Cheque received in error - can I keep it?

tangletop
tangletop Posts: 11 Forumite
in I wanna buy it or do it
Quick question (hopefully): I've just received a cheque for several hundred pounds from a large company. I think this is in error, however the cheque has my name on it and was posted to my address. I've paid it into my account, but can they reclaim it, if it's their error? How long do they have to reclaim if they are entitled to? I have no particular moral qualms about keeping the money (they stitched me up a few years back, not for money but caused me a huge amount of trouble) but I don't want to be on the wrong side of the law, or use the money and then find they can claim it back.

Thanks for any advice!
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Comments

  • latecomer
    latecomer Posts: 4,321 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Of course they can reclaim it as it belongs to them, not you. Its a bit like you giving someone your car keys and them keeping your car.
  • Voyager2002
    Voyager2002 Posts: 15,281 Forumite
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    Put the money into a savings account, at the highest interest rate you can get. If they ask for it back you will have to repay it (you might ask for reasonable time to pay) but at least you will have the interest.
  • McKneff
    McKneff Posts: 38,822 Forumite
    Name Dropper First Anniversary First Post
    you said only that you think its in error, did it have a remittance advice with it or a letter to say what it's for. We may be able to verify it and it will at least stop you thinking about it if it is indeed legit. (and you could have a spending spree)
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • tangletop
    tangletop Posts: 11 Forumite
    It just had the cheque counterfoil thing. I did an article for them years ago, at first I thought maybe they'd just reused the article and paid again for it but I'm not sure as the title on the counterfoil doesn't make sense. But I don't read the publication concerned so I've no idea if they reused it or not, or if they would pay again if they did.

    How long would they get to reclaim it, does anyone know?
  • geordie_joe
    geordie_joe Posts: 9,112 Forumite
    Combo Breaker First Post
    latecomer wrote: »
    Of course they can reclaim it as it belongs to them, not you.

    Why? They gave it to him/her so how does it belong to them still?

    If it had been a toaster they sent, it would be an unsolicited gift, so why can't a cheque be an unsolicited gift.

    If it were me I'd cash it but hold onto it, then if they wanted it back I'd make them fight for it.

    As the OP says

    "(they stitched me up a few years back, not for money but caused me a huge amount of trouble)"

    So now it's pay back time.
  • moonrakerz
    moonrakerz Posts: 8,650 Forumite
    First Anniversary Combo Breaker First Post
    Voyager2002 wrote: »
    Put the money into a savings account, at the highest interest rate you can get.


    I've heard some of the Icelandic banks pay good interest rates ! :rotfl::rotfl::rotfl:
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Six years they have to reclaim it.
  • SpoonyOh
    SpoonyOh Posts: 100 Forumite
    Voyager2002 wrote: »
    Put the money into a savings account, at the highest interest rate you can get. If they ask for it back you will have to repay it (you might ask for reasonable time to pay) but at least you will have the interest.

    Exactly what I wanted to say. If they realise they've made a mistake, they'll get in touch quickly enough. Since you're not liable for their accounts department, surely it's not really up to you to get it verified.
    Sealed Pot Challenge number 298, up yours HSBC!
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Name Dropper First Post First Anniversary
    tangletop wrote: »
    It just had the cheque counterfoil thing. I did an article for them years ago, at first I thought maybe they'd just reused the article and paid again for it but I'm not sure as the title on the counterfoil doesn't make sense. But I don't read the publication concerned so I've no idea if they reused it or not, or if they would pay again if they did.

    How long would they get to reclaim it, does anyone know?
    I can almost guarantee you that this is a cheque fraud.
    You were silly indeed in paying it in.
    The scam works like this - you pay it in - it goes through clearing cycle and may be some time before accounts dept. of drawer chases this up with their bank and debits your account back (2-4-6 does not apply when there has been fraud on clearing cycle).
    Next part of scam is that you will either get a phone call or e-mail saying it has all been a mistake and that could you please return the money to them - you do so using your own cheque.
    You surely have worked out the rest - original cheque bounces back so you are now down by amount you refunded - as you paid cheque in bank may think you are a party to the fraud.
  • snake16
    snake16 Posts: 50 Forumite
    jonesMUFCforever wrote: »
    I can almost guarantee you that this is a cheque fraud.
    You were silly indeed in paying it in.
    The scam works like this - you pay it in - it goes through clearing cycle and may be some time before accounts dept. of drawer chases this up with their bank and debits your account back (2-4-6 does not apply when there has been fraud on clearing cycle).
    Next part of scam is that you will either get a phone call or e-mail saying it has all been a mistake and that could you please return the money to them - you do so using your own cheque.
    You surely have worked out the rest - original cheque bounces back so you are now down by amount you refunded - as you paid cheque in bank may think you are a party to the fraud.

    But the OP has had a relationship with the issuing company in the past, so the most likely reasons are that as the OP suggested, a) it is owed & they just cant work out why or b) it is an accounting error, so therefore sit back & wait for it to be reclaimed.

    But if it is a fraud as you describe, simple, when they ask for their money back contact them & tell them you will check your records but due to books being with accountant or something similar it will be a week or two. Then wait for a couple of weeks to confirm that the money has not already been withdrawn.

    I am often paid money that I am not owed into my business account due to my customers operating errors. They normally come back to me when they have had an audit, when, of course, I reimburse them:confused:
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