Bank error in your favour
Discussion
Massively, hugely, unlikely that money has been electronically credited to a bank account without a corresponding debit being seen in another account. It may, possibly, take a little while to show up in one or other other of the accounts but both ends of the transaction will be recorded somewhere for sure.
And as above, even if something has gone slightly awry, the discrepancy will be noted for sure and it'll all come out in the wash.
And as above, even if something has gone slightly awry, the discrepancy will be noted for sure and it'll all come out in the wash.
If the money has came from a transfer from another account and it's not the bank at error then it's highly unlikely anyone will ever ask for it back. I borrowed £17k from my brother to buy a car till my loan funds arrived and he gave me incorrect details to transfer it back to. Thankfully the numbers he gave me were not for an active account.
A friend of mine put in his expenses claim for mileage, and the new clerk at the hospital accounts dept inputted it at £41 per mile not 41p per mile.
He got paid something like £125,000 at the end of the month, and only knew about it when his bank rang him later that day. The bank said it can't be reversed until he gave the money back to the hospital.
The turnover of the hospital was about £3million a day, so you can imagine how a single salary payment of a quarter of a million slipped through the payroll....
He got paid something like £125,000 at the end of the month, and only knew about it when his bank rang him later that day. The bank said it can't be reversed until he gave the money back to the hospital.
The turnover of the hospital was about £3million a day, so you can imagine how a single salary payment of a quarter of a million slipped through the payroll....
Sy1441 said:
If the money has came from a transfer from another account and it's not the bank at error then it's highly unlikely anyone will ever ask for it back. I borrowed £17k from my brother to buy a car till my loan funds arrived and he gave me incorrect details to transfer it back to. Thankfully the numbers he gave me were not for an active account.
There's a checksum in the numbers that makes it harder to get them wrong, but it's not infallible.The rules about pulling mis-directed payments back have changed recently and it's much easier for banks to just do it now.
I don't know if it has to be a drama though - years ago I got someone else's salary (different employer to me) and when I pointed it out to the bank they just took it back, I wasn't asked (although I suppose they could assume I'd given permission).
Sy1441 said:
If the money has came from a transfer from another account and it's not the bank at error then it's highly unlikely anyone will ever ask for it back. I borrowed £17k from my brother to buy a car till my loan funds arrived and he gave me incorrect details to transfer it back to. Thankfully the numbers he gave me were not for an active account.
Is it just me that's paranoid? When I paid for new windows by bank transfer I paid a token amount first and only paid the rest once the company confirmed the token amount was in their account. So the big amount was a repeat payee.I stupidly transferred approx 1000 USD to the wrong account a few weeks back... unfortunately the incorrect account was a valid IBAN no.
My bank was UBS and the receiving bank was CITI UK.
Requested a recall and UBS contacted Citi and they have said they have asked for the funds back from recipient but they have not responded and therefore they suggest me contacting the beneficiary myself and asking for the money back.
Just how am i meant to ask the beneficiary for the money back if I don’t know who the recipient is...
My bank was UBS and the receiving bank was CITI UK.
Requested a recall and UBS contacted Citi and they have said they have asked for the funds back from recipient but they have not responded and therefore they suggest me contacting the beneficiary myself and asking for the money back.
Just how am i meant to ask the beneficiary for the money back if I don’t know who the recipient is...
Robertj21a said:
The odds are that if it's a significant amount it will get picked up, eventually - but that may be many months, or even years. If it's not too much (say, under £1,000) it might not be pursued.
Not years. They'll have to square it up in the year end accounts somehow, so if they don't spot it then, no way they're going back over prior years accounts looking for something they don't know is there.Gassing Station | Finance | Top of Page | What's New | My Stuff