Bank makes error in your favour....
Discussion
Just like in monopoly, the bank has made an error in my favour, goes as follows:-
1. New mortgage lender pays my mortgage off in full (on direct debit day)
2. Old lender take out the mortgage payment, leaving me in credit
3. I complain, they tell me to issue a charge back through my bank (where current account is)
4. Chargeback is refunded immediately
5. Something has not registered on the system somewhere, so they have refunded the difference again today (they think i'm still in credit with them)
So, i assume they'll spot their mistake and take it back? How long before (if ever) it becomes mine?
It's not a small amount (nearly a bad of sand) so would make xmas nice.
1. New mortgage lender pays my mortgage off in full (on direct debit day)
2. Old lender take out the mortgage payment, leaving me in credit
3. I complain, they tell me to issue a charge back through my bank (where current account is)
4. Chargeback is refunded immediately
5. Something has not registered on the system somewhere, so they have refunded the difference again today (they think i'm still in credit with them)
So, i assume they'll spot their mistake and take it back? How long before (if ever) it becomes mine?
It's not a small amount (nearly a bad of sand) so would make xmas nice.
Edited by eltax91 on Friday 14th December 15:15
eltax91 said:
How long before (if ever) it becomes mine?
Assuming you do nothing to acknowledge the debt at any point (which resets the "clock", if you do), six years. Not that it becomes yours at that point, but any claim to recover becomes statute-barred - which amounts to the same thing.When they realise, they'll doubtless seek interest on the overpayment too. And if they issue proceedings, they'll claim it 8% - the statutory judgment rate - which is most likely more than you'll have made on it.
Edited by Lurking Lawyer on Friday 14th December 15:22
Right time of year for that to happen....You never know, entry sits in a suspense account for 2 weeks, then all p/l balances get cleared to zero for the year end. Has happened before and will happen again. Personally, I'd tell them. Liars and thieves..Hate 'em. Not calling you either by the way 
Lurking Lawyer said:
six years
Are you sure about that? What I mean is, is it six years from when they made the mistake or actually six years from when the mistake was discovered? It sounds as if this is a decent amount of money anyway in which case it will be considered theft if he/she fails to notify them of the mistake.Edited by 130R on Friday 14th December 15:37
130R said:
Lurking Lawyer said:
six years
Are you sure about that? It sounds as if this is a decent amount of money anyway in which case it will be considered theft if he/she fails to notify them of the mistake.Idlehands said:
A reconciliation clerk will notice within a week or two.
Or not...Madame arranged a international transfer to her account with Credit Lyonnais. A significant sum.
A few months later CL appointed her a 'personal account adviser'
A few months later said adviser rang to say 'do you really need over a million francs in your current account? Can we send one of our investment advisors to see you?'
Eventually I traced that they had credited the international transfer twice on consecutive days, some 6 months previously.
Chilli said:
Right time of year for that to happen....You never know, entry sits in a suspense account for 2 weeks, then all p/l balances get cleared to zero for the year end. Has happened before and will happen again. Personally, I'd tell them. Liars and thieves..Hate 'em. Not calling you either by the way
Yeah, Mrs Eltax has suggested we outta hand it back. unfortunately, this same 
wit bank were also responsible for taking the money on the day, even though i'd informed them weeks before not to do so. And it took 4 hours of my time to get it sorted. So it really grates to give it back. 
The Hitman said:
130R said:
Lurking Lawyer said:
six years
Are you sure about that? It sounds as if this is a decent amount of money anyway in which case it will be considered theft if he/she fails to notify them of the mistake.If it matters, the sum of the amount is between £750 and £1000
eltax91 said:
if i keep stum, are there legal implications.
If it matters, the sum of the amount is between £750 and £1000
Rather depends on how much you had in your account. If you had 25K in there then you could claim you didn't realise, not so easy to do that if you were overdrawn at the time.If it matters, the sum of the amount is between £750 and £1000
130R said:
eltax91 said:
if i keep stum, are there legal implications.
If it matters, the sum of the amount is between £750 and £1000
Rather depends on how much you had in your account. If you had 25K in there then you could claim you didn't realise, not so easy to do that if you were overdrawn at the time.If it matters, the sum of the amount is between £750 and £1000
I've noticed it, because it took a jump from yesterday to today. But, the current balance is not an unusual one, and it reaches this sort of balance on a monthly basis!
Plotloss said:
Oooh, virtual monopoly. I'll be the top hat to avoid the scrum for the car.
Ooh goody, move over Mornington Crescent, I'm bagging Vine Street...thebluebus said:
Does there ever come a time when an accidental receipt in your account becomes your own?
Seven years possibly?Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff