I was sent €5000 by mistake

Ask for a letter to that effect. Then act.

The iban the money came from should appear on your bank statement, or at least your bank should be able to confirm the originating iban.

I would only return the money to the originating iban and make sure you put a meaningful reference in the description field.

You have informed KBC of the mistake, let them fix it themselves from their side. Don't transfer any money yourself (and don't spend it either)

I know you want to be helpful and there is probably someone in KBC having a panic attack about the missing 700 ... But there are also too many scams doing the rounds and you don't want to be the next victim.

Don't take candy from strangers

Don't piss into the wind

Don't transfer money to people who give you their bank details and tell you its ok

To be honest I'd leave it for now.

You have flagged the issue, they have the means to reverse the payment out of your account let them go down that route.

Otherwise let them send you a formal invoice for the repayment.

Confused, title says you were sent 5k, then you say 705.73.

Then the guy on phone says, 5k was sent by mistake, but sure just send me 700 and we'll call it a day. WTF

I read it as €5K was (allegedly) transferred from somewhere, by someone, to his loan account, it was used to clear the loan and there was €705.73 left over, which was then sent to his current account. Now they want that sent back.

It all sounds well hooky though - I'd do nothing. As others have said, if it's their mistake, let them reverse it. I wouldn't be going out and blowing the €700 either though! Make sure to leave that in your account so if it does suddenly disappear you're not overdrawn.

Hold tight for a bit until the money is well cleared in your account. There is a variation of a scam where when selling an item, someone agrees to buy it but accidentally overpays by cheque. They then ask for the money back and you then return it. A couple of days later the payment/flagged is flagged by the bank and instead of clearing it is all removed from your account and you are down the money you returned.

Sounds like a scam, what you see on your screen isn't real, it's a fake shot, seen this before.

Hello enfant terrible,

Sorry for the delay in returning your phone call, but I am having some technical difficulties with the phone lines here in the KCB head office there in Dublin.

I send immediately my details for you in private message to return my money, to ensure your account is returned to normal.

This is important to react as sure as you can, as you account is currently suspended and I would like to return your finanical rating as sson as possible, so no difficulties for you now.

Much Thanks and Fine day,

Forest Fire...Chief Financials controller KCB

It means a named somebody has to sign it physically and send it to you by post.

They should get your details from their system to do this.

The person should then be reasonably checkable by you independently (eg LinkedIn/social media etc).

And it buys you some time to be sure this is genuine and not a scam.

You then have written details on where to send the money back, on headed paper and signed by a named individual. Even if there is a scam, you would then be entitled to your money back as it's fraud, and banks are covered for this.

do nothing - as in,do not send money to anyone.wait for the bank to write to you which they will.ring them again to remind them of the error.now a wet ink letter is a new term for me.must have come from dr google.used to be called correspondence or a letter in the post.........................

None of this makes any sense. How can your loan be sent money and they are noe asking you to sebd money to another account?

I would be either

1. Call KBC customer care yourself and ask what is going on.

2. Do nothing and see what happens.

Pause for a second here....

After refusing to pay €700 euro back to an unknown account, based on advice you got, they immediately dropped the request for this......and they can now suddenly sort it!! Why ask you in the first place then?

And the immediately they just happened to request another large payment to another IBAN number that you have no record off...?

This could all be legitimate, but to be honest there are several alarm bells ringing here now....

How was the Car LOAN DD missed, Was there not enough funds in your account or is it due to this load switch between banks and the IBAN changing?

Did they know the exact amount of the DD? Can you see yourself it is missed in your account?

That doesn't sound right to me seeing as both KBC and ulster are exiting the Irish Market.

Bank of Ireland are. Ulster are leaving themselves, not buying more.

It has your name on the loan account where it came from so that's why it's like that I'd say. Seems legit.

Seems legit, but awful messy.

I can't see how. As long as you don't spend it and ask for reasonable assurance from the bank as to what went wrong and how THEY intend to resolve the issue then I can't see any comeback on you

As and when you are satisfied it's not a scam and where funds should be returned then return funds (less any reasonable costs you incur as a result of this incident) then no problems.