Just paid in a cheque for 3 grand and the bank has credited me for 8 grand, what should i do? Who looses out? - What's the legal angle? Should i be honest & give the bank a call?
2007-06-15 07:01:09 · 17 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
First off, do not think that you have found 5000. more then likely the bank will find and fix the error with a week.
I do not know the legality of the country you are in (using puond symbol I assume England) but in the U.S. the bank has the legal right to fix the error and remove the amount that was overcredited. and they have a long time to fix it. If you take the cash out. they are able to sue to get their money back, and they will win.
2007-06-15 07:07:49 · answer #1 · answered by Donald S 3 · 1⤊ 0⤋
Suppose the bank had only credited 300 -what would you do then? Why is this situation any different?
The law is with the bank. They will discover the error, and they will take the money back out of your account. If you spend it, you will likely end up with an overdraft and paying fees.
2007-06-15 14:15:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Speak to the bank. It is legally theirs.
I was overpaid at work once, went on for several months. I didn't know as I was working part time at a school and it is pro rated over the amount of days you work (less because of school hols). They took the money back - even though I didn't know and had spent it. They did take it back a bit each month. I took legal advice and it was their money even though it was their error and nothing I could do.
2007-06-15 14:44:18 · answer #3 · answered by annemumborumbo 2 · 0⤊ 0⤋
This happened to the business where I worked a while back. They figured out the error a while later and took back the money. May as well call them and be honest as they will figure this out eventually. If you close the account and spend the money they will come after you for it, so I definitely wouldn't go that route.
2007-06-15 14:05:56 · answer #4 · answered by Slumlord 7 · 1⤊ 0⤋
Sadly, it's certainly best to speak to your bank.
My partner once got £500 put into his bank account, he checked and checked again and they said it was valid and legally his...
2 months later they withdrew £500 from his bank account, stating that the money they'd put in originally wasn't his and had to reclaim it.
I have no idea about the specifics (he's not here to ask) but just be careful and cover your back :)
2007-06-15 14:05:42 · answer #5 · answered by laura_popple 3 · 1⤊ 0⤋
They will catch up with the error eventually so dont go spending it! You wont get away with it so it may be better to be honest about it - at least you'll have a good reputation with your bank. What a bummer though!
2007-06-15 14:16:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, call them, do the right thing, you wouldn't want to lose 5,000. They probably will find the error at some point. I don't the legality of this situation.
Diane
2007-06-15 14:07:41 · answer #7 · answered by Diane L 4 · 1⤊ 0⤋
You really have an obligation to tell the bank an error has happened. Think about the person who really owns this money - it could be all they have or they could need it really badly.
2007-06-15 14:09:34 · answer #8 · answered by elaeblue 7 · 1⤊ 0⤋
By law no -one is allowed to profit from a bank error. It will be foud out sooner or later - best to call in and speak to them.
2007-06-16 08:27:24 · answer #9 · answered by vera-ann 2 · 0⤊ 0⤋
Yes you should be honest and give them a call.
They are almost sure to catch the error, find where it went, and take it back out of your account anyway.
2007-06-15 14:08:28 · answer #10 · answered by Judy 7 · 1⤊ 0⤋