£950 paid into my account by error

[jonnyquango]

Hi All

I have just joined the forum after coming across this thread and although I don't want to appear to be hijacking it I thought it the best place to tell of my predicament rather than start a new thread as they are so similar.

In Feb of this year I had approx £950 paid into my account by error and asked the cashier at the bank where it had come from. She could only give me a series of 4 letters as that was all the information that she had. I googled this and came to the conclusion it could be a pension fund, I thought of contacting them but my Mrs pointed out that I would have to give bank details to somedody who it may not be and that they would get in touch with me when they realised their mistake. This payment was followed for several months to a total of more than £4500, then stopped. A month or so later the bank wrote to me pointing out the error and could I sign a letter authorising them to take the amount from my account, whcih I did and another letter for a lesser amount from an account that wasn't mine which I wrote on Not my Account and returned to them. That was 3 months ago and as yet they have not taken any money from my account. I remeber hearing/reading something a while ago saying that if this happens the money is never technically YOURS but if it is not picked up in a full 12 month period, that it will have gone through an annual audit and not have been picked up and so would not likely ever be. My question is, Is this true and would it apply to my situation?

 

If I have posted this in the wrong place, My Appologies, and could someone in Admin please move to the correct place.

 

Cheers Paul

[MrShed]

I think you should create your own thread to be honest.

[cerberusalert]

New thread started and moved.

[raydetinu]

You do not have to be proactive in this but should of course not use the money, suggest you put into another account so it is safe. await developments!

[postggj]

I Think You Will Be Allowed To Keep Any Interest This Money Makes

[jonnyquango]

I had it in a savings account to try and get a bit of interest off it but transfered it back into the original account when I received the letter asking for the authorisation to take it back.

[greendollar]

Just look at it as an interest free loan to be paid back as and when YOU feel like it.

[jonnyquango]

Are you able to dictate terms of repayment?

[greendollar]

Sure,as the sums involved are not huge and you had no idea that the payments were not yours.Its their mistake ,why should you pay for it,as I said treat it as an interest free loan.

[jonnyquango]

I knew the payments were not mine and they know that and have asked for authorisation to take the money back, which I have given, but as yet (over 2 months now) they have not taken the money back. The real point is. How long would you think to wait before you can assume they've forgotten about? If they ever will.

[raydetinu]

As it is bothering you so much speak to the bank and repay it to them and let them sort it out from there. If it was there error they have obviously paid the correct people so it is the banks money just write them a cheque with a covering letter.

[jonnyquango]

It's not bothering me I'm just wondering how long to leave it before I can safely say that they've forgotten about it.