Bank Mistake. Do I have to pay it back?
I had some fraudulent activity on my account which I had refunded to my account twice, once by Visa and once by the company who received the fraudulent payment. The money has been in my account for a month now and I was wondering if there is a cut off date for them being able to ask for it back. Obviously I don't want to assume the money is mine and then have to pay it back but it would also be extremely useful given my current financial situation (my son desperately needs new clothes!)
Any help or previous experience would be great. It's a substantial amount (over £200) so I can't help thinking they surely will notice it missing!
TheoMummy Wed 03/09/08 23:55
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Sooner or later, they'll notice.
It's not yours.
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Wait a bit Theomummy. I had the same thing happen to me, the money was reimbursed by the bank and that was all OK, but a similar thing happened to someone else I know, and although the bank put the money back into her account, they took it out again some time later. Can't remember why they did that now, because something genuinely fraudulent'd gone off, but I'm sure it had to do with her not reporting the matter to the police when the money first disappeared, although the bank was notified - either that, or the other way round.
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Pretend you haven't noticed, but be prepared to have to pay it back at some stage.
An agency I use to manage a property paid me almost £500 twice in one month. I haven't told them, as they keep putting dodgy people in my properties, who never pay on time, so I've taken it to be compensation. However, I am prepared to have to pay them back, if they are ever audited and make the discovery.
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Question Author
I have let Visa know that the company who received the fraudulent payment from my account have reimbursed me (put relevant info on paper work as instructed by local bank) and Visa then also reinbursed me a few days after that. As i say this well over a month ago.
I know the money isn't mine but it's from Visa, Ithink they make enough profit to cover it surely?!
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Why not contact them again and just ask to be reassured? My friend had money reimbused, but it was almost 3 months before they took it out again. Best not to spend what you consider to be yours until you know for definite.
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TheoMummy, no matter how much profit they make, they are entitled to get it back.
They can and do pursue overpayments in the courts if they can't get it back by asking.
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Question Author
I wouldn't dream of not paying it back if they ask for it. At the moment it's just sitting in my account making me look good rather than being overdrawn ha ha!
I really just wondered if there is a cut off date for them to retreive it.
I don't want to spend it thinking "oh I'll just pay back in instalments when they ask" 'cos I don't want debt hanging over my head. On the other hand I don't want to volunteer the information about the mistake in case I do get to keep it!
It looks like they will take it back in a couple months anyway accourding to these reply's.
Thanks for letting me know
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As advised, sooner or later you will be asked to return the money.
In the mean time, why not bung it in a high interest account, then at least you will gain something when it is returned.
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