Money has been lodged into my account

F

fifffi

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Over a thousand euro was lodged into my bank account this morning. I am with TSB. I phoned TSB, they could not tell me where the money had come from. They had no idea only that is came from BOI Tullamore. I rang them and they wouldnt tell me either. Rand my own bank bank but they really were no help.

What do I do??? Keep the money?? Spend it?? Leave it till someone comes looking for it. I have really tried to find out what it is but the banks are so unhelpful.
 
I think the best guess is that it was credited to your account by mistake. Whether it was a mistake on the part of somebody originating the transaction or by the bank is of no great consequence other than to satisfy your curiosity.

Don't spend it. Expect that somebody will come looking for it.
 
Not unless the account number was given to revenue as part of a tax return.
 
it will probably be debitted in few days when somebody realised a mistake was made, so don't go mad shopping yet.
 
Thanks. Why can't the banks just put it bank if it's not mine. I can't cope with this temptation & am up to my neck in debt!
 
Hi f

It's an interesting question.

A customer of a bank in Tullamore transferred money into your bank account.

Your own bank can do nothing about this. It has nothing to do with them.

Bank of Ireland Tullamore should be onto this immediately as it would appear to be an error by one of their customers. Maybe they are not allowed to tell you who paid you as it would be a breach of the Data Protection Act.

When the poor payer finds out, they will hit a equally strong brick wall when trying to find out your details to ask you for the money back. See this post for example.

I think you should write to the manager of BoI in Tullamore and notify them formally of the error.
Ask them to provide you with details of the account to which it is to be repaid.
Ask for a response within 7 working days.

They will have a very irate and frustrated customer on their hands when the payer discovers the problem.

Brendan
 
Trouble is customer could have made the mistake, one wrong digit is all it takes, and a nice even sum like that would mean a lot of trawling through transactions for that day in the Tullamore office, they probably won't do anything until a customer comes back with the query. I think I would be asking your own bank to return it to Tullamore, let them lodge it into some suspense account or other, at least it would be out of your way.
 
In this situation, your bank's role is similar to that of the postman. If a letter is addressed to you, the postman is obliged to put it in your letterbox, regardless of the origin of the letter, and has no obligation to take it back if you don't want it.

As regards the Tullamore bank, there is an interesting situation. One practical effect of the Payment Services Regulations 2009 is that nowadays, credit transfers are made by reference to account numbers only (previously it was normally done by reference to both account number and destination customer name). If the Tullamore customer made an error in the intended account number, then he may be frustrated and angry, but his bank has to operate on his stated instructions. The relevant regulation states that Tullamore should make "reasonable efforts" to recover the money - but only when so requested by the Tullamore customer requests a refund:-

(2) If a unique identifier provided by a payment service user is incorrect, the payment service provider concerned is not liable for non-execution or defective execution of the relevant payment transaction. However, the payer’s payment service provider concerned shall make reasonable efforts to recover the funds involved in the transaction.

(Payment Services Regulations 2009 - Clause 89(2))
 
We had a similar situation a few years ago when we suddenly and unexpectedly received large lodgments to our personal account from a bank in Kildare.

I contacted our bank and asked them where the funds were coming from, they could only confirm a bank in Kildare.

I called the bank in Kildare and asked them for information regarding the transfer and they said they couldn't disclose any information, I would have to contact the account holder who sent the funds. This was impossible as we didn't know who the account holder was.

This went on for 5 months and then the account holder in Kildare finally twigged that they had set up a standing order to our account by mistake and they contacted their bank, who contacted our bank, who contacted us to ask if they could have the funds back.

We gave it back straight away, it was over €15,000.

From my experience you'll have to wait to see if the account holder in the bank in Tullamore realises that they have sent the funds to you by mistake.
 
They will have to ask for the money back. The bank can't just swipe it back.
 
This was an error by whoever lodged the money. It happens quite frequently. Currently the person at loss is the intended recipient of the money and not the Bank. In law this is quite similar to finding a sum of money. Your obligation is to report it to your own bank. make sure that you have a record of this report. It's up to them to advise the transmitting bank of the error.
Don't spend the money as despite the fact that it has been lodged to your account, it's not yours. The rightful owner can pursue you personally for the funds. There is also the risk of being prosecuted for "theft by finding" if you spend the money and refuse to refund it.
 
I lodged money into my account a good few years ago by having my card swiped (as oppose to filling in a paper slip) and got a receipt. Only after a few weeks did I realise it was missing and when I queried it they said they would have to inform the account holder it was paid into before they could refund. the receipt had the wrong account number on it but was a printout of the transaction. I duly got my money but I can say for deffo that I did not make the mistake, the teller did. I would say this happens quite a lot but not always the intended recipients fault, well apart from not checking their account fairly sharpish or indeed being eagle eyed enough to check the account number on the receipt. I guess it's a lesson learnt.
 
Go to your pTSB - get a bank draft for the amount you received, payable to yourself - pay the charge for the draft, hold onto the draft.
Now funds in your account are correct and temptation is "out of sight".
At some point in time you will get a request for repayment of the sum.
At that stage ask for the bank details of the sender - name, account number, branch sort code should be enough. Make a credit transfer of the amount minus the draft charge.
You can do no more!
 
Gulliver said:
One practical effect of the Payment Services Regulations 2009 is that nowadays, credit transfers are made by reference to account numbers only (previously it was normally done by reference to both account number and destination customer name).
Click to expand...

So if a person had a cheque made payable to a Ltd. company but did not want the money going to the Ltd. Company but to his personal account, he goes in to Bank A and fills out a giro form. In the Account name section he fills in the Ltd. company name and presents the cheque payable to the Ltd company to support the lodgment. However rather than put in the account number of the Ltd. company he puts the account number of his personal account. Nobody in the bank is checking out that the account number is matched to the account name. So the money goes to the personal account and not the Ltd company account.
Seems very easy? Could also be done with a stolen cheque.
 
Not so, Kimmagegirl. The Payment Services Regulations 2009 do not apply to cheques. A bank accepting a cheque payable to a limited company is obliged to ensure that the funds go to the account of the limited company.
 
Crugers said:
Go to your pTSB - get a bank draft for the amount you received, payable to yourself - pay the charge for the draft, hold onto the draft.
Now funds in your account are correct and temptation is "out of sight".
Click to expand...

Great practical advice.
 
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