can we get away with this?

[scotty]

This is completely dishonest but very tempting... a very close relative deposited an amount of money several years ago in an investment bond . The most recent report has come back with an extra zero on the original amount invested. A phonecall to the company confirmed the amount [with the extra zero]. If we cashed it in are they likely to come and hunt us down!!!! What a delicious thought if only it were that simple.....someone please tell me it is and I'll buy you a drink in Rio .... Seriously these companies deal in billions of pounds are they really going to check on a mistake or do they have a slush fund to absorb any mistakes like this??

[spacechimp]

I'd take the money if I were you. If you overpay in a shop they wouldn't have to tell you, would they?

[spacechimp]

I'd definitely consult a lawyer if I were you. There may be some sort of loophole like writing a letter asking them to confirm that the balance is correct.

[Clanad]

Not only is it considered theft here in the U.S., it's also considered conspiracy to defraud... a much more serious crime. Additionally, you'd always be looking over your shoulder... even in Rio...

[spacechimp]

But we are in civilised Britain.

[pappasmurf]

I'm gonna turn you in, so start running boy.

[oscartony]

I also live in civilised britain and if i were you would be laughing all the way to the pub to celebrate mate

[erimus1]

Theft Act 1996 - introduced a new type of theft - this was - Obtaining a money transfer by deception - prior to this, you could not be procecuted for anything as there was no offence. Getting a letter from the bank only lessens your chances of being caught, and does not exhonerate you from liability.

Although I am academically qualified in law, I have no vocational experience, but when I was making a claim for compensation once, my solicitor told me "...play the system because it will screw you if it gets half the chance..."

He was right in one respect, so I suppose it all depends if you can both live with it, and take the risk that you wouldn't get caught.

Personally (even knowing the Theft Act inside out) I would take the money and run.

Good luck on your choice.
Regards,
Steve

[spacechimp]

But surely if you get a letter from the investment firm which confirms that the balance is not an error, you are no longer required to return the money...?

[erimus1]

At the end of the day, just because you have evidence that someone has confirmed the larger amount, this does not mean that there has not been a theft.
It is against the law - trust me.
Regards,
Steve

[spacechimp]

If when you request the money withdrawl you said "I would like to withdraw the entire sum to which I am entitled" would this be a loophole?

[vicster2006]

when i got overpaid in work by about an extra grand i gladly took the money "why thankyou mr boss man i said" but then they realised what had happened and i had to pay it back.

[gammaray]

At some point, usually following an account audit, the error will come to light. If you've taken the money you will be asked to repay it. I'd take out just what you are entitled to and leave the rest. I may be wrong but I think you would be entitled to any interest generated (assuming it bears interest) by the extra money. I'd also point out the mistake to the company and let them deal with it in their own time.

[sandbach99]

I should think the 6 year rule would apply,ie if the company involved don't contact you within 6 years asking you to repay they can not demand the money back, Good luck

[scotty]

Many thanks to you all, you have given us a lot to think about; will probably do the decent thing, who knows ????

[Dollie]

My son received his montly statement from Barclays and it clearly showed that his account had been credited with and extra �1500. He knew that he had not put it in, nor anyone else, so he went into the bank to quesiton it. Believe it or not, the cashier brought it up on screen and told him not to worry about, and probably a family member had put it in for him, but couldn't tell him where and when. He decided to just 'sit' on it for a while and not spend it - allowing it to just stay in his account. Sure enough, even though he had been into Barclays and reported it and they chose not to act on that information at that time, it was duly taken back out of his account some four weeks later. When he phoned to ask what had gone wrong, no one could give him a straightforward answer. Thank god he dared not spend it.

[Blyss]

take the money and RUN!!!
Mines a vodka n lemon ,, no ice.LOL

If they do realise its there mistake ..they will most likey only ask for the monies to be paid back in installment .

Id take the money .

[themas]

You know it is not your money. They are entitled to have it back. You should tell them about their mistake.

[Mudman]

Well.. Technicaly It's not thier money either. AND they're insured against losses.

take the money.

[WoWo]

"But surely if you get a letter from the investment firm which confirms that the balance is not an error, you are no longer required to return the money...?"

If anything this would confirm your criminal intent. If you had just noticed it then withdrawn the money without a fuss, when the police came knocking you could just explain it away saying you didn't know there was an error. But by actively getting a letter you would signal that you knew something was wrong and that you acted in a dishonest manner.

Personally I'd tell them. The idea these sort of financial institutions are faceless robots who wouldn't miss it goes both ways, so if they did come looking there wouldn't be any compassion on their part.

If I did feel tempted, I'd withdraw the money and place it in an easy access account with the highest interest. Then just pocket the interest until they came looking for it. Once it got to 10 years or so I reckon you would be safe.

[scotty]

Thats pretty much the advice I've given. Withdraw the full amount minus the interest and just keep it in an account for when they come knocking. Thank you all for your advice weve had some real fun considering all the options.