money depositted into my bank account in error - legal position??

[stehanson]

on checking my account over the weekend another bank appears to have made a deposit via a bacs transfer for £120. considering its not expected I guess its an error.

Anyone know the legal position on this? obviously its their error so id like to keep hold of the money if poss

Can they just do a reversal without my knowledge (ie I would not have authorised them to take money from my account) - even if it is technically theirs would they not need to ask for it back etc? - any am I legally bound to give it them?

Im a tight studens so a £120 windfall is a lot to me lol!

[Ste]

Legally, you have money which you do not hold title to. You MUST inform your bank that you suspect an error.

[Duncan]

They can just do a reversal without your knowledge if it's spotted as being an error I believe. I think they'd have to do this within a certain time frame though. I'm sure that after a period of time, if they hadn't taken it back then the money would be yours. I don't know what that period of time is though.

For the moment, I'd treat the money as not being yours and expect it to be taken back out shortly.

Or...... if you don't have an overdraft then you could withdraw all your money out to leave a balance of zero and then they can't take any money back out!!

[AJA]

on checking my account over the weekend another bank appears to have made a deposit via a bacs transfer for £120. considering its not expected I guess its an error.

Anyone know the legal position on this? obviously its their error so id like to keep hold of the money if poss

Can they just do a reversal without my knowledge (ie I would not have authorised them to take money from my account) - even if it is technically theirs would they not need to ask for it back etc? - any am I legally bound to give it them?

Im a tight studens so a £120 windfall is a lot to me lol!

To be perfectly honest mate, you've got somebody else's money. Some other student could be waiting for that money. Be honest and tell you bank.

[spoons]

Legally you have to spend the money on an Irmscher Spoiler immediatelly. Its the law !!

EDIT: But I'm sure you will do the right thing, and let the bank know... lol

[R-man]

To be perfectly honest mate, you've got somebody else's money. Some other student could be waiting for that money. Be honest and tell you bank.

Seconded......

[AndrewTi]

Don't quote me, but they should politely ask if they can have it back. If you were to say no, expect legal repercussions, also possible suspension of Overdraft facilities etc.

Give them a shout, let them know whats happened, ask to speak to someone senior regarding a bank error and suggest a reward for your honesty. Never know, you may still come out with a couple of quid more than you had before.

[SignumPhil]

Barclays made a mistake and paid all our salaries twice a few years ago, and, as long as your account is with a different bank to the one that made the payment, they can't recall it.
We all negotiated 3 months to pay the money back, plus a deduction for expenses.


Phil

[stehanson]

Barclays made a mistake and paid all our salaries twice a few years ago, and, as long as your account is with a different bank to the one that made the payment, they can't recall it.
We all negotiated 3 months to pay the money back, plus a deduction for expenses.


Phil

my bank is lloyds tsb whereas the nice kind people at barclays made the deposit!! at the end of the day if someone elses account is short they will inform them and surely the bank will have to re - imburse them whether that means tracing it back and taking it back from me is probable - the prob is that id already spent at least £50 of it over the weekend and presumed my tax rebate had gone in - ut its not that so if they try and recall it it prob wont be allowed or if it is ill end up overdrawn !!! grrrrr

out of interest phil how come u had to pay the money back? - was it a company good gesture to the bank etc

Don't quote me, but they should politely ask if they can have it back. If you were to say no, expect legal repercussions, also possible suspension of Overdraft facilities etc.

shouldnt affect my overdraft facility as it was not my bank who made the bacs payment - unless it was their fault it was credited to the wrong tsb account!!!???

[MLC]

You cannot claim title to the money...simple as that!!