Money Paid Into My Account By Accident Now They Want It Back !

[Iggle Piggle]

Back in August some money appeared in my account from some random firm.
Today I received a polite letter from my bank asking for the money back.
Do I have to give it back? can the bank not claim on some insurance for lost money?
It seems a bit weird that they can just ask for it back after this long.

[bednobs]

:)
i know exactly how your "friend" feels, i was paid (TWICE) by a company that thought i worked for them when i didn't. I informed them of the mistake, contacted them several times and so on, but they still never made an effort to get it from me, or contacted me to tell me how to pay them back. I would dearly love to spend the money, however it's just sitting in my mortgage offset account, waiting for them to ask me for it, however now i've had it over six months, i really really feel i should be allowed to keep it (despite the fact i know i don't have a leg to stand on) What i worry about is that they are NEVER going to ask for it back, but ill never be able to spend it in case they do!

[Bazile]

//..You must have moved very fast to spend it. //

lol - indeed - like grease lightening

[Iggle Piggle]

Unfortunately she is in debt so a grand out of no-where was like manna from heaven ! and it just cleared the overdraft...
She is upset now I have told her it has to go back, as she will need a bank loan to do this.
I was hoping someone would have know a way out for her.
Thanks anyway.

[Bazile]

Baldric - really ?

Time to spend it now , eh

[bednobs]

i would imagine balders feels rather the same way as me - ie it IS now "his" money, but he can't risk spending it in case they ever want it back! Still he (and i) are benefiting from interest in the meantime

[sherrardk]

I'm curious, why didn't you just say you were posting for a 'friend'?

[bednobs]

he/she did on the previous page!

[chrissa1]

It doesn't matter if it's MY/I or She/Her, the situation hasn't changed and advice is still being requested.

[joko]

how can you think that if you accidentally handed a customer £20 you would not be entitled to it back??

there is no such law as 'finders keepers' - your property is always yours until you choose for it not to be.

if you dropped your purse on the floor and someone picked it up first - do you think they should be allowed to keep it? if they did they would be stealing.

i don't blame YOU from wanting to keeping - we would all want to keep it - but you cant get huffy because you can't!

why on earth would the bank claim for lost money when its isn't lost?

your grasp of 'logic' and fairness is astonishing.

you are however entitled to make a offer to pay it back in installments.

i probably wouldn't notice it either - and would likely just spend it.

offer what you can afford - they will accept it because they just want it back.

[ClaryS]

Wow I'm dumb-founded that anyone would not notice £1000 extra in their account, you all must be either very rich or have no idea about your income and outgoings. I would know instantly if I was £1000 better off than usual, whether my usual balance was £300 or £3000

[Iggle Piggle]

Joko, sorry to say you are wrong, there is a kind of 'finders keepers' law as in if you find some money on the street and CANNOT trace the owner, it is yours. If you find with the money a credit card/wallet with ID or you see the money fall from someones pocket, then if you keep the money, it is stealing. This is 'theft by finding'.

[ClaryS]

you can find the owner in your situation though -its the bank!!!

[humbersloop]

wouldn't the interest sum on the money balders and bednobs have -rightly - set aside also belong to to the owner of the original dosh though? If it's a benefit derived from having something that's not actually yours, isn't there a claim on that too?

[Bazile]

So if you find a suitcase on the street stuffed full of £50 notes to the tune of say 20 k - you would think it was yours if you ' cannot trace the owner ' ?

Further , what do you mean by ' cannot trace the owner '?

[Hypognosis]

@Iggle Piggle (17:25)

For decades, I have laboured under the impression that lost property 'found in the street' has to be lodged with the nearest Police station and only becomes your if it it remains unclaimed after 6 months have elapsed. Was I wrong in this belief?

[pretty_snowdrop]

I am not good and posting links but there is an article about it on the financial ombudsman website. Media URL: http://www.financial-ombudsman.org.uk/publications/technical_notes/wrong-account-payments.htm
Description:

[joko]

that is not the same situation - and you know it - that does not mean anything you 'find' is yours!
the owner is right there in front of you, asking for their property back and you think they have no right to it!?

splitting hairs and twisting things is not going to make you be allowed to keep it ...

[WyeDyed]

Pretty_snowdrop's link:
http://www.financial-ombudsman.org.uk/publications/technical_notes/wrong-account-payments.htm

[zebo]

I once gve an incorrect account number over the phone, the numbers on my card were a bit worn, and as a result £10.000 was paid into another account. This would have meant we would not be able to complete on a house purchase. When the error was discovered, I went to the bank and it was discovered that the incorrect number was a dormant account and could be returned quickly. Phew. Remember your good fortune in having this money paid into your account could mean the rightful owner of it stands to lose more than just the money.