Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: stuart30 on 08 August 2008, 00:17:11
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Just a theoretical question.
Someone has a current account with a high street bank...one day a sum of money arrives in the persons bank.
Money is not touched as sure bank would take money back.....3 months later same happens....money is then spent and same happens again,3 months money appears in account.
Same keeps happening over nearly two years....bank has never asked for it back so assume the company paying hasn't questioned where its gone and same with the person whom it was destined for.
Question is...if money was withdrawn and spent is that fraud...baring in mind its never been asked for. :D
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There must be a time frame when the bank can reclaim the money, think i would be looking into that. :)
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There must be a time frame when the bank can reclaim the money, think i would be looking into that. :)
well i was told by someone who listens too The money programme on Radio 4 that its not actually the banks responsabilty too reclaim wrong payments....apparently its the company who should have recieved it.
Odd i know but thats what they said. :-/
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Dunno really but not sure how all banks chase up errors a friend was waiting for a cheque for £8ooo from a major bank it was taking ages to arrive so he got in touch with them saying come on I need the money asap ,so they sent out another chque for £8ooo he cashed it, a short time after the first cheque arrived so he just kept it for a few months & cashed it !! that was about 5yrs ago, never heard anything from the bank to this day ! ::)
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I may be wrong but i remember something about a 7 year limit on things like this. :-/
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Think the rules changed on this a couple of years ago but not entirely sure. It used to be that the money was yours if the bank didn't claim it back in a short time. I heard that now they can pretty much claim it back whenever.
I've had experience of this. I had £3,500 appear in my credit card statement - I then foolishly phoned them up and told them about it. After they removed it I went overdrawn and they shafted me with bank charges. If any money appears in my accounts again which isn't mine I'll be withdrawing the lot and putting it into another account.
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Ok so slight change of direction....would it be a police matter.?
Assuming the bank/person paying/person who should have recieved twigs and asks for it back would it be kept in house if you agreed too repay monthly or could they take legal action.
If account was closed and money was tried to be paid into and resulted in being returned is it likely the bank/sender would track where it had been going.??
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Ok so slight change of direction....would it be a police matter.?
Assuming the bank/person paying/person who should have recieved twigs and asks for it back would it be kept in house if you agreed too repay monthly or could they take legal action.
If account was closed and money was tried to be paid into and resulted in being returned is it likely the bank/sender would track where it had been going.??
I believe it would be more a civil matter than fraud, on the basis that the reciever of the funds has not "planned" the deception etc - however, at the end of the day if the person kept the cash he is acting dishonestly, because it's not his to keep, therefore he can expect at best to be ordered to give it back, if it gets formal.
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Could be a dodgy one, as the money has been with drawn dishonestly. Reason being, the account holder knows its not thiers and therefore should have mentioned it.
But. I would have withdrawn it and put it in an interest bearing account, yhen if the money was requested back at least there would have been something gained for looking fter it carefully.
Banks are funny things, all the rules tend to be in thier favour. :-/
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the money has been with drawn dishonestly. Reason being, the account holder knows its not thiers and therefore should have mentioned it.
Nail on the head...
Bottom line, I'm not sure the Police would get "involved" to an intimate degree, but I don't think the "keeper" of the funds would do too well in court ;D
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the money has been with drawn dishonestly. Reason being, the account holder knows its not thiers and therefore should have mentioned it.
Nail on the head...
Bottom line, I'm not sure the Police would get "involved" to an intimate degree, but I don't think the "keeper" of the funds would do too well in court ;D
If bank said ""you have had 10k that's not yours"" and receiver said ""i"ll pay it back at xxx per month"" then doesn't that count as agreeing too repay....like when you owe back council tax or behind with loan payments ect.???
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the money has been with drawn dishonestly. Reason being, the account holder knows its not thiers and therefore should have mentioned it.
Nail on the head...
Bottom line, I'm not sure the Police would get "involved" to an intimate degree, but I don't think the "keeper" of the funds would do too well in court ;D
If bank said ""you have had 10k that's not yours"" and receiver said ""i"ll pay it back at xxx per month"" then doesn't that count as agreeing too repay....like when you owe back council tax or behind with loan payments ect.???
If they agreed to a repayment plan they would most likely add in interest charges from day one -- could get expensive ---- bear in mind ( from the banks point of view), you should have said on day one, "Hey this money isn't mine ;), take it back"
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the money has been with drawn dishonestly. Reason being, the account holder knows its not thiers and therefore should have mentioned it.
Nail on the head...
Bottom line, I'm not sure the Police would get "involved" to an intimate degree, but I don't think the "keeper" of the funds would do too well in court ;D
If bank said ""you have had 10k that's not yours"" and receiver said ""i"ll pay it back at xxx per month"" then doesn't that count as agreeing too repay....like when you owe back council tax or behind with loan payments ect.???
If they agreed to a repayment plan they would most likely add in interest charges from day one -- could get expensive ---- bear in miond ( from the banks point of view), you should have said on day one, "Hey this money isn't mine ;), take it back"
As I would also view it! ::)
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There's nothing to stop the person putting the money into a high interest account for safe keeping ;)
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Keep it... close the account. Then keep quite :-X :-X
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No joke, I once had £420,000 deposited in my current account.
Needless to say I called the bank! They said it was an "online banking error"...
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:o :o :o :o
They could have offered just £20,000 in compo ;) For the inconvenience ;D
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No joke, I once had £420,000 deposited in my current account.
Needless to say I called the bank! They said it was an "online banking error"...
Now thats worth a sore bum and 6 months inside :D
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think i would keep my mouth shut & see wot happened.
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No joke, I once had £420,000 deposited in my current account.
Needless to say I called the bank! They said it was an "online banking error"...
Now thats worth a sore bum and 6 months inside :D
Probably right there :y :y
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I have been reading this thread with interest, and as I was brought up on "honesty in the best policy" I would always question the bank on any unknown deposits into my account.
The law is also clear that the money is NEVER yours and if you spend it you can be proscuted for theft when you know the money, especially a large amount, cannot possibly belong to you. The money can certainly be demanded by the bank and there is no time limit on them doing so.
I have found the following that backs up this statement:
http://money-watch.co.uk/3799/bank-error-in-your-favour-part-2
and
http://news.bbc.co.uk/1/hi/magazine/6966683.stm
If this is not really a theoretical situation then for goodness sake do not spend it is my advice! ::) ::) ::) Somebody will be looking for their money eventually! ;)
;) :y
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Some good links LZ... good reading. Thank you :y :y
I have never had any deposits made.... sure a few mistakes LOL ;) Yep, you are right... they will always get their cash in the end. :(
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the money has been with drawn dishonestly. Reason being, the account holder knows its not thiers and therefore should have mentioned it.
Nail on the head...
Bottom line, I'm not sure the Police would get "involved" to an intimate degree, but I don't think the "keeper" of the funds would do too well in court ;D
As some of you guys know, Fraud was my thing, well the investigation, detection and slaping of rists till a couple of months back.
End of the day, the money is not yours, If they ask for it back and you refuse it's then theft/fraud as you now know its truly not yours and refusing to repay...
depending on the sums involded you could be held to task just for it been out of nature of the account. the other thing to conceder is the possiblty of money laundery, ether way, its just a steep slope to bad karma
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Well been an interesting thread and thanks too all who have replied.
Oh and its luckily/unlucky (depending on your view point) my account...id not be driving a tatty 2.2 thats in desperate need of work doing if it was me.. ;D
Ive passed on last nights thoughts and will do the same tonight....pressure will be added for a chat with the relevant bank Monday.
Oh just too clarify...the latest is she assumed it was her husbands quaterly bonus...hence why she intialy didnt think anything of withdrawning the money...well so she says.
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Well been an interesting thread and thanks too all who have replied.
Oh and its luckily/unlucky (depending on your view point) my account...id not be driving a tatty 2.2 thats in desperate need of work doing if it was me.. ;D
Ive passed on last nights thoughts and will do the same tonight....pressure will be added for a chat with the relevant bank Monday.
Oh just too clarify...the latest is she assumed it was her husbands quaterly bonus...hence why she intialy didnt think anything of withdrawning the money...well so she says.
Well, she had the right idea initially; just a pity it was not her husband's bonus!!
;D ;D ;D ;D ;D ;D ;)
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Well been an interesting thread and thanks too all who have replied.
Oh and its luckily/unlucky (depending on your view point) my account...id not be driving a tatty 2.2 thats in desperate need of work doing if it was me.. ;D
Ive passed on last nights thoughts and will do the same tonight....pressure will be added for a chat with the relevant bank Monday.
Oh just too clarify...the latest is she assumed it was her husbands quaterly bonus...hence why she intialy didnt think anything of withdrawning the money...well so she says.
Well, she had the right idea initially; just a pity it was not her husband's bonus!!
;D ;D ;D ;D ;D ;D ;)
I"ll report back next week if i"ll have a visting order. ;D
Shouldnt laugh really.... :-[
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To add my two penneth I would raise the issue with a member of staff explaining you don't know the source of the funds and it may not be yours.
They will then probably do no more tham obtain the bank details of the sender - but not pass them on to you for data protection reasons.
At this point you take a note of their name etc and record the fact that you advised the bank. If you don't know who is sending the money, you can't stop it. So put it in an instant access savings account and wait for the "please can we have our money back" call in the future.
At which point hand back the cash, keep the interest and no harm done. The bank/intended client will be happy that it's resolved quickly and will leave it at that. It does belong to the destined account and statue on this is not limited to 7 yrs but if you've formerly raised the bank's attention to it you should be fine.
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To add my two penneth I would raise the issue with a member of staff explaining you don't know the source of the funds and it may not be yours.
They will then probably do no more tham obtain the bank details of the sender - but not pass them on to you for data protection reasons.
At this point you take a note of their name etc and record the fact that you advised the bank. If you don't know who is sending the money, you can't stop it. So put it in an instant access savings account and wait for the "please can we have our money back" call in the future.
At which point hand back the cash, keep the interest and no harm done. The bank/intended client will be happy that it's resolved quickly and will leave it at that. It does belong to the destined account and statue on this is not limited to 7 yrs but if you've formerly raised the bank's attention to it you should be fine.
My understanding is the money has been credited starting nearly 2 years back....money was left alone as it was assumed bank more or less straight away would ask for it back.
They didnt and after a couple of months it was withdrawn and used...as have the following payments that have been recieved on a quaterly basis.
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The best thing to do in that case is to put the money in a high interest account, the interest would be yours to keep, but the other money would not.
I had a similar thing happen to me when I ran my own company, several years ago, £2,000,000 + appeared in the company account one day, transfered it to a high interest account, about a month later the bank told me of their mistake, the interest was mine to keep.