Someone has credited money into my bank account, what should I do?

Question

I checked my online banking and someone unknown to me has credited nearly £1800 into my account. Where do i stand legally?

Answer 1

I don't trust banks, if you tell them they will probably take it back off you wether its yours or not. I would withdraw it, put it into another bank account at another bank, or even just a safety deposit box. And wait for the bank to query it. If they do within 12 months then ask for an explanation, complain, then give it back. If they don't, invest it whatever way you see fit.

I have no legal qualification, I just consider this justice for the way banks treat their customers. It happened to me once but the money had disappeared before I figured out what I should do with it. Anyway, if you don't want to get into trouble, speak to someone who is qualified in this field.

Answer 2

Well it sounds great, but it isn't your money, and the person who did it will need it, so i think it is the honest thing to do to tell your bank and they will be able to trace it... hey you might find out that it was actually a gift to you, but unless you really know that it is your money, you won't get any real joy from spending someone elses cash. If you had accidently credited cash to someone elses account think how you would feel when they owned up and got it back to you.
I am sure you will do the right thing.

Answer 3

Don't spend it! A bank can legally recover the money from you once the error has been discovered. Inform your bank immediately. I work in a bank myself and quite often this sort of credit is something that the customer is owed but has forgotten about (e.g. tax rebate etc). The bank will be able to check beneficiary details and if need be able to place a trace on the credit. Hope that helps.

Answer 4

Call your bank and tell them the error. It is not your money and it is technically theft if you spend what is not yours. Also once the owner does tell the bank about the error and they go and pull the money out of your account you could be screwed over financially if the money is not there. Just because something is accidentally put in your reach doesn't make it yours. If someone left their coat in your house it doesn't make it yours.

This is more of a ethical problem than a legal. IMO you are trying to find someone to justify you keeping money that is not yours. Ethically you should tell them bank the error.

Answer 5

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No, it does not. Only paying money that you owe and are required to pay (meaning money that you borrowed or payments for something that you bought by agreeing to pay later) will build credit. The most common way is with a credit card. After you have put enough money into the bank account, you can ask the bank to issue you a "secured" credit card, even if you have not yet established credit. Making the required payments on the "secured" credit card will establish credit and allow you to obtain an unsecured credit card later.

Answer 6

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RE:
Someone has credited money into my bank account, what should I do?
I checked my online banking and someone unknown to me has credited nearly £1800 into my account. Where do i stand legally?

Answer 7

You need to talk to the bank to see if the can help you track down the depositor.

DON'T SPEND THIS MONEY. it could be an error on the part of the bank, that they will rectify and take the money back OUT.

If it is NOT, they can help determine if this is legitimate money (did your mom do it? a late paycheck? a refund check in direct deposit?)

OR they may help you determine that your ID has been stolen and the idiot who stole it GAVE you money instead of took it. Regardless, you need to make sure it isn't a bank error, or fraudelent activity before you act like it is yours just because it is in your account.

Answer 8

If the money was deposited into your account in error you do not have a right to keep the money but neither do you have a legal obligation to point out the error.

Personally I'd keep my mouth shut and see if the bank figures it out in the next year or so. If not. I'd spend it.

Answer 9

It is very unlikely you will be able to convince the bank you didn't know it was someone else's money, particularly if it is not consistent with your lifestyle / normal banking transaction credits. Do yourself a favour and tell the bank ASAP

Answer 10

I have done this many times for my children and just not told them it was from me. I acted just as surprised as they did when they tell me. It could be that someone has done this for you or it could be a banking error. You need to contact the bank and find out if it is an error. If it isn't then the money is yours.