Money paid in from unknown account?

[shrumps]

DD2 (15) was thrilled this morning to discover she was £3000 richer. I went with her to the bank and they confirmed this amount had been paid in by someone unknown to us - we have her name and reference but no account number to pay it back. While I have made absolutely clear, this is not DDs money, and it will have to be given back, the bank told us they aren't able to simply reverse the transaction. I can't believe this isn't doable, and am being driven mad by DDs fantasy spending. Has anyone experienced this?? I just want money back to the person who made the mistake so she'll stop with the 'But if....' talk! TIA.

Usual practice is that the person will recall it, and the bank has to ask your DDs permission to remove it from her account. That said; it's not her money and it remains an offence to spend it knowing it's not hers, especially as she'd have no defence of believing it was for her. The person technically has six years to recover it from DD; although it rarely takes anywhere near that long.

I'm sorry for your DD though; I can understand the fantasy spending! Do either of you have a savings account you could temporarily move it into so the temptation to spend it isn't there?

No idea but could you tell your DD to transfer it to a savings account, open one if she doesn’t have one, and keep it for when - or if- the sender tries to recover it.

I’d put straight in to separate account.

I’d make very clear to your daughter that not her money.

Only after a year would I consider mine. I’d keep in account for a rainy day

Not consider “mine”
I meant for the family

Was it faster payment?

The bank can not recall a faster payment. They have to ask permission from your DD to take the money and she’s under no obligation to give it back.

That’s why If you get a digit wrong on a faster payment it can not be recalled and have to be careful. The person who sent the funds will need to contact their bank and explain but the receiver does not have to return.

The bank can not force her. Morally it’s different issue.

Thanks for the replies - she does understand she can't spend it, and it's a great idea to put it into a savings account to hold it. Whoever has done it is a mum (that's the reference) and clearly meant it for their DC - I'm sure it won't be long before it is drawn to her attention that it hasn't been paid in!

I've no idea if it was a faster payment (I just got a print out of transaction details which gives her name, reference 'mum', date it was paid in and a long number - not an account number)

Morally, I think if it was up to her (I'll put it down to her age...) she'd keep it. But she does know deep down she shouldn't and there is no way I'd allow it.

Check with the bank before moving it out. It could be construed as taking it if she transfers it. I'd say the bank will be in touch soon anyway to retrieve it. It's unlikely to be an incorrect digit as bank account numbers wouldn't normally be that similar. It could be that a sort code is incorrect, as different branches can actually have the same account numbers, just different sort codes to distinguish them. Some poor mother is probably racking her brains to figure where she sent her money.

Oh good point about moving it! I'm sure it won't be long before she (mum) realises. We will leave it where it is so it can be returned without me having to do any admin! DD wouldn't dream of taking it out without my say so, so there's no danger of it being spent.

Is there a relative who could have done it that’s no longer in touch? Just seems odd to be an accidental transaction. I’d tell her not to spend any until you’re certain of how to deal with it, spending it if it’s an accidental payment could be considered theft.

Accidental transactions happen all the time, it's annoying but not odd at all.

She won't be spending it.

It’s a criminal offence to keep money that you know isn’t yours , I’ve dealt with this in a professional capacity, but you can’t repay it unless the bank help you. I would put it into a different account and not touch it, then your DD has done nothing wrong.

When someone realises their mistake the bank will soon be on to you.

A client paid someone twice in error, told them, they said they’d repay it, then spent it. The police are now involved.

Only after a year would I consider mine. I’d keep in account for a rainy day

They have six to recover it under English law, though.

This happened to us and we asked the bank to freeze the sum (£5000, RBS). They did and after 14 weeks the money was returned. We were asked permission before it was sent.

If it was paid in error the bank have to ask you first before moving it out, especially if it was the person’s fault who paid it in due to quoting incorrect account number. I work in a bank and it happens a lot. Bear in mind that even if you refused, the person who paid it in can then report it to the police and take the matter to court.

I’ve been paying builders and trades people the last few weeks I’ve dreaded doing this and have been checking and triple checking. They’ll probably be in touch with your bank.

Anybody else picturing another Mumsnetter casually reading this then going "reference Mum, 3k oh fuuuuuuuuucckkkk" and running off to check their banking app?!

My company paid an amount into an incorrect account (supplier gave wrong details). Bank refused to get it back or give is details of account. We went to court to force bank to give us details. Court told bank they had to give us the name of the account holder. We then sent the account holder a legal / threatening letter and they immediately repaid it.

Don't want to scare you but there's a growing trend of exploitation where young people have their bank accounts used to launder money for criminal activity. In this sort of scenario money magically appears in accounts and is then demanded back at a later date. Sometimes the young person is paid for this. I would want to re-assure myself that she hasn't been pressured to receive this or have a 'friend' give her bank account details to someone for this purpose. Hopefully it's not that but I would ask the bank to freeze her account just in case. If she is found to be connected to money movement in this way it could lead to her being banned from having a bank account. I've seen this happen to a number of young people I work with (service users)

Thanks all - I'm sure she won't be long in getting in touch - I too imagine a panicked mum realising their student DC hasn't received their money. It is very safe with us - we just want to get it back to the right person!

It's nice how honest you are being Op hopefully she recalls the money soon

Update! We've had a letter from the bank! DD is gutted! We have called to let them know we don't dispute the error and they have reversed the transaction. Poor 'mum' must be very relieved!

Glad it’s been sorted shrumps