Jump to content

Bank credit query


LordThornber

Recommended Posts

I'm sure I could find this info if I trawled the web long enough but I'd rather put my faith in you lot first..

 

Having just done my online banking session, I've noticed a substantial amount being wrongly present.

 

I've no intention of spending it or moving it out of course, I'm fully aware that it's not mine and they can reclaim it.

 

My query is, how long can they take to reclaim it? Is it days, months or even years??

 

I'm curious as a local girl made national news recently after being wrongly credited with over £250K, spent it and was eventually imprisoned.

 

Martyn

 

 

Link to comment
Share on other sites

I had this - a firm paid over £50K into our business account by mistake - so it was not the banks fault in this case. But we were advised to hang onto it for a while in case it was some sort of scam.

 

After 3 months we paid it back but only after we had insisted on a full written explanation as to how the mistake happened.

 

Some time ago I set up a Post Office Giro account due mainly to the PO being open far more hours than the bank but was dismayed to find that a ladies salary was being paid into the account every month. The PO said this could not happen and insisted the money must be mine!

 

I had to trace the company paying in the money and then the lady herself to get the problem sorted. The PO was so bad I closed the account and made a complaint as did the lady. No response whatsoever.

 

As for how long you can expect the money to be there? - I think it depends very much on how soon the mistake is noticed.

 

Personally I would flag it up with the bank ASAP. As you correctly state - the law does take a dim view of people wrongly benefiting from administrative mistakes. That could be construed as even just sitting on it and not telling anyone - and the audit trail on your account will show that you are now aware that it is sitting in your account.

 

Link to comment
Share on other sites

LordThornber - 2010-03-20 10:07 AM I'm sure I could find this info if I trawled the web long enough but I'd rather put my faith in you lot first.. Having just done my online banking session, I've noticed a substantial amount being wrongly present. I've no intention of spending it or moving it out of course, I'm fully aware that it's not mine and they can reclaim it. My query is, how long can they take to reclaim it? Is it days, months or even years?? I'm curious as a local girl made national news recently after being wrongly credited with over £250K, spent it and was eventually imprisoned. Martyn

  Right time to get the 'Jag' then Martyn..!! :-D

Dave

Link to comment
Share on other sites

Don't think time is an issue Martyn and the sooner you notify the bank the better. Your gain is someone else's loss and the longer it's left the more complicated things might become. Tempting for some perhaps, but not something I could live with and the error will inevitably come to light at some stage or another.
Link to comment
Share on other sites

You've seen it, you know it's not yours and if you say nothing you will, in my opinion, be guilty of theft. I'm sure that you've no intention of acting dishonestly and with that in mind the sensible thing to do is for you to tell the bank immediately.

If you hadn't used online banking it could be argued that you are unaware that you've received this money, until you're sent a statement of course, but the bank will have a record of when you logged and examined your account.
Link to comment
Share on other sites

Guest Tracker

Make sure that every communication with the bank is written and recorded by both you and the bank and keep copies just in case they try to blame you - or even in case they can't find who it belongs to and you are allowed to retain it - possible, if unlikely!

 

You can't be too careful with banks as, although not overtly dishonest, they will look for every opportunity to rip you off if they can get away with it.

 

It would be very wrong to say nowt now that you know it is there and they know that you know!

Link to comment
Share on other sites

Martyn - bad news I'm afraid.

 

The buggers are entitled to it back, without limit as to time.

 

Reasons (I could bore for England on this stuff!):

 

Theft is not a statute-based crime. ie there's not act of Parliament that defines theft, only the penalty guidleines for people convicted by as court of the offence. These were brought in by the namby pamby treehugging liberal wishy washy parliaments who for reasons that totally escape me thought that simply cutting off the miscreants hands/balls, or stringing him up to the nearest tree for stealing a Barons sheep was too draconian.

 

However, a court would have to decide on a few things before it could find you guilty of theft (and all these things have to be proved beyond reasonable doubt):

Did you actually receive the item/good?

Were you intellectually capable of understanding that you'd received it, and did you have mental capacity ("mens rea") to understand that it wasn't yours. (If you're mad, you're in the clear).

Did you intend to permanently deprive the real owner of that thing/good?

Did you take any action or not, to discharge your own "reasonable duty of honesty".....ie seeing your bank statement, realising the money deposit was wrong, and yet not contacting the bank to point out their mistake.

 

Your posting here has basically snookered you:

You're intellectually able to operate a computer and keyboard.

You've publically acknowledged that you received the money in error, and that you are aware of that error.

 

The bank can legitimately demand this money back at any point in the future.

 

I think your best defence would be to demonstrate overwhelming evidence to any court that you are indeed barking mad.

Your membership of this forum should do nicely.

 

Link to comment
Share on other sites

Hi,

Can somebody clarify this a bit more, pretty please.

 

If I ask somebody for payment for a service, and they pay me twice, am I required by law to return it to them? I know that I have been paid twice, I know who paid it, and I know how they made their mistake. Am I allowed to move that money from one account to another?

 

OK, its a hypothetical question, because its not me that received this money.

 

602

Link to comment
Share on other sites

W3526602 - 2010-03-22 7:06 AM

 

Hi,

Can somebody clarify this a bit more, pretty please.

 

If I ask somebody for payment for a service, and they pay me twice, am I required by law to return it to them? I know that I have been paid twice, I know who paid it, and I know how they made their mistake. Am I allowed to move that money from one account to another?

 

OK, its a hypothetical question, because its not me that received this money.

 

602

 

 

Yes, you are required by law to pay the 2nd, wrong, payment back.

 

You are also required by law, under your general duty of honesty towards others, to take reasonable steps to notify the payer that you have received money from them in error, that you are not entitled to.

 

You can however, upon repayment, deduct any reasonably incurred expenses in achieving that repayment (any bank transfer charges, costs of letters/phone calls etc).

 

 

Link to comment
Share on other sites

BGD - 2010-03-21 8:48 PM

 

I think your best defence would be to demonstrate overwhelming evidence to any court that you are indeed barking mad.

Your membership of this forum should do nicely.

 

So who's going to accidentally stick a load of dosh in my bank account then so I can keep it ... I'm definitely nuts ... must be to hang around on here with you lot!!!! :D (lol)

Link to comment
Share on other sites

When I was employed doing litigation in the 90's for a bank, a legal precedent was set that deals with this question. It goes along the lines of ....

 

If I received a sum of money in error from you and spent it, then you would have to prove that I should have reasonably foreseen that I had received it in error. If you could, then you were entitled to recover the money less any reasonable expenses I incurred in refunding it.

 

For example, if my bank account usually had a balance of £1,000, then I would have reasonably foreseen that a credit of £250,000 was made in error and I would have to refund it not spend it. If I spent it, that would be 'theft'. However, if I regularly received payments for between £500 and £1,000 into my account from different sources, then I may not have reasonably foreseen a payment of say £700 was made in error. I might then have a defence if I spent it.

 

Wrongful payments into bank accounts may also be caught by numerous banking precedents set by Courts as well as various banking legislation. It's a complex area of law that enables solicitors to earn their corn.

Link to comment
Share on other sites

Yes, you are required by law to pay the 2nd, wrong, payment back.

 

You are also required by law, under your general duty of honesty towards others, to take reasonable steps to notify the payer that you have received money from them in error, that you are not entitled to.

 

Hi,

 

Oh dear! Now I have that knowledge, what should I do with it?

 

The worst case I ever encountered was a double payment of just over £1000. I reported it to my boss, who told me .... "If they want it back, they will ask for it".

 

Smaller double payments were frequent, I would meet several every day, but these were usually under £100, but always over £10. I understand that every one generated an entry on a computer print out. I am not aware that any of these overpayments were voluntarily returned.

 

602

Link to comment
Share on other sites

LordThornber - 2010-03-23 8:16 AM

 

Like you say Bruce, membership of this forum confirms that I must be barking mad :D

 

They've not taken it back yet, perhaps they have too much money?

 

Martyn

 

 

 

Trust you'll not overlook my fees for expert legal advice on this matter..........

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...