Bank credit in error

[neptun1982]

Hi all my boyfriend has just had �750 put in his account by mistake.

Can he keep it? I ahve told him to move it to another account and NOT spend it just in case!

Does anyone know the law in regards to this?? Can the bank just take it back?

Many thanks

[squarebear]

No of course he can't keep it. It's not his.

I would advise that he contacts his bank asap in case temptation gets too much for him. They will find out eventually.

[Rollo]

Of course the bank can take it back if they discover an error.

Taking money you know does not belong to you is a criminal offence.

[factor-fiction]

Why even move it to another account?
And it may not be a bank error. It might be some poor OAP trying to transfer money via online banking and she's entered the wrong account number

[milo1978]

hi neptun,

I worked in a bank & mistakes like this are quite rare but yeah they can take it back although if its after 24 hrs they have to give you written notification.

in reference to the other answers you've been given, rest assured that the bank has stolen way more from us that you will ever steal from them, not to mention that when they're in financial trouble they seek help from the state ie. our hard earned tax money that was probably intended for health & education!

& what the other person said abut an OAP-the bank will have to respond for them, what they call a 'goodwill gesture'.

You most likely bank with somebody who charges you �35 for an unpaid DD, chq or unauthorised overdraft-which on our end involves sending a letter definitely not worth �35 so my advice to you is ENJOY IT!! & make sure he spends at least half on you!!

[squarebear]

Although make sure he has it to hand to pay back in when they want it back.

[Rollo]

Indeed. Because if they take it back and it puts him overdrawn then that's another �35 in charges I expect.

[factor-fiction]

It was an interesting posting from milo1978 but I don't see it as in any way helpful.The law is clear on these matters.

[Rollo]

Milo just hates banks.

It does not seem to matter that you are told about the charges when you open an account - if you bother to read the information that is. Then when it happens and you pay charges you cry about it.

I have no sympathy on that score if you are in the habit of using your account to spend other people's money without authorization.

[DEN53]

They will find out neptun - my husband had �75,000 put into an account opened in his name - we nearly fell through the floor when the letter arrived on our mat.
At the time we were moving house and I had to go into hospital, so we just ignored the letter. After six months another letter arrived from the Building Society telling him his interest was �1,600 and would be like to leave the amount in the account or remove it.

I phoned the Building Society and pointed out the mistake - they sent us a cheque for �25.00 for our inconvenience.

Get in touch with them sooner rather than later.

[redcrx]

milo, knowing that the bank can ask for it back why on earth would you say
"ENJOY IT!! & make sure he spends at least half on you!!"

If it were me, Id call the bank (maybe Im too honest).

neptun, does he pay the CSA anything? only i overheard a conversation at the bank on saturday where a guy had a few hundred appear in his account. The staff said that a lot of people had queried same thing and the money was refunds.

[milo1978]

haha dont hate banks at all, wouldnt waste that much emotions on them.

In relation to charges just because they are 'terms & conditions' that does not make them legal and they are in fact illegal, hence why so many people are getting their charges back : )

Anyway neptun, good luck x

[Rollo]

Are they illegal? Has that been determined now?

Not yet I think.

[another-view]

Who got their mney back? I thought these cases were undecided. Surely if you agree to the terms and conditions you are well aware of any charges. How are they illegal?

[jake-the-peg]

Just because something's written into terms and conditions and you sign it doesn't mean it's written in stone.

They can be deemed unreasonable terms.

And you have certain rights you cannot sign away - You can't for example sign a document allowing someone to assault you.

Strange case some years ago with a bunch of Sado Masochists prosecuted despite consenting partners.

Don't know whether banks come under SM - guess it depends on your view of banks!

[Rollo]

"Just because something's written into terms and conditions and you sign it doesn't mean it's written in stone. "

You mean the Labour Party's last manifesto I assume!

LOL

[jake-the-peg]

You might find this on unreasonable contracts interesting

http://www.farnhamchamberofcommerce.co.uk/html /briefings/02.html

[squarebear]

That strikes me as odd. If you have agreed to the terms and conditions, how can you just say, "Nope. I don't want to follow them now".

[neptun1982]

thanks all, my pst wasnt about the charges but anyway...

& yeah I actually know lots of people that have got their money back from charges & i got my credit card onesback!!

CSA?? Is that something to do with maintenance for kids?? He doesnt have children so we'll see...

His finances are in perfect order & i know for a fact he wont be tempted to spend it but we'll see what happens, anyhow the moneys there!

[jake-the-peg]

you can't square bear - not if the T&Cs are reasonable.

If they're unreasonable that's a different matter.

Imagine someone signed an agreement for double glazing and on the back in the small print it gave the double glazing company the "right of attourney" over their bank account

Would you say " Well you signed the T&Cs it's your lookout"?

[Rollo]

If these bank T&Cs are so unreasonable as to be illegal, then why do rational people agree to them in the first place?