I am with Ulster Bank in Northern Ireland. Im currently studying in Scotland and so I called them and asked them to transfer all of the money in my current account into my student account.
The reason for this is that with my current account I only have a cash card which allows me to withdraw from an ATM but with my student account I have a Maestro card which I can do more with.
After I called them I realised they hadnt transfered the money yet so I just withdrew 500 from my current account to pay for my rent and buy some clothes and so on.
I got a letter this morning saying that I am overdrawn by £500 on my current account. I believe that what they did was transferred the amount that was in my current account at the time I called them into my student account, even though there was less than this when the transfer actually happened, which was the next day.
I didnt realise there was more in my student account and went ahead and spent this money on xmas presents and now...
2007-11-01 01:56:42 · 15 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
...they want £500 of me which I dont have. and they are the ones who screwed up.
Is there anything I can do? Cheers
2007-11-01 01:57:27 · update #1
Happy Christmas
2007-11-01 02:06:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Seems to me that having told your bank to do the transfer but before the money arrived in your student account you took £500 out from your current account. As is normal the cash was in transit between the two accounts for a few days. OK but you must have known that £500 too much had arrived in your student account before you spent it.
It is a criminal offence not too notify your bank when cash has come into your account by mistake even if it is their fault!
If I were you I would talk very very politely to your banks and plead for time to pay
2007-11-01 03:01:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You will have to pay it back. Even though you requset a transfer is doesnt always happen immediately hence the reason the money still appeared to be in your account.
Your bank may be able to help with a repayment scheme.
Unfortunately it isnt the banks fault, you should have waited until all transfers were complete and you should have realised that as you had emptied your account any money that was in there wasnt yours.
Sorry, hope you get it sorted.
2007-11-01 02:05:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You may get off any interest charges or bank charges directly associated with an error they made, but CERTAINLY not the main sum - there is a responsibility on you to ensure that you are aware roughly how much is in your account at any time, and I'm guessing from your state of finances (being a student and that) there is very little chance that you could have managed 'not to notice' there was £500 to much in your accounts.
2007-11-01 02:17:10 · answer #4 · answered by eriverpipe 7 · 0⤊ 0⤋
Oh yeah, you'd better pay it back. Something similar happened to me about 15 years ago, except I knew they'd screwed up so I withdrew all the money and closed my account. I figured that there was nothing they could do about it. I was wrong. I spent almost a year straightening out that mess...
2007-11-01 02:07:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I think you will have to pay it back. And it would be better to deal with the bank than the bank pass it to a dept collection agency.
2007-11-01 02:02:28 · answer #6 · answered by angel 3 · 0⤊ 0⤋
you'll have to pay it back. Plus they'll charge you for an unauthorised overdraft. And they'll continue to charge you for admin costs etc until you contact them and arrange to pay the money back.
2007-11-01 02:02:19 · answer #7 · answered by GoreyAlan Fáilte 4 · 1⤊ 0⤋
If you spent money that wasn't yours,and you knew it wasn't,then theoretically it's theft and they can,and will,demand the money back
2007-11-01 02:13:14 · answer #8 · answered by DARREN A 4 · 0⤊ 0⤋
you will have to pay it back as it wasn't yours to spend, but if you can't afford to pay it in one go you should be able to arrange a payment plan with them.
2007-11-01 02:04:41 · answer #9 · answered by potnoodle99 2 · 0⤊ 0⤋
Sorry dude - Your mistake, you'll have to pay them back
2007-11-01 02:07:51 · answer #10 · answered by Anonymous · 0⤊ 0⤋