Money paid incorrectly into my account - not mine
Discussion
Robertj21a said:
Not correct - it's not his responsibility. Once he has highlighted that he believes he has received the money in error, he has done all that he can be expected to do. The only onus on him will be to ensure that the money is set aside and not touched.
Maybe not legally, but morally it is. If you've got someone elses money, even by mistake, you should be banging their door down to give it back. Can't OP contact the company? It would be relatively easy to get through to their accounts who would see what's happened pretty quickly and let him know where to send it. It's not difficult.
Contacting the bank is probably good enough to get the OP off the hook.
The law essentially says that the recipient needs to take reasonable steps to identify the payer. Checking with the bank is looked on as a "reasonable step".
Personally, I would make a bit more of an effort to try and identify where the money came from but that's me.
The banks are actually prohibited from giving account information so they will know where the money came from but will not divulge the source. Instead, if a payer has inadvertently paid into the wrong bank account, they sit back and wait for the payer to discover the error and will only act on it then.
The law essentially says that the recipient needs to take reasonable steps to identify the payer. Checking with the bank is looked on as a "reasonable step".
Personally, I would make a bit more of an effort to try and identify where the money came from but that's me.
The banks are actually prohibited from giving account information so they will know where the money came from but will not divulge the source. Instead, if a payer has inadvertently paid into the wrong bank account, they sit back and wait for the payer to discover the error and will only act on it then.
OllyMo said:
Robertj21a said:
Not correct - it's not his responsibility. Once he has highlighted that he believes he has received the money in error, he has done all that he can be expected to do. The only onus on him will be to ensure that the money is set aside and not touched.
Maybe not legally, but morally it is. If you've got someone else's money, even by mistake, you should be banging their door down to give it back. Can't OP contact the company? It would be relatively easy to get through to their accounts who would see what's happened pretty quickly and let him know where to send it. It's not difficult.
Even the bank said it wasn't the best idea if i cant guarantee who sent the money.
Eric Mc said:
There will be some numbers and references quoted on the entry on the bank statement which might allow you to narrow down who the payer is.
All i can see on my transaction history is part of the company name, and 'automated pay-in'No other info on the transaction list.
TBH i cant see it lasting longer than the month before someone notices an issue and contacts the bank from the payer end.
Eric Mc said:
There will be some numbers and references quoted on the entry on the bank statement which might allow you to narrow down who the payer is.
Stuff that. Its not his fault or his problem! If he doesn't spend the money, its still there for when someone comes calling for it.I think he's made more than enough of an effort to resolve it.
The rules say he must make a "reasonable effort" to identify where the money came from. From what I can see - based on the information he has and the fact that he has already contacted his own bank - he HAS made a reasonable effort.
If the details shown on his statement were sufficient to positively identify who the payer was, then what he has done so far might NOT be classed as "reasonable".
It depends on the circumstances.
If the details shown on his statement were sufficient to positively identify who the payer was, then what he has done so far might NOT be classed as "reasonable".
It depends on the circumstances.
I had an absolutely nightmare last year with a well-known bank.
I paid a 5K cheque into the bank (one of those automatic ones). The lad came over and showed me how to use it, put my card in along with the cheque.
It came back saying I was en-cashing £10K and click continue if correct. It wasn’t so we cancelled and carried on. Again, it said £10K…
“Just press OK mate and I’ll sort it out” Needless to say, he never did in fact sort it out and I spent about three weeks (literally) trying to tell the bank it was their money and not mine.
I should have just took the money out, “no Sir, it’s definitely yours was repeated over and over again.
I paid a 5K cheque into the bank (one of those automatic ones). The lad came over and showed me how to use it, put my card in along with the cheque.
It came back saying I was en-cashing £10K and click continue if correct. It wasn’t so we cancelled and carried on. Again, it said £10K…
“Just press OK mate and I’ll sort it out” Needless to say, he never did in fact sort it out and I spent about three weeks (literally) trying to tell the bank it was their money and not mine.
I should have just took the money out, “no Sir, it’s definitely yours was repeated over and over again.
Edited by Mr Trophy on Friday 16th October 15:05
OllyMo said:
Maybe not legally, but morally it is. If you've got someone elses money, even by mistake, you should be banging their door down to give it back.
Can't OP contact the company? It would be relatively easy to get through to their accounts who would see what's happened pretty quickly and let him know where to send it. It's not difficult.
It's the banks who have transmitted the payment, it's not as if someone has posted £20 notes to you in error. Banks have very thorough audit trails and are more than used to monies sitting in suspense accounts while the correct recipient is identified. In any event, for reasons of confidentiality, the banks will be unable to divulge anything further .Can't OP contact the company? It would be relatively easy to get through to their accounts who would see what's happened pretty quickly and let him know where to send it. It's not difficult.
Mr Trophy said:
I had an absolutely nightmare last year with a well-known bank.
I paid a 5K cheque into the bank (one of those automatic ones). The lad came over and showed me how to use it, put my card in along with the cheque.
It came back saying I was en-cashing £10K and click continue if correct. It wasn’t so we cancelled and carried on. Again, it said £10K…
“Just press OK mate and I’ll sort it out” Needless to say, he never did in fact sort it out and I spent about three weeks (literally) trying to tell the bank it was their money and not mine.
I should have just took the money out, “no Sir, it’s definitely yours was repeated over and over again.
How was it eventually resolved?I paid a 5K cheque into the bank (one of those automatic ones). The lad came over and showed me how to use it, put my card in along with the cheque.
It came back saying I was en-cashing £10K and click continue if correct. It wasn’t so we cancelled and carried on. Again, it said £10K…
“Just press OK mate and I’ll sort it out” Needless to say, he never did in fact sort it out and I spent about three weeks (literally) trying to tell the bank it was their money and not mine.
I should have just took the money out, “no Sir, it’s definitely yours was repeated over and over again.
Edited by Mr Trophy on Friday 16th October 15:05
I received £80k once. Shifted it for safe keeping into my then Northern Rock Flexi Mortgage account. Then when HMRC asked me for their money back (rather unpolitely) a month later I sent them a cheque from the same account. Eveyones a winner and they are lucky to have dealt with an honest upright citizen that refunds money far quicker than them!
I contacted the bank again today. I spoke with my brother in law who is a solicitor and he explained that i had done everything right contacting the bank but having something in writing would be an idea.
So i contacted the bank and asked if any progress had been made, they said nothing had changed but they had a record of my initial call, but would now make it a full investigation and send out confirmation in writing to me. They said there wasnt much they can do until the place that made the error contacts their bank so i just have to sit tight.
My BiL basically said the amount of money was probably quite small for the company so it hasnt flagged up, OR it would cost more in legal checks and such to find it, so they may not notice until April when they do their accounts audit, which i had assumed may be happening as i hadnt had anything after 2 months.
At least i now have a formal recognition of the issue and the cash is still available for return as soon as its asked for.
pain though as i would rather not have cash sitting there for half a year.
So i contacted the bank and asked if any progress had been made, they said nothing had changed but they had a record of my initial call, but would now make it a full investigation and send out confirmation in writing to me. They said there wasnt much they can do until the place that made the error contacts their bank so i just have to sit tight.
My BiL basically said the amount of money was probably quite small for the company so it hasnt flagged up, OR it would cost more in legal checks and such to find it, so they may not notice until April when they do their accounts audit, which i had assumed may be happening as i hadnt had anything after 2 months.
At least i now have a formal recognition of the issue and the cash is still available for return as soon as its asked for.
pain though as i would rather not have cash sitting there for half a year.
Rick_1138 said:
I contacted the bank again today. I spoke with my brother in law who is a solicitor and he explained that i had done everything right contacting the bank but having something in writing would be an idea.
So i contacted the bank and asked if any progress had been made, they said nothing had changed but they had a record of my initial call, but would now make it a full investigation and send out confirmation in writing to me. They said there wasnt much they can do until the place that made the error contacts their bank so i just have to sit tight.
My BiL basically said the amount of money was probably quite small for the company so it hasnt flagged up, OR it would cost more in legal checks and such to find it, so they may not notice until April when they do their accounts audit, which i had assumed may be happening as i hadnt had anything after 2 months.
At least i now have a formal recognition of the issue and the cash is still available for return as soon as its asked for.
pain though as i would rather not have cash sitting there for half a year.
Ring fence the money in another account so that you are not tempted to spend it in the meantime. You could buy some premium bonds for the duration, which might even net you a prize or two whilst you wait for the cash to be reclaimed.So i contacted the bank and asked if any progress had been made, they said nothing had changed but they had a record of my initial call, but would now make it a full investigation and send out confirmation in writing to me. They said there wasnt much they can do until the place that made the error contacts their bank so i just have to sit tight.
My BiL basically said the amount of money was probably quite small for the company so it hasnt flagged up, OR it would cost more in legal checks and such to find it, so they may not notice until April when they do their accounts audit, which i had assumed may be happening as i hadnt had anything after 2 months.
At least i now have a formal recognition of the issue and the cash is still available for return as soon as its asked for.
pain though as i would rather not have cash sitting there for half a year.
Rick_1138 said:
I contacted the bank again today. I spoke with my brother in law who is a solicitor and he explained that i had done everything right contacting the bank but having something in writing would be an idea.
So i contacted the bank and asked if any progress had been made, they said nothing had changed but they had a record of my initial call, but would now make it a full investigation and send out confirmation in writing to me. They said there wasnt much they can do until the place that made the error contacts their bank so i just have to sit tight.
My BiL basically said the amount of money was probably quite small for the company so it hasnt flagged up, OR it would cost more in legal checks and such to find it, so they may not notice until April when they do their accounts audit, which i had assumed may be happening as i hadnt had anything after 2 months.
At least i now have a formal recognition of the issue and the cash is still available for return as soon as its asked for.
pain though as i would rather not have cash sitting there for half a year.
My accounts team have just sent £1,762 to the wrong company.So i contacted the bank and asked if any progress had been made, they said nothing had changed but they had a record of my initial call, but would now make it a full investigation and send out confirmation in writing to me. They said there wasnt much they can do until the place that made the error contacts their bank so i just have to sit tight.
My BiL basically said the amount of money was probably quite small for the company so it hasnt flagged up, OR it would cost more in legal checks and such to find it, so they may not notice until April when they do their accounts audit, which i had assumed may be happening as i hadnt had anything after 2 months.
At least i now have a formal recognition of the issue and the cash is still available for return as soon as its asked for.
pain though as i would rather not have cash sitting there for half a year.
To get it back our bank (Barclays Corporate) charges £25.
You going to want to ring fence it for at least a year, depends when their year end is and when they look at the books.
The other thing is IF you intend on keeping it you will have to declare it on your self assessment and pay the correct amount of Tax on it.
But the risk is you are linked to money laundering - clearly your not dumb enough to play oh I didn't realise I had £4K which I then moved to a savings account Mr Policeman. It might be overkill but call local BIB get a case ref (I doubt they will ever look at it) then if there is ever any comeback "look I did what I could" and total are covered.
It might also be criminal activity somehow by have obtained your bank details and at some point will clear you out.
But the risk is you are linked to money laundering - clearly your not dumb enough to play oh I didn't realise I had £4K which I then moved to a savings account Mr Policeman. It might be overkill but call local BIB get a case ref (I doubt they will ever look at it) then if there is ever any comeback "look I did what I could" and total are covered.
It might also be criminal activity somehow by have obtained your bank details and at some point will clear you out.
Haha, I had this a while back. Random amounts of money going into my bank account with little or no information. .In the end I declared it at work because I was concerned it'd look like 'brown envelopes' in hindsight...
Turned out I finally tracked it down... Compensation payments from aaaaages back after a scrote damaged my car.
Nice
Turned out I finally tracked it down... Compensation payments from aaaaages back after a scrote damaged my car.
Nice
romeogolf said:
Mr Trophy said:
I had an absolutely nightmare last year with a well-known bank.
I paid a 5K cheque into the bank (one of those automatic ones). The lad came over and showed me how to use it, put my card in along with the cheque.
It came back saying I was en-cashing £10K and click continue if correct. It wasn’t so we cancelled and carried on. Again, it said £10K…
“Just press OK mate and I’ll sort it out” Needless to say, he never did in fact sort it out and I spent about three weeks (literally) trying to tell the bank it was their money and not mine.
I should have just took the money out, “no Sir, it’s definitely yours was repeated over and over again.
How was it eventually resolved?I paid a 5K cheque into the bank (one of those automatic ones). The lad came over and showed me how to use it, put my card in along with the cheque.
It came back saying I was en-cashing £10K and click continue if correct. It wasn’t so we cancelled and carried on. Again, it said £10K…
“Just press OK mate and I’ll sort it out” Needless to say, he never did in fact sort it out and I spent about three weeks (literally) trying to tell the bank it was their money and not mine.
I should have just took the money out, “no Sir, it’s definitely yours was repeated over and over again.
Edited by Mr Trophy on Friday 16th October 15:05
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