keep the money for, just in case?

Its sounds like they were pleased to get rid of you as a customer as you were to get rid of them. Banks are a business and if you are a good customer and sticks to the rules they will normally do everything in their power to help.

By the fact you are considering keeping this money gives an insight into how you have conducted yourself.

You know what you should do but are looking for confirmation to do the opposite.

olly300

You are committing a criminal offense by keeping the money. While companies/people have 6 years to pursue you for civil offenses for criminal offenses there is no time limit. In addition in cases of fraud and deception people generally get longer sentences then in cases of assault, and banks are very willing to make a public show of people who attempt to steal from them.

The Theft Act 1968 has been amended as the Theft (Amendment) Act 1996 here:
http://www.opsi.gov.uk/acts/acts1996/Ukpga_19960062_en_1

Have a good read of this particularly section:
Dishonestly retaining a wrongful credit

(1) After section 24 of the Theft Act 1968 insert—
“24A Dishonestly retaining a wrongful credit

(1) A person is guilty of an offence if—
(a) a wrongful credit has been made to an account kept by him or in respect of which he has any right or interest;
(b) he knows or believes that the credit is wrongful; and
(c) he dishonestly fails to take such steps as are reasonable in the circumstances to secure that the credit is cancelled.

Clive_Woody

olly300 wrote: »

You are committing a criminal offense by keeping the money. While companies/people have 6 years to pursue you for civil offenses for criminal offenses there is no time limit. In addition in cases of fraud and deception people generally get longer sentences then in cases of assault, and banks are very willing to make a public show of people who attempt to steal from them.

The Theft Act 1968 has been amended as the Theft (Amendment) Act 1996 here:
http://www.opsi.gov.uk/acts/acts1996/Ukpga_19960062_en_1

Have a good read of this particularly section:
Dishonestly retaining a wrongful credit

(1) After section 24 of the Theft Act 1968 insert—
“24A Dishonestly retaining a wrongful credit

(1) A person is guilty of an offence if—
(a) a wrongful credit has been made to an account kept by him or in respect of which he has any right or interest;
(b) he knows or believes that the credit is wrongful; and
(c) he dishonestly fails to take such steps as are reasonable in the circumstances to secure that the credit is cancelled.

Out of curiosity would this not also apply when incorrect calculations are made and a person makes an overpayment with their tax returns and the HMRC are aware of this but do not automatically refund the money?