Free money dilemma

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  • Free money dilemma
  • stumpy01
    Member

    Begrudgingly give it back, knowing that they’ll realise at some point & want it back once I’ve spent it.

    Elfinsafety
    Member

    Hmm, I think you might legally be able to keep it actually, I’m not sure.

    As for the morality of it; if it’s a bank, then that bit’s irrelevant anyway. 😉

    rocketman
    Member

    I once paid in a cheque for £3000 over the counter and my account was mistakenly credited with £30,000 😯 😀

    It was literally a day befoe the bank realised the mistake.

    PeterPoddy
    Member

    It was literally a day befoe the bank realised the mistake.

    4 days and counting….. Bank not out of pocket…..

    stumpy01
    Member

    It’s not a massive amount of money, at the end of the day, is it?
    I guess you could keep it in the account for some time & then spend it.
    If anyone questioned you further down the road, you could say that you didn’t notice the overpayment and had spent the money.

    If your account suddenly got landed with £10k then you probably couldn’t get away with saying you hadn’t noticed, but with a sum like £700 it would be fairly easy to miss………erm, wouldn’t it?? If you weren’t the sort of person who checks his account on a regular basis, like.

    rocketman
    Member

    4 days and counting….. Bank not out of pocket…..

    It’s yours – enjoy!

    Premier Icon MSP
    Subscriber

    If your account suddenly got landed with £10k then you probably couldn’t get away with saying you hadn’t noticed

    Seemed to work for the politician who’s husband got the much larger bribe paid from Berlusconi.

    It is the banks money really, they have already paid the shop for the transaction, and its unlikely they will be able to claim it back from a bankrupt company, so the bank will take the hit.
    That said I would probably keep it, but not spend it for a while so I can cover the mistake being discovered. I am also generally regarded as a thieving rouging barsteward.

    toys19
    Member

    yep the bankrupt company will need to get it back off you. Probs never happen. Happy days.

    BillMC
    Member

    I once put a cheque into my account from a sale of shares. The bank somehow managed to double it. I was walking round with a ludicrous pile of readies in my current account. However, it was gone in a blink of an eye about 2 weeks later 🙁 and nothing was even said about it.

    Premier Icon molgrips
    Subscriber

    Put it in another account, keep it for a year or two forgetting about it, then suddenly remember it and spend. Happy days.

    If the company’s bankrupt I’d imagine there are lots of people queueing up to get money back. Some of whom are rightfully owed…

    hels
    Member

    I worked in a bank once, for a year before I went to Uni. One of my jobs was to pull out EVERY transaction over $1,000 in my account range, and check that the input staff and databank had coded the correct amount. So, I would surmise that there is an amount under which banks don’t bother their arse to check. This was in NZ many years ago, so I would guess it is nearer £10,000 here and now.

    You problem tho, will be the auditors who will be scrabbling about for every 50p and checking any anomaly. And I believe the limitation on financial stuff is 7 years.

    Don’t go buying that Aston Martin yet.

    And you just know it’s not right, don’t you ?

    frogger
    Member

    Stop worrying about it and just put it aside for a while. If they haven’t figured it out after a month then spend it as long as if they ever do come knocking it won’t break your bank to pay them back. These things don’t often happen and when they do they don’t always come looking for the money. Similar thing has happened to me twice before, several years ago and they never came for the money.

    Morals? What are those? 😀

    Premier Icon lunge
    Subscriber

    Just thinking here, could you call up the bank and, acting innocent, ask them when you will be receiving the money from them and ask them to confirm the amount it will be. If they say,” it’s there already and should be £800” then happy days, if they say “it’s there now and is £125” then you know they are on to you.

    toys19
    Member

    I know someone who borrowed a large sum of cash, the bank paid the loan into his bank account twice and never noticed. 10 years ago. It had 5 zero’s on the end!

    Junkyard
    Member

    Bank not out of pocket

    how are they not out of pocket? Who put the money there then?

    PeterPoddy
    Member

    A while ago I started this thread

    http://www.singletrackworld.com/forum/topic/visa-debit-same-cover-as-a-credit-card

    Long story short, but we claimed a chargeback for just the undelivered drawers (£125-ish) as we had recieved the rest.

    But the bank have charged the whole sum back and it’s now in our account, to the tune of well in excess of £800, more then £700 over what we claimed.

    The bank aren’t out of pocket, only a bankrupt company….

    What would YOU do?
    🙂

    EDIT
    To stoke the fire a bit, the bankrupt suppliers keep ringing us and asking if we want to buy the drawers for a 25% discount. As in the money we have already paid has disappeared and we have to pay more type discount….

    PeterPoddy
    Member

    how are they not out of pocket? Who put the money there then?

    Chargeback!

    🙂

    _____________________________________________________

    Anyhow, update time:

    We’d already decided what to do (and done it) when I posted this thread: Call the bank and tell them. Tell them once, and once only.
    So we did.
    They were pleased and surprised, and said they would take back the extra.
    This was 10 days ago, we still have the money.
    We won’t be telling them again! 🙂

    Elfinsafety
    Member

    SPEND IT!!!

    Then change banks…

    Or, if you’re feeling moral; donate it to charity.

    Or at least part of it to charity. That way, you’ve done a good thing and therefore deserve a ‘reward’. Win-win! 😀

    avdave2
    Member

    Thanks for the update Peter, I’d forgotten our conversation in the surprise that anyone would call us in such circumstances.

    So thanks again for your honesty and I’ll get them money debited from your account this afternoon.

    Blow it all on cheap hookers! 😀

    jon1973
    Member

    Blow it all on cheap hookers!

    Or one classy one.

    Premier Icon BigJohn
    Subscriber

    Premium bonds are the answer for this kind of thing.

    While they’re in there you can win money and if you have to give it back, you won’t feel the pain.

    PeterPoddy
    Member

    Premium bonds are the answer for this kind of thing

    It’s a good suggestion. 🙂 I think we’ll leave it where it is for a month or three before we get excited though….

    rondo101
    Member

    The FSA’s perspective on reclaiming over-payments to clients is dependant on the amount of time that has passed and whether the amount of money paid was abnormal enough that the individual could not have reasonably assumed it belonged to them.

    For example, if someone was due to receive a payment of ~£10,000 & instead the bank credited them with £10,500 & they went on to spend it, they could argue that they assumed the money was theirs. If, in the same hypothetical scenario, the client was credited with £100,000 & spent it, the bank could argue that the amount was so excessive that the client was unreasonable to assume it was theirs.

    With this in mind, as you were expecting £125 & received £800 (500% more than you were expecting), if you were to spend it & they ask for it back you’d probably have to pay it.

    Personally I’d put it in a savings account & forget about it for a year or two.

    PeterPoddy
    Member

    Ohhhh, I’m DYING to update this thread….. But I can’t, for a couple of reasons.
    You really couldn’t make it up, though……

    Premier Icon MSP
    Subscriber

    Cheap but still classy hookers?

    konabunny
    Member

    The bank aren’t out of pocket, only a bankrupt company….
    What would YOU do?

    EDIT
    To stoke the fire a bit, the bankrupt suppliers keep ringing us and asking if we want to buy the drawers for a 25% discount. As in the money we have already paid has disappeared and we have to pay more type discount…
    Sanctimoniously, I would return it. If the bankrupt company is out of pocket, this really means that the unsecured creditors of the company are out of pocket. Those are unlikely to be the major finance houses and more likely to be trade suppliers (or possibly even employees). The company may have been shonky with the delivery of the goods but you wouldn’t be punishing them.

    I would contact the liquidator/receiver and tell them about how much you were overpaid, and let them work it out with the bank if they want to.

    I would also offer them 50% of the drawer price COD if you still really want them.

    Ohhhh, I’m DYING to update this thread….. But I can’t, for a couple of reasons.
    You really couldn’t make it up, though……

    That is teasing.

    Premier Icon BigJohn
    Subscriber

    What are you going to spend it on?

    Premier Icon vinnyeh
    Subscriber

    let me guess- you told them how much they needed to claw back, but instead they paid you the same amount again?

    Premier Icon geoffj
    Subscriber

    let me guess- you told them how much they needed to claw back, but instead they paid you the same amount again?

    +1

    Premier Icon Imabigkidnow
    Subscriber

    My guess if it’s a chargeback on a credit card?! then…

    Bank have refunded you for the whole transaction (presuming you brought more than one item in the transaction, sorry I don’t know the history of your issue) and now claiming the money off the retailer/supplier.

    As I’ve worked for various retailers I’ve been on the receiving end of this a couple of times. The retailer only has a set period (normally a couple of weeks I think though it’s been a while so I can’t remember) to contest this, so as not to be out of pocket, but unless there’s a really good reason with evidence provided to not refund the consumer the retailer is screwed. I understood it that this stage happens before the chargeback actually is credited into the consumers account so suspect you’re good to go.

    Would presume the retailer is in a bit of a shambles and has bigger fish/debts to deal with so you’ll be good to go.

    Just sit on it for 3 months.
    EDIT: Oh here you go

    and from Barclays bank for business

    You’re given 14 days from the date of the chargeback request to respond to it and provide relevant proof and information, as set and regulated by the Card Scheme.

    We’ll do everything possible to defend chargeback requests that we receive, on your behalf. However, specific time limits and rules applied to each chargeback in line with the Card Scheme, greatly influence the actions we are able to take.

    If the Card Scheme rules were breached, the transaction amount may be charged back to your business and debited from your account. However, if the transaction wasn’t in breach, we may be able to defend the chargeback.

Viewing 33 posts - 1 through 33 (of 33 total)

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