banking errors

[spacecowgirl]

my bank have paid money into my account in error do they have a right to claim it back is there a timescale???

[dzug]

Yes they can claim it back

Not sure on timescale - probably 6 years

[innocenti]

Yes they can ask for it back. There was a case recently of a couple who sent thousands that was put into their account. They were jailed for theft.

You could argue that it was the banks mistake but at the end of the day you know it is not your money.

[tpreece01]

Timescale would depend on how much it was, if you've spent the money and what you could afford.

Say, if �5000 was deposited, you spent it 'without realising' and offered to pay it back monthly, the bank should accept this offer.

As the money is likely to belong to somebody else who would be �5000 out of pocket, they'd need the money back pretty quickly. So the most likely outcome is the bank would give you a loan for �5000, use the money to repay the actual owner of the original money and you'd pay it back through the loan, monthly.

You might be able to negotiate a lower interest rate on the loan than their normal rates, or even interest free depending on the bank.