moral dilema

[Russ]

ok, this is a bit awkward..

my mate had 1300 GBP too much in his account, if was a CDT (cash deposit trnsaction), but, he didnt do it, and nobody else ahs his number, so its blatently an error on the banks behalf.

its sainsburies bank though, so they dont have a proper cashier like natwest etc. you pay the money in with your paying in book at customer services and they send everything off at the end of the day to the bank (i sumise).

so two months later, its still there, what would you do? confess or withdraw it bit by bit? if it were a proper bank it would br easier to track, but being sainsburies, i aint to sure...

[Knoxville]

I say leave it a week and if its still there then take it, might've been a different response had it not been sainsburys bank. Its not like he's gonna be stealing off small children .

[Howard]

As above, if it's not gone by, say, a month, and they haven't realised their mistake, then just spend it. It's in your account and it's been there a while, so it's yours.

[Ravens Nest]

I'd personally take the money, but imagine it is like a loan where they could ask for all the money back at any time.

When the rightful owner of the money starts asking the bank where it is then i would think it would be quite easy to trace it to that account.

So spend the money only if you can afford to pay it back if they come back to you about it, or leave it there another 6 months or so and see what happens.

[TiG]

The only thing I would say Russ, is that IF they realise say 6 months down the line and you mate has withdrawn money they will still remove it anyway and he could be left with negative balance with penalties for going overdrawn etc?.

My advice would be to withdraw two amounts of £500 and one of £300 over a month period and put all of this money that is not his into a savings account. IF Sainsburies want the money back then he SHOULD advise that it was there mistake and that over that period of time its their fault and see if he can keep it. I Doubt they will be that agreeable and i would suggest some proper legal advice.

As from my point of view that much time has gone past legally it may well be his now, even if the bank did make a mistake. But i'm no expert and i'd suggest this needs to be checked out.

But then my morals when it comes to money are not that great.

TiG

[Raz316]

I would tell someone, it isn't their money and what if, after spending some of it on stuff you wouldn't be able to afford had you not gained the extra money, they ask for it back?

[Spunkey]

i would take the money out and stick it in a high interest savings account.

that way if they do eventually ask for it back, you're got some interest out of it at least

[joshwa]

can't he phone them and ask where it came from?

it's pretty easy to get a bank transfer wrong (online) with the wrong digits etc, so surely there's someone out there with 1300 missing - surely it'd be best to try and get sainsburys to investigate and return the money?

could it be a great aunt or uncle / grandma giving him money annonymously?

[Angus]

I'd say stick it in a savings account until they realise - I'm sure that they will in the not too distant future.

[petrefax]

When the rightful owner of the money starts asking the bank where it is then i would think it would be quite easy to trace it to that account.

lets face it if someone else has £1300 missing from their account i'd imagine they''d have mentioned it by now, i know i would have!!

[Knoxville]

If they have £1300 missing and the bank don't know where its gone they're oblidged to replace it anyway.

[Skii]

I'd go with the high interest savings option

[MD]

they can take it back at anytime they please, up to 3 years I was told when a hotel in Germany failed to charge my card, so I would wait a little bit longer than a month if you ain't gonna tell em....

m@

[nichomach]

Legally, it's theft, Russ. Your mate knows it's not his money, knows it's been paid in by mistake and knows that he isn't entitled to it. If he keeps the money, or makes use of it (as in delibarately moving it into another account with the intent to earn interest from it), it's an offence (in the same way as a salary overpayment which you knowingly keep gives rise to an offence). Your mate should own up to Sainsbury's and return the money. If he moves it to another account, that's theft. If he spends it, that's theft. Hand it back; he'll get a rep for honesty with the bank and will avoid acquiring a record if as and when the bank realise the error - and they would be very likely to press charges.

[MAS]

Yeah, you do have to watch them asking for the money back. Plenty of people have been caught out like that. I'd go with the savings option, unless he's brave enough to call them and ask whether it's a mistake. That's going to produce one of two results; either he'll lose the money, or they'll tell him it's definitely his and have a near on impossible time asking for it back.

If he wants to feel better about it, give a few hundred quid to charity. It was never his in the first place, and you dont miss what you dont have, etc etc. I'm sure someone else needs the money far more than the chump who gave the £1300 away in the first place.

[MAS]

- and they would be very likely to press charges.

I doubt it. Unless he'd been abjectly dishonest. Evidenced by..um....posting on the internet claiming it's not his money....ahem....