Money deposited in error

[PavingAnotherRoad]

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?

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.

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

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.