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Unexplained bank deposit
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Once it's in your account it's yours.
My old boss had a substantial amount deposited by mistake into her account, but being an honest person she had it sent back to the payee. The bank did tell her she wasn't obliged to do it though! |
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By (user no longer on site)
over a year ago
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Hmm.... many moons ago I worked for John Lewis and they may of accidently over paid me, nothing was mentioned and so... well... you know lol I wouldn't call it stealing. Had it of been asked for, I would of returned it without questions! |
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By (user no longer on site) OP
over a year ago
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The bank say they can't trace it. They say it appears to be from abroad, as there are many numbers, but ends in 'GB', which suggests abroad. Ironically, my friend is not short of money, and doesn't need it, just doesn't know what to do with it. |
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By (user no longer on site) OP
over a year ago
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"It's an offence to treat it as yours. Spend it at your peril,because you're commiting criminal offences."
Even if you have made all attempts to trace the deposit to return it ? |
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By (user no longer on site)
over a year ago
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"The bank say they can't trace it. They say it appears to be from abroad, as there are many numbers, but ends in 'GB', which suggests abroad. Ironically, my friend is not short of money, and doesn't need it, just doesn't know what to do with it."
He can shove it in a high interest account while waiting for it to be claimed. |
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By (user no longer on site) OP
over a year ago
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"Just keep quite and spend wisely once the heat has died down  "
She doesn't want it, nor need it. But if legally it is hers, she wants to give it to her children, but not if it isn't legally hers. hence my question of is there a cut off point, where it becomes yours ? |
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By (user no longer on site)
over a year ago
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"Hmm.... many moons ago I worked for John Lewis and they may of accidently over paid me, nothing was mentioned and so... well... you know lol I wouldn't call it stealing. Had it of been asked for, I would of returned it without questions!"
It's different if it's an overpayment, you are liable to return it |
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It's absolutely an offence to spend money knowing it is not yours. Google it, people get prosecuted for it all the time.
That said, if it was me, I would wait until a full tax year had been and gone and then consider it mine as the chances are if its not picked up in someone's yearly accounts they probably don't know it's missing. |
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By (user no longer on site)
over a year ago
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"Depends on the amount! I hung onto it for 3 months then BAM paaaaaydaaaay lol
We are talking 'thousands'."
Well if you want me to keep hold of it for you then drop me a message. |
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By (user no longer on site) OP
over a year ago
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"Depends on the amount! I hung onto it for 3 months then BAM paaaaaydaaaay lol
We are talking 'thousands'.
Well if you want me to keep hold of it for you then drop me a message. "
It didn't land in my account unfortunately. The bank are annoyingly non-committal. |
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By (user no longer on site) OP
over a year ago
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"It was my Gangbang slush fund hence the GB reference. Will PM my bank details if you would be so kind and return it   "
She is more concerned that someone, somewhere, is short of a lot of money. Bless her, she doesn't want to keep it. |
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By (user no longer on site)
over a year ago
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Do not withdraw it or spend it is my advice. If and when the mistake is realised the bank the money came from can claim it back, if it is spent then it can be deemed theft.
There is no time limit on this from what I know. |
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By (user no longer on site) OP
over a year ago
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"If from abroad can be routed through correspondence banks and there were wrong details could be mixed up "
She stood at the bank counter, and the assistant tried many ways to trace it. In the end, she said she couldn't, and the only clue was the 'GB' at the end of the strip of numbers. |
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By (user no longer on site)
over a year ago
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"In all seriousness if it can't be traced pop it in a high interest account and wait till inevitably someone comes asking for it then give it back. "
This |
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By (user no longer on site)
over a year ago
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The law says you have to take "reasonable" steps to discover who is entitled to it - checking with your bank is a good start, but get it in writing that you've requested information from them. You could also report it to your local police - they will log it. After that, it's yours. |
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By (user no longer on site)
over a year ago
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"If from abroad can be routed through correspondence banks and there were wrong details could be mixed up
She stood at the bank counter, and the assistant tried many ways to trace it. In the end, she said she couldn't, and the only clue was the 'GB' at the end of the strip of numbers."
..
They can trace it... Ye her to go back to bank and ask to see manager.. They have a number they ring for international bank codes.. They can help trace source |
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By (user no longer on site)
over a year ago
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"If from abroad can be routed through correspondence banks and there were wrong details could be mixed up
She stood at the bank counter, and the assistant tried many ways to trace it. In the end, she said she couldn't, and the only clue was the 'GB' at the end of the strip of numbers.
..
They can trace it... Ye her to go back to bank and ask to see manager.. They have a number they ring for international bank codes.. They can help trace source "
..
Tell her * |
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"Doesn't it seem odd that it can't be traced by the bank it landed in ? Bet the tax man could trace it if she owed them  "
It's odd and slightly scary.  and you're right HMRC would be on it in a heartbeat! |
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"If from abroad can be routed through correspondence banks and there were wrong details could be mixed up
She stood at the bank counter, and the assistant tried many ways to trace it. In the end, she said she couldn't, and the only clue was the 'GB' at the end of the strip of numbers."
the counter staff are not the ones to try and trace it's origin, you need the main office they have departments that deal with things like this |
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"If from abroad can be routed through correspondence banks and there were wrong details could be mixed up
She stood at the bank counter, and the assistant tried many ways to trace it. In the end, she said she couldn't, and the only clue was the 'GB' at the end of the strip of numbers."
If the sender went into the originating bank and handed over cash to send by electronic transfer there will be no paper trail for your friend's bank to use to trace back to the sender. And if the sender doesn't have a receipt they won't be able to get their bank to get it back for them.
The most your friend's bank can do is find out which bank sent the money and contact that bank to see if they have any more information, such as was the money funded from a bank account or was it cash.
If I were in your friend's position I'd ask the bank to trace it and in the mean time leave it alone. If it was never claimed, and I was wealthy, I'd give it to charity. |
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By (user no longer on site)
over a year ago
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"If a large amount of money, lands into your bank account, and the bank can't trace it's origin. Is there a deadline in that you can keep the money ?"
A bank can trace the originating depositor if it's a bank.
Can I ask what the amount is? |
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By (user no longer on site)
over a year ago
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Don't spend it all!! wot you gona do wen the come for you hahaha. But if you're an adventurer and want to take sometime off fab,then try spend the money all.  |
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By (user no longer on site) OP
over a year ago
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"If a large amount of money, lands into your bank account, and the bank can't trace it's origin. Is there a deadline in that you can keep the money ? A bank can trace the originating depositor if it's a bank.
Can I ask what the amount is?"
Nationwide bank, and in the tens of thousands of pounds. |
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By *el65Man
over a year ago
paisley |
I had money tranfeeered , but it went into another persons account , with diffrent name to me , and account number was 2 digits different , argued with the bank for months , was told that they could not do anything , until the other person , agreed to pay it back , they never did , never got it back , bank says even though the person had different name , and number ,was not there fault??  |
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"The law says you have to take "reasonable" steps to discover who is entitled to it - checking with your bank is a good start, but get it in writing that you've requested information from them. You could also report it to your local police - they will log it. After that, it's yours."
Kind of true, but kind of not. If you have exhausted all avenues then the money remains with you. But there is not limit on when you might be approached and asked to give it back.
It's pretty much a moot point as the bank will always know where it came from. How could they not?
Police will have no interest in it whatsoever. Why would they?
So two options.
Don't tell the bank and it's on you if your caught.
Do tell the bank and they take the funds back. You won't know of the funds ever got back to the owner, all you will know is the bank took it back. |
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By (user no longer on site)
over a year ago
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It all sounds rather dubious doesn't it. Why can't the bank return it to the sender. There are legal departments within the bank that could look into it. You can't just ask the cashier about it, it has to be reported to the correct team. Ask to speak to the manager.
Even though in principle it sounds great, with such a large amount of money coming from abroad to an account which is clearly not the intended recipient, would make me feel a little alarmed. |
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By (user no longer on site) OP
over a year ago
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"It all sounds rather dubious doesn't it. Why can't the bank return it to the sender. There are legal departments within the bank that could look into it. You can't just ask the cashier about it, it has to be reported to the correct team. Ask to speak to the manager.
Even though in principle it sounds great, with such a large amount of money coming from abroad to an account which is clearly not the intended recipient, would make me feel a little alarmed. "
She isn't feeling great about the money, she is elderly and bothered about it. I am cross that the cashier didn't refer her to someone else. I will go in with her next time, and ask for the manager. |
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By (user no longer on site)
over a year ago
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I would to be honest, with such a large amount of money then it will be missed by someone and you just don't know where the money started off from, whether there are any criminal links to the money or why it was placed in the account. It needs to be reported to the manager and removed from her account so she has no association with it.
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By (user no longer on site)
over a year ago
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"If a large amount of money, lands into your bank account, and the bank can't trace it's origin. Is there a deadline in that you can keep the money ? A bank can trace the originating depositor if it's a bank.
Can I ask what the amount is?
Nationwide bank, and in the tens of thousands of pounds."
in that case will you marry me? |
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By (user no longer on site)
over a year ago
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Pretty sure that one method criminals use for money laundering is to deposit money into someone's account who is innocent and then move it on. It makes the paper trail hard to follow.
Her bank seem clueless, especially with the sum involved is so big. |
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By *yldstyleWoman
over a year ago
A world of my own |
If I'd tried to trace it and return it but couldn't then I'd spend spend spend. If it then came back I'd offer them £10 a week and pay it back that way.
Wish it happened to me. I do need the money lol |
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"I would to be honest, with such a large amount of money then it will be missed by someone and you just don't know where the money started off from, whether there are any criminal links to the money or why it was placed in the account. It needs to be reported to the manager and removed from her account so she has no association with it.
"
This is absolutely the case. If the money is untraceable because it was paid in cash, and we're talking tens of thousands, that would be highly unusual. If it was paid from a bank account then there will be no trouble for the bank to trace it. Your friend should have been referred to someone else in the branch to deal with this, a bank teller wouldn't have access to the information. I'm speaking from experience, not guessing or surmising, I used to work for a bank and this solving the problem of "where is this deposit meant to go to, the details are incorrect" was a part of my job. |
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By (user no longer on site)
over a year ago
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"It's an offence to treat it as yours. Spend it at your peril,because you're commiting criminal offences."
Spot on, and if an employer pays more into your account by mistake they can legally by law insist that it is returned or arrange a loan payback until the full amount is returned,
this is fact, spend it if you wish but you will still be required by law to refund if this refund is requested |
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Pop it into premium bonds whilst waiting 12mths for the outcome.. Certainly wouldnt spend it or give it away for that amount of time. that way you could potentially win and still return the base. Someone said put it in a high rate account if they know one please add it here cos I get 3% and if i could get more I will move it ( No risk mind) |
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1. " tens of thousands" in cash, paid into a bank almost anywhere in the world flags up all sorts of indicators; due to international money laundering regulations; so the cash transaction will have been noted and registered. So that can be traced.
2. If there is any identity number, bank number, IBAN, SWIFT code ( even one with errors in it) it is traceable.
3. A mystery sum like that is highly likely to be " dirty money", being laundered. Large sums (millions plus) are chopped into smaller amounts to try to make them less obvious, and sent to multiple accounts,, then put back together after receipt. Your freind has probably got this because the launderers mixed up a number from one of the intended destination accounts. |
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By (user no longer on site)
over a year ago
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"wasn't there a law that says if you handed money into the police, and it is not claimed within 90 days... it is then treated as yours....."
So could she withdraw the money, hand it in to the police - telling them where it came from and leave it to them to track it down. If they can't, after 3 months it's hers? What a lovely thought |
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By (user no longer on site)
over a year ago
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"1. " tens of thousands" in cash, paid into a bank almost anywhere in the world flags up all sorts of indicators; due to international money laundering regulations; so the cash transaction will have been noted and registered. So that can be traced.
2. If there is any identity number, bank number, IBAN, SWIFT code ( even one with errors in it) it is traceable.
3. A mystery sum like that is highly likely to be " dirty money", being laundered. Large sums (millions plus) are chopped into smaller amounts to try to make them less obvious, and sent to multiple accounts,, then put back together after receipt. Your freind has probably got this because the launderers mixed up a number from one of the intended destination accounts."
I thought similar about the 3rd option.
I think the onus is on the bank sending the money to trace it and recall it (rather than the receiving bank return it) and this would explain why that hasn't happened
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I don't know if this applies to all banks, but mine has recently changed its terms giving it the right to automatically debit my account if I receive any money that doesn't belong to me, even if that withdrawal takes me into overdraft. It wasn't the case before, as you had to give permission before they could remove it.
Oh, and by the way, keeping money that doesn't belong to you is money laundering. |
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By (user no longer on site)
over a year ago
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"1. " tens of thousands" in cash, paid into a bank almost anywhere in the world flags up all sorts of indicators; due to international money laundering regulations; so the cash transaction will have been noted and registered. So that can be traced.
2. If there is any identity number, bank number, IBAN, SWIFT code ( even one with errors in it) it is traceable.
3. A mystery sum like that is highly likely to be " dirty money", being laundered. Large sums (millions plus) are chopped into smaller amounts to try to make them less obvious, and sent to multiple accounts,, then put back together after receipt. Your freind has probably got this because the launderers mixed up a number from one of the intended destination accounts."
.
That's not the only thing they chop up! |
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"The bank say they can't trace it. They say it appears to be from abroad, as there are many numbers, but ends in 'GB', which suggests abroad...."
"GB" could well be a mis-transcription of
"6B": which would make it a Bahrain bank.
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By (user no longer on site)
over a year ago
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Payments is my bread and butter within the bank
Depends if the tag (field) was populated correctly (most 99.9%) will be and can trace to source bank account, but if payment came into via corespondent or Prather bank, as a swift and got settled as a FP it could have stripped them out, hence why your bank has no idea where it came from (passed through several banks) probably meant for someone with 1 diget off yours account number (Iban will have correct sort code otherwise it would reject) - sending bank will eventually query and try a recall, but funny thing is your bank has no legal right to return the funds
So end bank may come after you, if under £20k they probably won't bother as no one wants any bad poblicity in that a bank sends cash to wrong person |
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By (user no longer on site)
over a year ago
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"Payments is my bread and butter within the bank
Depends if the tag (field) was populated correctly (most 99.9%) will be and can trace to source bank account, but if payment came into via corespondent or Prather bank, as a swift and got settled as a FP it could have stripped them out, hence why your bank has no idea where it came from (passed through several banks) probably meant for someone with 1 diget off yours account number (Iban will have correct sort code otherwise it would reject) - sending bank will eventually query and try a recall, but funny thing is your bank has no legal right to return the funds
So end bank may come after you, if under £20k they probably won't bother as no one wants any bad poblicity in that a bank sends cash to wrong person"
I've had a few gins, will retypr tomorrow |
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By (user no longer on site)
over a year ago
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I would be very wary. I know how the banking side works. It my be that someone us trying to commit identity fraud using her account details. You said she was elderly. Unfortunately they are the ideal prey for the scumbag fraudsters. Get her back down to the bank and insist she speak to someone in a supervisory role. Of course the money can be traced!!! If you want to pm me no probs. X |
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By (user no longer on site)
over a year ago
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"I would be very wary. I know how the banking side works. It my be that someone us trying to commit identity fraud using her account details. You said she was elderly. Unfortunately they are the ideal prey for the scumbag fraudsters. Get her back down to the bank and insist she speak to someone in a supervisory role. Of course the money can be traced!!! If you want to pm me no probs. X"
Her Bank can do nothing
They can not remove the funds (legally), only the initial payee (or payee bank) can instigate an trace and request funds back, and can only do so with her authority to do so - if a request is made and she says no, only at that time does it become a criminal offense
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By (user no longer on site)
over a year ago
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"The bank say they can't trace it. They say it appears to be from abroad, as there are many numbers, but ends in 'GB', which suggests abroad. Ironically, my friend is not short of money, and doesn't need it, just doesn't know what to do with it."
Send it to me please! |
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By *lighty1Woman
over a year ago
You Dont Need to Know, right now |
Don't spend it. Ask the bank (in writing, and keep a copy) to transfer it to their own 'suspense' account - it's where unallocated money resides until it is sorted. Keep a copy of the bank's reply. If they won't transfer the money out of the wrong account, ignore it for several years at least. |
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By (user no longer on site)
over a year ago
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Legally it's never yours (friend works in a bank) you won't face legal action if you return it within 7 days....After that you can and be charged interest x |
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"Pop it into premium bonds whilst waiting 12mths for the outcome.. Certainly wouldnt spend it or give it away for that amount of time. that way you could potentially win and still return the base. Someone said put it in a high rate account if they know one please add it here cos I get 3% and if i could get more I will move it ( No risk mind) "
I'm outside your age range but if you are serious please mail me |
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"Pop it into premium bonds whilst waiting 12mths for the outcome.. Certainly wouldnt spend it or give it away for that amount of time. that way you could potentially win and still return the base. Someone said put it in a high rate account if they know one please add it here cos I get 3% and if i could get more I will move it ( No risk mind)
I'm outside your age range but if you are serious please mail me"
I mean I'm outside your age range so can't message you ! |
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"It's an offence to treat it as yours. Spend it at your peril,because you're commiting criminal offences.
Spot on, and if an employer pays more into your account by mistake they can legally by law insist that it is returned or arrange a loan payback until the full amount is returned,
this is fact, spend it if you wish but you will still be required by law to refund if this refund is requested"
Quite correct. A lot of people think that if they have been overpaid it's tough luck for the company they work for Wrong. Overpaid wages can be taken back by the employer. |
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I'd open a Nationwide savings account with it. Then my regular bank account would remain separated and thus it would not be touched accidentally. I'd make my own checks upon tracing it. The Nationwide directors get pay and bonuses that are too high, despite it being a mutual and I'd not rush to help pay them more. |
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