Cheque in error?

[djtaz11398]

If a check is paid into my account by error, lets say �5k paid in by someone i dont know. how long does it have to stay in my account until its legaly mine.

[stevie21]

If it's not yours, which it plainly isn't, then why would it suddenly become "legally" yours?
Your bank may be kind enough to give you notice of when they plan to deduct the money from your account so that you can cover other bills but they're not, as far as I know, required to do this.

[Hgrove]

If you are in England, it will never, ever become yours even after 100 years, however, if they don't ask for it back for a certain number of years (not sure whether 6 or 12) they lose the right to sue you to recover it.  (it's called the limitation period).  It simply means the Courts will no longer entertain them, but it does not mean it is yours.  This does have implications:  let's say you wanted to become an accountant, or police officer, or similar:  something like that could well get in the way. 

[WoWo]

The best thing you could do in such a case would be to move it to a different account and accumulate interest. That way the bank would'nt be able to claim the interest back on that money.

[bobinspain]

you will probably find that by monday morning had come your new found wealth will have gone. this happened to me years ago and it was a simple error where a cashier had typed in the wrong account number and i got someone elses money. after a couple of days the traced the money to my account and withdrew it. the only thing you may possibly do is mention it to your bank and you may get something...who knows.

[Lillabet]

I would strongly advise you to contact the bank and try to give the money back. I'm sure this isn't the answer you want but if you are aware that you have been given property such as money in error and do not attempt to make restitution then this can be considered to be theft and you could end up facing a criminal charge.

This would become much more likely if you spent some or all the money knowing it isn't yours or moved it to another account making it harder to trace. As at that point you would have dishonestly (knowing it wasn't yours) appropriated (moved, used treated as though you owned) property (money) belonging to another (self explanatory) with the intent to permanently deprive (meaning your actions prove you do not intend to return the property) This meets all elements of the offence of theft.

It must be great to get a windfall like that but it is illegal if when you realise an error has been made you do not attempt to set it right.