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Money deposited in error

(4 Posts)
PavingAnotherRoad Sat 01-Mar-14 15:46:34

At the end of last year a bank deposited approx £250 in my account in error. Reported it to both banks and the payer is 'investigating' but can't confirm they will ever manage to trace/claim back the money.

Anyone had this happen (or work in banking) and have any idea how long I should keep the money separate? All I can find online is the bank should resolve the error within a 'reasonable' time, but no info on how long is considered a 'reasonable' time?

FabBakerGirl Sat 01-Mar-14 15:50:58

I would not spend it until I had it in writing from the bank that it was now mine. I suspect reasonable time could mean years when they want to get something back off you.

Mum2Fergus Sat 01-Mar-14 20:00:07

Ask your bank to transfer to a suspense account until it can be investigated fully.

Spindelina Tue 04-Mar-14 12:03:48

I had a mystery deposit (a while back) from customs & excise. Contacted them and my bank, but heard nothing of consequence in return.

A few months later, I got a letter from the bank, with no acknowledgement of my previous correspondence, forwarding a request from C&E to give back the money that had been deposited in error (someone had given C&E the wrong numbers for their account).

I'd wait a bit longer yet.

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