This is what we thought too, and why we initially just let it sit doing nothing for a fair bit of time in the beginning. Having done accountancy for a small organization I thought that this would have been rectified immediately especially at that period of time, when you know the banks were going broke!
Bank Transfer Mistake
- Thread starter Gammawolf
- Start date
No, your dad thought it would be better to play the risks and put his family in the firing path and make some money rather than do the correct process and ring the bank.
I know this might sound harsh but dont try to play coy, you were all probably expecting a holiday out of this or somthing.
KaHn
Surely the first response then should be along the lines of asking them to prove the money was incorrect. Then reply saying your accpountant is investigating the matter and will reply within 28 days.
That will probably buy a couple of months which may help with exiting the long term investments.
There was virtually no risk involved and there was certainly no firing path. Don't exaggerate!
Thats a possibility but also it would be slightly inconsistent on our part as we did report the error to them at the beginning as we were legally obliged to do. So they might still have records of it or might have only just got round to chasing it up.
PMKeates, is correct, there was virtually no risk, only just losing interest and he did contact the bank (In person), they can do what they like with their money, he's wasn't gonna waste his time trying to give it them back if they don't want it
Just curious though if any financial wiz's can answer this but, what period of time would the money have to be with us before we could have rights to it? I'm not sure if 5 years was correct, no one really told me. I'd really like to know if we were close, or if its something ridiculous like 20 years.
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Statute of limitations is 6 years, but not sure if it would apply in this case without more details as there may be something in your contract with the bank that gives them more lee way on paper.
Loving all the self righteous people in here thinking the OP's dad did something wrong. From the OP's post, the bank put the 28k into his dad's account by mistake. He notified the bank and they didn't do anything about it. His legal obligation ends there.
The bank then waited 2 years to ask for it back and, in the meantime, the guy has put the money in a high interest 2 year bond to make money. He has not spent the money and, from what can be gleaned from the post, wouldn't have refused to give the original 28k back yet some people think he was in the wrong using it to make money himself whilst protecting the initial capital?
The guy was very shrewd and did the right thing. He did nothing underhand and certainly nothing illegal.
The bank then waited 2 years to ask for it back and, in the meantime, the guy has put the money in a high interest 2 year bond to make money. He has not spent the money and, from what can be gleaned from the post, wouldn't have refused to give the original 28k back yet some people think he was in the wrong using it to make money himself whilst protecting the initial capital?
The guy was very shrewd and did the right thing. He did nothing underhand and certainly nothing illegal.
Soldato
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What is quite interesting here is that they have now discovered the issue.
I wonder if the 'team' for recovering such monies has only recently been put into place to chase up any possible source of revenue, or if this has sat in someone's 'to-do' pile for that length of time.
How long has the moeny to be in your posession before you can claim ownership if you have reported the error in immediately as this man did?
I wonder if the 'team' for recovering such monies has only recently been put into place to chase up any possible source of revenue, or if this has sat in someone's 'to-do' pile for that length of time.
How long has the moeny to be in your posession before you can claim ownership if you have reported the error in immediately as this man did?
Man of Honour
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While you might think the banks would be trying to claw back any money they could instantly there were probably a fair few higher priorities at that point in time (even if it was noted properly then), £28k might be a large sum of money to you or me but to a bank it's an error that gets lost in the rounding. It's simply not going to be a major priority compared to some of the other issues but now they've got a bit more leisure to chase...
It could be computer error but more likely I'd guess human error, the chances are that someone saw the transaction and thought it hadn't been processed.
As it is if the bank just wants the capital back then consider yourselves somewhat fortunate to have gained £4k for nothing much.
Soldato
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FFFFUUU Can people stop using phrases they don't understand.. I'm seeing this one around a lot more these days.
Soldato
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For all intensive porpoises, it is.
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
Wait so you came home from UNI and lent your dad £13,000, which you had in an easily accessible location with no interest penalty with withdrawing it?
What the hell?
And why would a savings account linked to the FTSE 100 Index at the beginning of 2008 pay you 8% PA?! The FTSE crashed!
What the hell?
And why would a savings account linked to the FTSE 100 Index at the beginning of 2008 pay you 8% PA?! The FTSE crashed!
Soldato
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Last 2 years isa accounts linked to ftse have made 18% last year and 12% so far this year.
He's quids in as long as it ends up a general trend upwards, and indeed it did, from 6 years ago, not 2 years when the crash occurred.
He's quids in as long as it ends up a general trend upwards, and indeed it did, from 6 years ago, not 2 years when the crash occurred.
Associate
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I agree with this.
Funnily enough thats the same bank that he had the account with before closing it. Did you notify the banks initially of the mistake?