Money paid incorrectly into my account - not mine

Money paid incorrectly into my account - not mine

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Rick_1138

Original Poster:

3,663 posts

178 months

Wednesday 30th September 2015
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Hi folks,

Whilst checking my banking last week i noted my savings account had increased considerably (about £4k) overnight.

Looking into the transaction it was a BACS payment and from a company (i googled the name and its a genuine firm).

Obviously this has been a cock up at their end and either bank details were wrongly given or taken down and the payment has come to me.

I called the bank in case it was dodgy\fraud etc, but after a bit of back and forth they confirm the payment is legitimate (in that its not fraud). However the only advice they can give is just sit on it, as they cant take it out and they haven't had any notification from the company about it. (this was Saturday last week)

Still haven't heard anything from the bank. I am obviously not touching th cash as its not mine, but its a bit of a worry having this sitting there if i don't hear anything.

Has anyone had similar and what was the story, i.e. did you get a call from the company\person involved, or did you have t hand the cash over physically, i.e. do the leg work yourself?

I am just curious as its an odd situ.

AndrewEH1

4,917 posts

153 months

Wednesday 30th September 2015
quotequote all
Try contacting the company? If they managed to send £4k to the wrong bank account they are probably scratching their heads wondering how they are missing money...

Rick_1138

Original Poster:

3,663 posts

178 months

Wednesday 30th September 2015
quotequote all
Apparently the bank did this, but i am not sure if they explained that properly, they explained that the company would contact their bank, that bank would contact my bank and me asking if i have money, can they please have it back.

Problem is, company is based in UK and austria, so not quite sure how this will lay out.


rossub

4,437 posts

190 months

Wednesday 30th September 2015
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I'd take action depending on how big the company was and how well I perceived it to be doing.

If it was a small company that would really notice the missing cash, I'd get in touch. If it were a multi-national oil company, I'd be less inclined to do anything about it.

Not quite morally correct perhaps, but we're not all perfect.

Either way, I wouldn't be spending it for some considerable time so its always there to pay back.

Rick_1138

Original Poster:

3,663 posts

178 months

Wednesday 30th September 2015
quotequote all
rossub said:
I'd take action depending on how big the company was and how well I perceived it to be doing.

If it was a small company that would really notice the missing cash, I'd get in touch. If it were a multi-national oil company, I'd be less inclined to do anything about it.

Not quite morally correct perhaps, but we're not all perfect.

Either way, I wouldn't be spending it for some considerable time so its always there to pay back.
Looking at the small info i have (a 2 word name) I googled it and it looks to be a genetics\medical research company?

However i don't know if that's actually the company so phoning them to ask if they'd like £4k could be a bit wary of.

However i phoned back, they said sit on it, as it will get noticed eventually.

So i may open another account to chuck it in and leave it so its not mixed in with my normal savings account as i am moving cash about a bit with wedding prep payments so dont want to accidentally withdraw when i shouldn't etc.

Amazing the amount of people who seem to think i have received some form of windfall, its not my money to spend...ever.


Funk

26,263 posts

209 months

Wednesday 30th September 2015
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Good on you for doing the right thing - I would too.

Take the bank's advice on it and do what they tell you to, you can't go wrong that way. I would also be dumping it to a separate account to ensure it's ring-fenced for return. Nothing wrong with chucking it into the highest interest-paying account you have though!

otolith

55,990 posts

204 months

Wednesday 30th September 2015
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So long as you always leave enough cash in the account it was paid into to cover it going back out again.

HRL

3,335 posts

219 months

Wednesday 30th September 2015
quotequote all
When I was contracting a few years back I rang the bank to make a BACS payment and discovered that someone had deposited £40K into my business account in error. However, my bank did something about it and the money was gone within 2 days.

Shame. frown

I gather it goes on far more often than people realise.

Rick_1138

Original Poster:

3,663 posts

178 months

Wednesday 30th September 2015
quotequote all
HRL said:
When I was contracting a few years back I rang the bank to make a BACS payment and discovered that someone had deposited £40K into my business account in error. However, my bank did something about it and the money was gone within 2 days.

Shame. frown

I gather it goes on far more often than people realise.
Having a read of ombudsman websites, it seems this is quite common, and the law was changed a cuple of years ago so banks can now take cash out or ring fence it straight away without your consent, which is fair enough.

I am looking at High interest accounts at RBS though wink

hajaba123

1,304 posts

175 months

Wednesday 30th September 2015
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The bank can and will take it out of your account and put it in a holding account therefore removing you from all of this.
Complain to head office and they will sort it pretty quickly

Rick_1138

Original Poster:

3,663 posts

178 months

Wednesday 30th September 2015
quotequote all
hajaba123 said:
The bank can and will take it out of your account and put it in a holding account therefore removing you from all of this.
Complain to head office and they will sort it pretty quickly
I expect this to happen pretty quickly, and the bank logged my call.

No issue with cash sitting there, and i dont expect to have it long.

Just asking incase there was anything i may have not done that i should have etc.

Rowley92

83 posts

126 months

Wednesday 30th September 2015
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What money... wink

Rick_1138

Original Poster:

3,663 posts

178 months

Wednesday 30th September 2015
quotequote all
Rowley92 said:
What money... wink
... M'Lud. judge

AndrewEH1

4,917 posts

153 months

Wednesday 30th September 2015
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Rowley92 said:
What money... wink
Get back to work!

Simpo Two

85,319 posts

265 months

Wednesday 30th September 2015
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I'd just sit on it and see what happens. After how long does it become yours I wonder?

bearman68

4,650 posts

132 months

Wednesday 30th September 2015
quotequote all
Actually I did this in reverse, and deposited a similar amount in the wrong account. When I noticed, I contacted the bank, as did the receiver.
They told me that there was nothing that could be done, and in essence I had gifted £4k to that person, and there was no legal way of recovering.

Now I'm not suggesting for a moment that you party away - I think you morals and sense of justice are spot on, but it does make you think.

Since then I have transferred £0.50pence into accounts to check that all is OK, before transferring even hundreds.

Mind you, I reckon someone will have a red face when they find out.......furious

PositronicRay

26,998 posts

183 months

Thursday 1st October 2015
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A few yrs ago this happened to me while I was away. I noticed on my return 3 weeks later, I was perplexed, at the time an extra £11k would really, really come in handy. While I was pondering the moral dilemma it just disappeared, this was about 4 weeks after it had been deposited. No trace of money in/money out, no interest earned etc.

They depositor probably won't notice until a creditor complains about an unpaid bill, then they'll investigate.

Zigster

1,644 posts

144 months

Thursday 1st October 2015
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This has cropped up a few times in Guardian money matters (or whatever it is called) questions.

The answer generally seems to be that there isn't much the company which deposited the money in your account can do about it. That is, the money can't be taken out of your account without your consent - although I think it depends on whether the mistake is the paying company using the wrong account details or the bank incorrectly typing in the bank account details. There seems to be quite a few cases of individuals who have lost quite a bit of money this way.

If it was me, I'd keep the money ring-fenced ready to hand back if/when asked. But I'm not sure how much of my own time I'd waste trying to track down the company in question and begging them to let me repay the money - I can just imagine the painful conversations you would have with their accounts team trying to explain it.

red_slr

17,211 posts

189 months

Friday 2nd October 2015
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Probably an invoice being paid. They wont notice until the accounts dept at the supplier send them a statement and it still shows unpaid invoices. I would say it will be 3-4 weeks before they take the money back.

AndrewEH1

4,917 posts

153 months

Friday 2nd October 2015
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Maybe just send the company a fake invoice for some generic work you did for them for the exact amount they paid you with a slip saying "Payment received, thanks"