funds incorrectly deposited

[redsquash]

I found out tonight that I have deposited $4000 into somebody?s account with another bank. This occurred inadvertently,
by transposing two numbers of the account.My error.

This happened three months ago.

I contacted my bank and they will go through a dispute process with
the other bank.

Where do I stand legally to get the money back?
I currently have a sick feeling in the pit of my stomach.

How worried should I be that I will never see those funds again?

 

[datto]

A NZ couple inadvertently had 10 mil deposited into their acct. They took the money and bolted overseas . Cops hounded them down. Last I heard they were doing time.

Suppose its the same as finding money, its not yours and you have to give it to the cops so it goes back to the rightful owner.

 

[chrispy]

I did the same thing a few years ago. I contacted the Bank but never got a lot of assistance as it was my fault.

I contacted the company who had received the money, by phone, explained what happened and they transferred it straight back. They had no idea why they had received it so it was sitting in their suspense account

Problem solved

Chris

 

[Redwood]

Your bank will correspond with the other bank to sort it out

I had a huge amount pop up in my account. I immediately emailed my bank manager who contacted the other bank who contacted other customer. Funnily enough I got a box of chocolates for my honesty. My question is who did they get my address?

 

[Ausprop]

probably gone tbh.

you may be able to demand the money back, hopefully the recipients aren't your typical broke individual

 

[Terry_w]

I found out tonight that I have deposited $4000 into somebody?s account with another bank. This occurred inadvertently,
by transposing two numbers of the account.My error.

This happened three months ago.

I contacted my bank and they will go through a dispute process with
the other bank.

Where do I stand legally to get the money back?
I currently have a sick feeling in the pit of my stomach.

How worried should I be that I will never see those funds again?

Legally you could still have a problem getting the money back.

 

[tomlemke]

i bought a kitchen off a police woman in sydney and months later transferred a few grand into her account accidentally luckily i worked out it was her and she agreed to send it back but told me to be careful next time because theres no law that they have to!

 

[Terry_w]

i bought a kitchen off a police woman in sydney and months later transferred a few grand into her account accidentally luckily i worked out it was her and she agreed to send it back but told me to be careful next time because theres no law that they have to!

I think there would be a few laws that could assist you - but it wouldn't be easy.

 

[redwing]

I found out tonight that I have deposited $4000 into somebody?s account with another bank. This occurred inadvertently,
by transposing two numbers of the account.My error.

Wouldn't the account name be different, even if you got the numbers wrong

Or do they just take the account numbers

 

[Terry_w]

Wouldn't the account name be different, even if you got the numbers wrong

Or do they just take the account numbers

One of my banks has a warning now - saying something like they only go on the number not the name and it may be impossible to get the money back, so check carefully.

 

[TMNT]

Wouldn't the account name be different, even if you got the numbers wrong

Or do they just take the account numbers

internet banking transfer the name doesnt matter what so ever

you could put "Krusty the Klown" and it goes through, its all based on account numbers.

on another note, maybe the laws are different for larger transactions, BUT

if you send it to the wrong person/account (and the account exists) all the banks can legally do is charge you $50 to request to send it back to the owner, they send out a letter saying, will you agree to return the $, signed

if you simply dont reply, you dont have to.

years ago, an employer ripped me off to the tune of $500 by not paying me for extra days of work,

and then about a year later, accidentally transferred about $450 to my account after I had left, and then had the gall to send one of requests for money back via the bank

I simply wrote a refusal letter and sent it back to him personally!

best feeling

 

[Truly Exotic]

Was in the bank the other day, and I asked the teller how stringent the signature verification process is and they said,"If its under $10k, they dont even check it!"

 

[NedKelly]

If an individual puts money in the wrong account by mistake it's tough and you will have a hard time getting it back. If a bank or council puts money into your account by mistake you will have the Wrath of Khan to contend with, have international law enforcement agencies after you and eventuality be locked up and the key thrown away.

 

[Benvolio]

i had a relative who refused to give the money back when someone accidentally transferred $600 to their account. the person contacted them and they flat out refused. Didn't hear from the sender again. i personally couldn't do that, don't need that bad karma in my life

 

[Paul@PFI]

Ironic Westpac just revised their T&C this week and I read about this issue.

Their official line is you may never see the money again. They set time conditions to it and after 7 months they will just ask and its a lucky dip. Hopefully both banks adopt the code. Westpac can ask the other bank but if the accts closed or insufficient funds for a charge-back then recovery can be impossible and privacy issues can prevent recovery. The banks may notify the Police however iof a refusal occurs. There can be some legal issues which consider such a benefit as theft in some states.

Clause 20.2 here seems to be a banking code of practice.

 

[Paul@PFI]

Your bank will correspond with the other bank to sort it out

I had a huge amount pop up in my account. I immediately emailed my bank manager who contacted the other bank who contacted other customer. Funnily enough I got a box of chocolates for my honesty. My question is who did they get my address?

I had a client with a tax office account someone kept crediting. $300,000+
I had to beg ATO not to refund it as part of a refund they were processing. The computer said no and wanted to pay it back. I had to delete the EFT details to avoid the problem at first and nobody took it seriously. They fixed it and I understand the taxpayer was very grateful for the honesty. Imagine they were worried their $ disappeared for a month.

 

[tj22]

I found out tonight that I have deposited $4000 into somebody?s account with another bank. This occurred inadvertently,
by transposing two numbers of the account.My error.

This happened three months ago.

I contacted my bank and they will go through a dispute process with
the other bank.

Where do I stand legally to get the money back?
I currently have a sick feeling in the pit of my stomach.

How worried should I be that I will never see those funds again?

If you get no response you can take the matter to the ombudsman.

even cosl or fos

 

[TMNT]

If you get no response you can take the matter to the ombudsman.

even cosl or fos

I honestly don't think legally they can help,
Sure they can put some pressure on them but I doubt the fos can force them to

 

[tj22]

The ombudsman job is to handle complaints / issues that arise. their job is consumer protection.

 

[BMan]

good luck
theres not much banks can do if the person refuses to hand it back and you cant get any information off them due to privacy act

on the other hand i had money transferred into one of my accounts and it was transferred out about a month later with no contact with me (only noticed after receiving the qtrly statement to see the money go in and come back out.