Unrecognised credit on bank statement

TheLegendOfMart · 13 Feb 2016 at 08:02

Just logged into my bank to check everything is OK and a company called "Instant Cash Loans" has credited £178 into my account.

I haven't applied for any loans and searching for that name obviously brings loads of results as it is a generic term.

I tried ringing my bank but they said they can only see what I see on my statement, they can't tell what company actually put the money in and all I could do is just sit and watch my bank account and dispute any money the company tries to take back out.

These payday loan companies are loan sharks with astronomical interest rates and I can't afford to just have £178 + whatever interest dissappear from my bank then 5 to 10 working days to dispute the charge.

Does anyone have any family or friends, or has it happened to them where a company called 'Instant Cash Loans' has deposited money in your/their account?

iGiDK · 13 Feb 2016 at 08:26

Do an online credit check, experian or one of the popular alternatives. This will tell you if any (fraudulent or otherwise) loan applications etc have been made using your name

Swifty55 · 13 Feb 2016 at 08:28

The Money Shop is a trading name of Instant Cash Loans Limited. We are registered in England and Wales under company number 2685515 and we have our registered office at 6 Bevis Marks, London, EC3A 7BA. Data Protection registration number Z6250344.

Maybe a start? I would try and sort it ASAP as they are known to take chunks out of people's accounts to "recover" their money.

[FnG]magnolia · 13 Feb 2016 at 08:36

TheLegendOfMart said:
I tried ringing my bank but they said they can only see what I see on my statement, they can't tell what company actually put the money in and all I could do is just sit and watch

This is not true or you've misunderstood what they told you. Call them back and tell them that you are concerned about potential fraudulent activity on your account and you want this escalated. Politely remind them that you want this noted as your second call on the same topic and that this is now firmly with them to review, resolve and - more importantly - take liability for if things go south.

JBuk · 13 Feb 2016 at 08:43

TheLegendOfMart said:
Just logged into my bank to check everything is OK and a company called "Instant Cash Loans" has credited £178 into my account.

I haven't applied for any loans and searching for that name obviously brings loads of results as it is a generic term.

I tried ringing my bank but they said they can only see what I see on my statement, they can't tell what company actually put the money in and all I could do is just sit and watch my bank account and dispute any money the company tries to take back out.

These payday loan companies are loan sharks with astronomical interest rates and I can't afford to just have £178 + whatever interest dissappear from my bank then 5 to 10 working days to dispute the charge.

Does anyone have any family or friends, or has it happened to them where a company called 'Instant Cash Loans' has deposited money in your/their account?

The £178 isn't yours anyways so you can afford for that to be taken back, any interest they try to charge is another matter and I'd be back on the phone to the bank

Orionaut · 13 Feb 2016 at 09:20

That is the problem with e-banking.

It is just too easy.

Get one number wrong and Bang, its there! The Banks cant/wont tell you who has done it. If you get one number wrong and pay money into the wrong account, it can be very difficult getting your money back.

E banking is fine when it works, but really there should be a much stronger paper trail. As things stand there seems to be no checks during the payment stage and very limited information on the statements.

All e banking transactions should have full details on the statement (Name of account holder plus full banking details, branch ac number etc)

When making a payment there should be a stage that checks the details that you have entered and brings up a confirmation box that says something like.

"You are making a payment to Mr X, Some bank, AC No 12345678 Sort code 654321, We have confirmed these details as valid/consistant, do you wish to proceed Y/N"

As things stand, E banking isnt much better than stuffing an envelope with cash, writing somebodys name on it and putting it in a post box and hoping!

since this is the way the world is going there really needs to be a shake up on the security and accountability of the procedure.

Also, it should not be possible to set up a direct debit without a confirmation stage.

(IE, the bank sends you an email that you have to reply to before it goes live)

el_dazza · 13 Feb 2016 at 09:28

They have several trading names - including The Money Shop, Payday UK, I think Payday Express as well. Have you ever had any dealings with them? They got boned by the FCA recently and were handing out redress like confetti.

Efour · 13 Feb 2016 at 09:29

1 bag of coke and a rank hooker for the evening

profit ?

[FnG]magnolia · 13 Feb 2016 at 09:33

Orionaut said:
That is the problem with e-banking.

It is just too easy.

Get one number wrong and Bang, its there! The Banks cant/wont tell you who has done it. If you get one number wrong and pay money into the wrong account, it can be very difficult getting your money back.

E banking is fine when it works, but really there should be a much stronger paper trail. As things stand there seems to be no checks during the payment stage and very limited information on the statements.

All e banking transactions should have full details on the statement (Name of account holder plus full banking details, branch ac number etc)

When making a payment there should be a stage that checks the details that you have entered and brings up a confirmation box that says something like.

"You are making a payment to Mr X, Some bank, AC No 12345678 Sort code 654321, We have confirmed these details as valid/consistant, do you wish to proceed Y/N"

As things stand, E banking isnt much better than stuffing an envelope with cash, writing somebodys name on it and putting it in a post box and hoping!

since this is the way the world is going there really needs to be a shake up on the security and accountability of the procedure.

Also, it should not be possible to set up a direct debit without a confirmation stage.

(IE, the bank sends you an email that you have to reply to before it goes live)

Almost all of this is wrong in that Banks and other FI bodies have a legal and regulatory requirement to do the opposite of what you have posted.

Rroff · 13 Feb 2016 at 09:47

[FnG]magnolia;29169049 said:
Almost all of this is wrong in that Banks and other FI bodies have a legal and regulatory requirement to do the opposite of what you have posted.

Sounds like he needs a better bank - I'm fairly sure mine has 2 stages for you to double check and agree on the details before electronic transfers.

[FnG]magnolia · 13 Feb 2016 at 09:50

The customer front end differs by Bank but the underpinnings are legal in nature and are nothing like he described.

Unless he banks with Made Up Bank LTD