if a bank wrongly deposits money into your account, where do you stand.?

Answer 1

Personally I would tell them of the error as soon enough they will realise the mistake and take it back, because legally it isnt your money.

Answer 2

Save yourself the hassle, report the error. At the end of the month they will locate that negative balance in their books. If you spend the money most banks with not only notify you of the erroneously placed funds in your account but also place an overdraft charge on you as well. You had damn sure better not have direct deposit either because you wont get a dime as they will take the funds as soon at it is transerfered to your account.

Answer 3

Unfortunately you have to give it back.

Once they realise the error (and they will!) they'll write asking for the money back. If you don't pay it back they take you to court and win. Any excuse you come up with as to why you thought it was yours is totally irrelevent.

My bank credited my final salary from a job twice. I thought it was a goodwill payment from my job. Wrong. A month later the the letters from the bank started saying 'when are paying us our money back? Here's the court date.' It was only a couple of hundred quid.

Irritatingly, if things happen in reverse and you accidently pay a bank, you'll never see that cash again.

Answer 4

I stand in line to give the bank back their money. If you are asking this question perhaps you don't know the right thing to do, then think about standing in a line for everything, for a very long time. hmmm.

Answer 5

You have no legal right to the funds and the bank can (and more often than not, will) ask for them to be returned, and can take legal action against you if you don't / have already spent the money.

Answer 6

It depends where the money came from. If it's your bank's money then you have to pay it back. If it's someone else's money then legally the bank cannot recall this money without your permission. But if you had made a mistake wouldn't you hope someone was kind enough to return your money?

Answer 7

Usually the bank will correct their mistake.The bank will withdrawal the funds right away, so do not take out. If u are honest tell them, if u are not --give until month-end. But 9 out 10 times it will be corrected

Answer 8

All the people telling you it is not yours and you should give it back are correct, but Hilly - it is really sad that you expect to be rewarded for only doing what you should. I will always give back any money overpaid me - for example in a shop - as I will also always ask them to correct their mistakes if they short-change me. Anything else is simply theft.

Answer 9

there are lots of myths about being able to keep it after so many days....but they are just myths.....the bank have every right to take it back......do not spend it!.....the only way to make any money out of it is to cantact the bank an tell them of their error and ask for a goodwill payment from them...almost like a reward....u will probably get about £50 I reckon.

Answer 10

You must spend this money NOW !!!! the bank is powerless to stop you, furthermore you must tell the bank that they have not put sufficiant funds into your account and that you require double to lead the life you wish too!!!

Answer 11

be honest!! tell them...they will eventualy find out,and ask for it back!! they have made a mistake you know it's a mistake,if you knowingly take the money you are stealing it from the bank and you could get prosecuted sent to prison and told to pay the money back when you are on licence!!