Bank says they over credited my account

Danno

Almost one year ago BoI over-credited my account for a figure between €500 and €800.

The problem was a typo on the behalf of the bank clerk accepting my lodgement - she put a "0" after a figure on the cheque lodged.

The bank has now written to me (almost a year later) looking to recover the funds.

Are they legally allowed to do this!

Cabaal

I would imagine this similar to the law that covers packages or extra features on a product that you've been sent but did not order, thing is though is I believe you have to show on your part that you made a efford to contact the company to let them know about the error and that untill 6 months have passed you have not used or opened the product.

I could be wrong though....but you may have have to give it back unl;ess you can show you contacted the bank to let them know of the error AND that you didn't spend the 800 untill 6 months later.

Red Alert

I would pursue them about it. Tell them it's their problem and see if they legally can do this - a solicitor may be the best person to ask. If they get heavy handed, threaten the Joe Duffy approach - the banks are getting a fair amount of bad press and nothing gets everyone riled up more than ill-treatment of a bank customer. I would play hardball on it but keep/have access to the funds just in case.

You could suggest that they take it from the employee's pay packet, because that is what they deserve.

mel123

remember a while ago a couple of ATM's 'accidentally' gave out free money?? well i remember reading in the paper that it was the persons own decision weather they wanted to give back the money or not, legally the bank couldnt take it back. i would imagine its their fault they should have to live with the error, but dont take my advise as proper legal advice, its just what i think i remember reading. for me 500-800 doesnt come easily and i wouldnt have it to spare, but if u didnt give it back i would imagine they would keep a note on ur account and getting loans or mortgages in future might be tricky for you with that particular bank. best bet is to just ring consumer affairs, they are really good and usually take the call and advise u straight away.

Hitchhiker's Guide to...

As far as i know, they are fully entitled to claim the money back. Sorry about this. I'd say if you complain to them, you might get some goodwill reduction in the amount you have to repay.

You could try asking about a hypothetical similar situation in the legal issues forum.

Slice

They are fully entitled to claim that money back in much the same way if you overpaid a bill for example you are entitled to claim a refund on the amount you over paid by.

However, given the circumstances and the fact that it was the bank's oversight they would more than likely be open to allowing you to repay that amount in instalments if you ask them about it.

Mr. Presentable

There is an offence called "Larceny by Finding", which means that if you come into possession of something without actually taking it, while knowing it is not yours, you can be prosecuted.

I'm not sure you knew you had money you shouldn't have had, though your post suggests you knew, but if you did you should have given it back.

The cash belongs to the bank. How can you suggest otherwise?

I think Slice is right. Talk to them, they'll be reasonable and probably not ask for it all in one lump, even though it's not much money tbh, and you won't have spent it, will you, it not being yours and all that;)

Danno

I did not know about it,

It is a business I run on the side, just lodge in takings. And I have paid the revenue commisioners and all, at THE HIGHER TAX RATE!!! :mad:

lomb

i believe u can get the tax back in next years return, by amending the figure for this year. write to revenue, the money is probably the banks property.bitch..

Santa Claus

At the end of the day, the money wasn't yours so they are entitled to recover it.
However as they're only coming looking for it nearly a year later you could probably get them to do a deal and just take half the amount back.

If they just rang you up about this, then insist on them sending you a letter stating that your account was over-credited by mistake last year etc and outlining what they plan to do.

Perhaps mentioning that you were talking to your sister/friend/etc who works as a researcher in RTE and she thought it was hilarious that it would take them a year to discover it, might make them act quicker on it!

Ruu_Old

Aye what the others have said but make sure they give you an easy re-payment plan (or reduction) seeing as it was their mistake and causing you some hassle.

Santa Claus

What's bugging me is why this wasn't found sooner.
I worked as a cashier in a bank nearly 10 years ago and at the end of each evening you had to balance up your cheque's & cash.

A few times I put a £50/60/70 cheque in as £500/600/700 lodgement and this would always lead to staying back and going through every individual cheque until it was found and if it couldn't be found then you had a week to find it before internal audit would be on to you !

How the cashier got away it for nearly a year mystifies me !