Bank error in your favour?

Question

the bank has paid someone elses £3000 cheque into my account, i assumed it was cashback as i have remortgaged with them as well as opening a current account and an isa. where do i stand on having to pay it back

Answer 1

You will have to pay it back. It should be in your terms somwhere in that fine print nobody reads. If you don't know where the money came from it's always best to investigate prior to spending it because you are legally obligated to pay it back if the bank made an error.  Think if you were the person whose check got erroneously deposited into your bank account. You'd want that back, yes?

So- you better talk to the bank and find out a way to pay it back before they simply take it out of your account and leave you WAY in the hole!

Good luck.

Answer 2

yes it does have to be paid back.

It would be best to go to your bank and let them know of the mistake. This way any intrest the £3000 has earned whilst in your account you will probably be allowed to keep (ok it won't be much but it's better than nothing). If you don't and they then realise the error they can simply take the £3000 from your account including any interest it would have earned (to compensate the customer who the money belongs to) without notice which could leave you well into an overdraft and incurring bank charges.

Answer 3

you have to notify your bank that its there and if they say its yours get it in writing.then after you spend it if they say they want it back you have proof that they gave it you. if they take you to court you just show the letter. there was a case like this a few years ago and the couple had a letter and the judge told the bank it was tough.

good luck.

Answer 4

If you're gonna be a thief, make sure you can retire from it. Just call and explain what happened.

Answer 5

Tell them.  If it turns out to be the cashback or something to do with your isa, you'll end up smiling.  If it's not yours, you score highly for honesty.  And they would find out about it anyway.  If you were the owner of £3000 that ended up in someone else's account, you'd want it found, wouldn't you?

Answer 6

It has to be paid back  

Answer 7

You may have to pay it back although it was bank error it all depends on the bank itself.

Answer 8

Once they realise their mistake they will collect the money from you, whether you have the funds or not! you can transfer the money into another account and close that one so they cant im theory hold u liable to their fault as the evidence has gone because the accounts closed.

but its like if an electric company hadnt chargd you 4electric bill for a yr,once they realise their mistake they will want immediate full payment or they wil take you to court.

Answer 9

If you can show that you reasonably believed the money to be rightfully yours then they cant claim it back. However £3000 is a lot of cash and most people would be expected to know if their remortgage raised that amount or not.  

Answer 10

get it sorted straight away ,tell them,they will find it anyway.