Loan paid into account twice

M

miju

Guest
if you applied for a loan of €x,000 from the credit union, you were approved and you got the money in your account and spent it only to find they make an administritive error and put another €x,000 into the account 2 weeks later where would one stand?

Can they ask for it back or can ye keep it?
Will they even notice and if they do how long does it usually take?

i believe in karma and shall be making a sizable donation to a charity if it's not noticed and i get to keep it

would appreciate if anyone could clarify for me
 
Re: quick question re: loan

It is not your money so you should not keep it. If the error had been made in their favour would you like them to keep it.
 
Re: quick question re: loan

sorry , noobie mistake, corrected the title

i agree with you woods and indeed when it happened before with AIB to the tune of €6k i gave it back

however, since the age of 18 (24 now) i've racked up a decent bit of debt (thanks to easy credit / stupidity) so i'm now trying to snowball paying off all my loans / debts so i'm hoping to use the €3k that was overpaid to me and leave it in my savings account for 6 months and then if nothing is said use it to clear off some of my loans that are nearlly clear
 
Sounds to me like theft even if the initial mistaken double lodgement was the fault of the financial institution. Your personal circumstances do not alter the fact that you do not rightfully own the excess.
 
Its clearly theft, knowingly taking money that is not yours! Plenty of evidence to back it up...you will not get too far!
 
Bear in mind that if you hold on to the money and use it for something else, the CU may come looking for repayment at a time that doesn't suit you, i.e. when you don't have the cash.

Save yourself the stress of "will I get caught" and own up. They are very likely to discover their error.
 
its not yours...just give it back....was your intent in posting here that you would get alot of people encouraging you to keep it to help ease any guilt feelings
 
When my credit union lodged my contribution from wages twice one time into the account they later rectifed the error after notifying me. I hadn't been aware of the extra money and was happy to let them rectifiy it as if they had made an error and I was short money I wouls expect them to give it back. Don't think you can keep this money and more than likely the error will be spotted.
 
Banks I have little sympathy with and would love an opportunity to see them squirm because of their admin error! however, credit unions are a different kettle altogether. in most cases they are run by voluntary individuals and as such they are not profit making, correct me if i'm wrong, traditionally they weren't anyway. its the savings of other members of the cu which enables the rest of us get loans from them! as such, you would not be getting one over on the cu as such, but on your fellow members! in the day and age of the audit, plus reliable tracking methods, i'd find it hard to believe you'll get away with it! Can you live with the guilt..........
 
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