bank balance

[bazmoore]

for the last six months a substantial amount of cash has been credited to my bank account
the first time it happened i queried it with my bank who told me it was definitely mine and not a mistake.
i havent touched any of it but should the money be reclaimed am i entitled to the interest its accruing?
theres just over �500,000 in there now.
what would happen if i bought a house if they want it back i could always sell it.

[atolhurst]

Have you got it in writing from the bank that it definately belongs to you? I don't suppose they've told you where it's been sent from?

I would have thought that if you've been honest about it and make it known to the bank that you're not sure where it came from, if you have a record of them saying it's yours, i'd go and head and spend it.

[spaced]

get name of who you spoke to, write down the time you spoke to them. Get some written confirmation, the move the money to anoter account so it can not be removed by the bank. Hold fire before you spend it.

Good luck!

[EverClean]

The bank should be able to tell you where this money came from - either where it was transferred from or what branch it was paid in at - something that can give you a better idea of where it came from. If it isn't yours I don't think that there is anything that will stop the bank trying to get it back, including taking you to court - they would rather have the bad publicity and get their money back.

[themas]

I agree with Everclean. Ask yourself - do you really think anyone has paid you �500K without letting you know? Do you know anyone who would have that sort of money to give you anyway?
From your post, I guess the answer is NO in both cases. So you know the money is not yours and you would have no defence against an action by the bank to reclaim it. You need to put this in writing to the bank - using their complaints machinery.
The interest may be another matter. There could be an argument for you being able to keep it as compensation for their carelessness but I don't somehow think this would be very likely to stand up in Court.

[EuanC]

Aye right !!

So you are trying to say that 500k has been deposited in your account in error and the bank are happy that you can keep it ??

Gee - that's lucky !!

[Gef]

Surely the simple answer is to look at your bank statement as it will give you a clue as to where this money is coming from. It is quite possible that someone has set up a direct debit or used internet or phone banking and given the wrong account details.

Banks do have some idiots working for them. A year ago my bank (no longer) took over �3000 from my account by mistake when they typed in the wrong account number.

[strobe70]

I think eventually they will trace their error and come after you becasue somebody somewhere is going to realise that a large sum of money is missing from their business or wherever. It might not be your mistake but they will expect you to hand it back. make a personal appointment to see someone in a branch if it's convenient to you or at least make sure you talk to someone more important than just a call centre bod. If I was you I'd make every effort to give the money back before you spend any penny of it and keep a close record of everything that you do so that if you do end up spending it then at least you can prove you really tried to give it back!

[Mrs_Pegasus]

I am as cynical as EuanC to be honest!

My DH had a rather smaller amount paid into his account a month ago, which he was expecting and the bank was on the phone within days! They werent asking where it came from, although they knew, but to advise he visited his nearest branch to discuss how best to save the money.

I am struggling to believe that in these times where depositing �3000 in cash in account sets alarm bells off that a bank is ignoring nearly �100k a month into a bank account!