Wrongly received money

[Remedy234]

Over a month ago i had a payment of almost £20k Incorrectly paid into my business account. I’ve called them and Also left a secure message online through my business banking page yet nobody seems interested. Where do I stand on this?

[R0b]

Well it isn't yours legally and if you spend it you could be sued for the recovery of it, you would then likely have to rely on the change of position defence and that's not always guaranteed depending on how it is spent i.e. using it to pay bills would not afford you a defence - suggest you read up on unjust enrichment.

Otherwise, if you hold onto it for 6 years and still remains unclaimed, then you could spend it as any claim would most likely be out of time.

[Remedy234]

Thank you for your reply. Wouldn’t the fact I’ve tried and can prove that I’ve tried to give it back go towards anything?

[R0b]

Not really, because it wasn't your money in the first place. I've already mentioned unjust enrichment from a civil claim but from a criminal perspective it might be considered theft and splashing out on the money could mean you end up paying back the money or at worst, a shortish prison sentence.

You could, in theory, put the money into a savings account for it to accrue interest and there's nothing I am aware of that suggests you can't keep that interest if the money needs to be repaid. You've already notified them so the onus is on the bank to rectify their error. Whilst they might not respond immediately, the amount transferred is quite substantial so someone is going to realise at some point money is missing. Banks will also carry out regular audits which is likely to be picked up at that point if all else fails.

My opinion would be sent another message/letter to the bank and tell them you are in receipt of the cash you weren't expecting and ask them how they wish for it to be dealt with. If you don't hear back then you will put it into a separate account until you hear back from them. Then set up an account, maybe a high savings one and let it stew until it is collected. It also avoids you having the urge to spend it, but of course it is your decision as to how you deal with this situation.

[ostell]

Have a gamble and put it into premium bonds. You never know you might get the £1,000,000. I don't think there are any high interest accounts left. With that amount you're almost at the point of an evens chance of something each month

[Remedy234]

That did cross my mind ! There’s been a further development though. HSBC have now added another bank account and withdrawn the amount they had paid in. I’ve not signed up for any new account yet when I log in to business banking there’s an unknown account in my business name that’s £19k overdrawn Surely they can’t just add an account to me without my authorisation can they ?
*

[Remedy234]

Forgot to mention in this new account there’s just one transaction saying BBL drawdown - £19k debt

[des8]

BBL =bounce back loan scheme?

[Remedy234]

Yes looks like it*

[Remedy234]

Not something we’ve applied for*

[des8]

So I would register a formal complaint with them that they appear to have opened a BBL account in your business name, and transferred the monies to your current business account without any authorisation from yourself.

No responses have been received to your earlier queries highlighting these transactions.

You now require an immediate reversal of them and an explanation

[Remedy234]

Well I don’t know what to do now. I’ve tried 6 or 7 times to get in touch by phone, online secure messages, email and online chat and nobody is getting Bach to me.

[des8]

Use snail mail, recorded delivery, to the CEO
Warn them the matter will be escalated*

[Jeyson]

Interesting discussion