money lodged in my account in error

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sunnywalk

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have noticed what I think is money lodged into my account in error? what is my obligation? do I let my bank know or should i wait for them to contact me?
 
Your obligation is to give this money back to the bank. It is not yours to keep. I would give them a ring.
 
is it my obligation? what would happen if I didnt "notice" it, i can go months without really checking my account.. only did it today as I was off...
 
Scotsgirl said:
Your obligation is to give this money back to the bank. It is not yours to keep. I would give them a ring.
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I really wouldn't bother ringing them. Same happened to me bout a month ago 327.72euro lodged to my PermTSB chequebook acc. Came from BOI who I have no dealings with. Rang both banks and each just told me to contact the other. BOI told me not to worry that it would be picked up eventually. Anyway got letter from BOI bout week ago to say that insufficient funds had been given to me from an ATM machine in April 2008. Now I think if I had been 320euro short it's not something I would have forgotten about or overlooked. Anyway just letting it lie there and taking their word for it.
 
At a practical level, they will find out, they will take it back. Best rid of it, ASAP, I think,

If you dont tell them, leave it there and wait for them to notice, nothing will happen. But some day they will come looking for it and you do have a legal obligation to give it back when they ask.

If at that time, you refuse, or lie and claim that you don't know about it, then they will probably take legal action and get it anyway.
 
I think I will sleep on it over the weekend.. will not spend it and do a wait and see approach for a few days.. If I was asked i would have no problem handing it back....if i was asked :)
 
Do not underestimate the long memories of banks and their employees.

Customers who profit from a bank error / honest mistake / human error and refuse to repay what they genuinely owe will find that the same bank may do them no favours next time they look for a loan / mortgage / general assistance.
 
Money lodged in error to your account is not your money. Whether or when the bank notices the error is immaterial: it is still not your money.

So the right thing to do is give it back.
 
We had a regular savings a/c with Anglo. Never look at balance until maturity. We got a phone call from them in march, apparently they had lodged a grand a month into our a/c for each month over the previous five months!!!

They were very apologetic and wanted to check with us before they withdrew it. Seriously the poor guy was grovelling on the phone. We would have been none the wiser if they had said nothing.
 
This is not the bank's money.

It is much more likely that some unfortunate individual has put down the wrong account number when transferring the money. So it ended up in your account rather than the account of the intended payee.

They have probably noticed that they made a mistake, and their bank has probably told them that they can do nothing about it. They can't give the payer your information.

You save everyone a lot of headaches by doing the decent thing and notifying the bank who will return it to its owner.

I had the same experience as Don. Around €10,000 landed in my account by error. The assistant manager called to see me to discuss it and was very embarrassed about it. As far as I am concerned, they should just have reversed the transaction.

Brendan
 
Customers who profit from a bank error / honest mistake / human error and refuse to repay what they genuinely owe will find that the same bank may do them no favours next time they look for a loan / mortgage / general assistance.
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I certainly would not refuse to pay if I was approached by the bank about it! the money has been there (and i have been completely unaware of it until yesterday ) for two weeks!! If they called me any time at all then of course they could have it back immediately...how could that be refuse to pay!


I
t is much more likely that some unfortunate individual has put down the wrong account number when transferring the money. So it ended up in your account rather than the account of the intended payee.
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I can see that the money hasnt come from an individual, its actually from a credit card company and its a bac payment which is strange, but very nice of them:).. if i thought it was a mistype by another person and it landed in my account then of course I would go straight to the bank..but when its a credit card company so TEMPTING to say nothing..
I will do the right thing of course and notify my bank on monday and wont touch the money..I imagine it could get swiped back out any minute anyway.. so best not get used to it :)!!
 
Brendan Burgess said:
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They have probably noticed that they made a mistake, and their bank has probably told them that they can do nothing about it. They can't give the payer your information.
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Is it likely that the bank would do nothing? Surely they would seek to address the error without disclosing account details to the depositor?
 
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