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Original poster

Bank have credited me with £1000 IN ERROR!

47 replies

oliveoil · 04/05/2004 14:14

Have been a bit bemused by my bank balance recently, been cutting down trying to save for my maternity fund but even so, I couldn't believe me giving up booze would mount up so much. Got a statement last week and on one day, dh paid in some cash and underneath, with the same paying in code thing, was a deposit for £1000! He didn't put it in!

This happened about 3 weeks ago, when will they notice? Or will they not? Will they demand it back in one lump - we have been toying with getting some work done on the house with it.

OP posts:

Nutcracker · 07/06/2004 14:22

LOL Tinker

jampot · 07/06/2004 14:23

FWIW I would be inclined to leave it (but not spend it) - when we going shopping?

Original poster

oliveoil · 07/06/2004 14:23

oi gerrof my money

OP posts:

Fio2 · 07/06/2004 14:28

well I dont think they will notice. They took 1,500 quid OUT of ours once for accidentally paying in 1,500 pound that they didnt actually pay in!!! (...follow) anyway they didnt notice but I nearly fainted when I went to get some money out and it ate my card and told me how overdrawn I was

magnum · 07/06/2004 14:29

I've worked in a bank and they probably will notice, but they don't always, believe me. I would keep quiet but don't spend it. Just leave it there and look at it from time to time, dream about your blinds, and one day if they don't notice....SPEND IT

Original poster

oliveoil · 07/06/2004 14:40

They knocked a nought off a business cheque dh paid in the other day as well, you can imagine the scene that caused when he got his balance. Maybe they have some new staff who are crap. They didn't apologise for the business cock up either, or try very hard to sort it. Banks, PAH!

OP posts:

magnum · 07/06/2004 14:46

You know you don't need any qualifications to work in most banks, not even a basic maths o level. They pay very low wages and all they care about is selling their products. In my experience they spend very little time teaching staff the basics and loads of time training them how to be a successful sales person. Hardly suprising mistakes happen often!

Original poster

oliveoil · 07/06/2004 14:48

The woman who was In Charge of The Counter was about 13!!!!

OP posts:

Fio2 · 07/06/2004 14:49

nah olive your just getting old

magnum · 07/06/2004 14:49

probably on work experience and they've shoved her on the counter so the rest of the staff can sell, sell, sell

Original poster

oliveoil · 07/06/2004 14:51

Am 34 you cheeky whippersnapper.

OP posts:

Fio2 · 07/06/2004 14:52

agy · 08/06/2004 02:02

Heard some money expert bloke on radio 2 - who definitely did not like banks - say that when this happens you should say nothing but leave it there untouched for two years to be on the safe side.

fisil · 08/06/2004 11:34

I was sent a £300 cheque in error once. When I rang the company to query it, before I could even finish explaining my query the woman said "don't worry, the cheque's in the post, should be with you by now." So they clearly had no idea they'd messed up. I left it in my savings account for about 2 years - quite useful as I was moving house and would have wiped out my savings otherwise.

I know your situation is slightly different, but the advice I got was similar to yours - just leave it and wait and see!

Freckle · 08/06/2004 11:45

If money is credited to a client's account by mistake, the bank or building society is usually entitled to recover the money within a reasonable time. If the client does not realise that the mistake has been made and has used the money in a way s/he would normally do, that is, s/he has acted in good faith, the bank or building society may not be able to claim the money back. If the client believes that the bank or building society is acting unfairly in trying to recover the money, s/he should complain to the Financial Services Ombudsman.

If the bank or building society does have the right to recover the money, the client should negotiate small repayments over a period of time without further interest being added. In practice, a bank or building society will normally agree both to accept staged payments and not to charge interest. If the client does not pay the money back, s/he could, in some circumstances, be prosecuted for theft.

Where it says if the client doesn't notice, this depends on how much has been paid in by mistake. E.g. £20 or £30 might easily go unnoticed, but not £1,000 (unless your account was such that £1,000 was not an unusual amount). Also, what is a reasonable period of time? This is very fluid and would probably depend on circumstances.

So, probably the best way to go would be to leave the money where it is (if you move it, you cannot subsequently claim that you hadn't noticed the payment) for a "reasonable" period of time. You have to decide what is reasonable.

WideWebWitch · 08/06/2004 12:09

I agree with magnum. Do nothing and see what happens. I honestly wouldn't notice this for about a month if it was put in my account.

Original poster

oliveoil · 08/06/2004 12:12

Cheers Freckle, that is why I have left it in my current account instead of moving it to savings, thought that would flag it up to them.

Will leave it and see what happens. Soooooo tempting seeing that balance though .

OP posts:

tigermoth · 09/06/2004 10:11

What you do depends on your principles and how you view our lovely banks. I won't say what I'd do but here's a suggestion to you: if £1000 is an unusual amount of money for you to get in your account, wait until you have anouther large deposit or two entering your account (perhaps if you take out a loan and the cheque is credited to your current account) and then use the £1000 while your normal account pattern is disrupted. I think you are wise to wait for now and keep the cash in your current account.

scarymamma · 29/03/2006 22:47

Haven't read all the other posts - too late and too lazy, but a similar thing happened to a friend of mine. She spent it then got into real trouble, 'cos the bank realised and asked for it back! She was nearly done for theft because she knew it wasn't hers, even tho' it was the banks own stupid fault! You try asking the Financial ServicesAuthority anonomously to find out if there's a time period after which you get to keep it.

scarymamma · 29/03/2006 22:48

Ooops - don't bother with the FSA, Freckle seems to have covered it!

pepperpots · 29/03/2006 22:51

so................ did they take it back or did you get to spend it

WideAwake · 29/03/2006 22:59

Its horrid when you have to let them take it back, btw not a question of you paying it back they will just adjust your account without your permission. On the bright side I know of someone who got 20 grand credited into her account and sneaked off to the States with it before they noticed, so at least someone struck a blow for all us poor bank bashed comsumers.

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