Free money dilemma
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.Posted 6 years agoMSPSubscriber
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.Posted 6 years ago
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.BillMCMember
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.Posted 6 years agohelsMember
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 ?Posted 6 years agofroggerMember
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? 😀Posted 6 years agolungeSubscriber
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.Posted 6 years ago
A while ago I started this thread
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?
EDITPosted 6 years ago
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….
how are they not out of pocket? Who put the money there then?
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.Posted 6 years ago
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! 🙂ElfinsafetyMember
Then change banks…
Or at least part of it to charity. That way, you’ve done a good thing and therefore deserve a ‘reward’. Win-win! 😀Posted 6 years agorondo101Member
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.Posted 6 years agokonabunnyMember
The bank aren’t out of pocket, only a bankrupt company….
What would YOU do?
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.Posted 6 years agoImabigkidnowSubscriber
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.Posted 6 years ago
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