Ooh 'eck - where did that money come from?! - HotUKDeals
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Ooh 'eck - where did that money come from?!

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My wife and I are fed up with Tesco and their links with the Royal Bank of Scotland - everytime there is a dodgy financial deal in the news, RBS are always mentioned. As such, we wanted to move our sa… Read More
Q-Tec Avatar
7y, 4m agoPosted 7 years, 4 months ago
My wife and I are fed up with Tesco and their links with the Royal Bank of Scotland - everytime there is a dodgy financial deal in the news, RBS are always mentioned. As such, we wanted to move our savings account to a sound and ethical bank - so we chose the Co-Op.

So my better half tried an online transfer of our Tesco / RBS savings to our our current account. Computer says no. So she rang Tesco, told them we wanted to close the account and could we have a cheque for the whole amount? No problem say Tesco / RBS. This was last Friday. This morning a cheque duly arrived for around .... DOUBLE THE AMOUNT we were expecting! We have no idea why it's doubled, there has to have been a glitch somewhere.

The letter accompanying the cheque says a statement of our last transactions will follow in the next day or so. In the meantime, we're sitting on a cheque twice as big as we think it should be. I know we can't cash it and even if we did we'd have to give Tesco / RBS the money back but I reckon when they contact us I ought to chareg them £20 per letter for the trouble - afterall, that's what they do to us all when we make a mistake! Besides, I can't say I'm moving accounts for ethical reasons and NOT hold my hand up when I get a cheque for a larger amount than expected. That's not cricket!

Is it any wonder that RBS are up the proverbial creek?
Q-Tec Avatar
7y, 4m agoPosted 7 years, 4 months ago
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#1
Think of it as your "bonus"
#2
A Brucie Bonus?!
#3
just think if u overpayed them would they give it you back and the answer is NO! no they wouldnt the greedy gits, So in all fairness i think you should keep it but if you keep it no doubt in a few weeks/months once all the money is spent you will get a letter demanding it backk its bloomin ridilous where if you where to send a well written letter it would proberry be dealth with a letter stating we will deal with your complain "within 28 days" and you will never see it again, its bloomin ridilous if you ask me...


Isnt it just great to know we live in a society which firms like this can present thereselfs =]

*RANT OVER*
hehe :D x
#4
you right not to cash it - they can take it back - but it could be a week - a month - etc before they realise

try and wait a few weeks to see if they do contact you and you go ahead and charge them (love it)

make sure they give you the money before returning the cheque - they wouldnt cash it anyway but as you say - bankers -- rhymes with something else:-D
#5
We've gotta do something - it's ALL of our savings (just doubled!) and we need to be able to access what is actually ours. We'll check the statement when it arrives to try and see where the money has come from and then sort it from there.
#6
Why not put the extra straight onto your mortgage? That way ou havent wasted it, and if they do end up asking for it bk you can just remortgage? and wont feel guiilty u wasted it
#7
I assume it was a savings account?
Are you sure the extra amount is not just your interest?
#8
Tesco are no longer associated with rbs. They bought rbs' share of Tesco finance etc.
#9
You guys may have made a mistake somwhere along the line. Put what you think is the extra into an ISA (One for each of you if need be) and sit in it for a twelvemonth. That way it'll be earning some more money for you and if the bank asks fo rit back, you can query it but be in a position to repay if you really have to.

And charge 'em £20 a letter

And get an 0871 number to give 'em (you can do that for free some places) and route that to your normal phone.
#10
If its all of your saving which you require.. cash the cheque and dont spend what its not yours..

Then when they right to you down the line you can pay it back.. in the meantime get the intrest on it.
#11
Cash it and put in your new account/s, keep the profits for 2 months just incase. If they contact you asking for it back and ask why, say you where confident that a banking company would have checks in place to prevent such problems. Is it your place to be there accountant, if they cant be bothered to be accurate enough why should you with reporting ?.

IMO cash it in and just be very snotty and take the high ground if they complain.
#12
Fess up now, it could take them ages to realise otherwise - and it sounds like you want to get your hands on the funds now. I can't remember/find my source but I've read somewhere that you don't have to volunteer to give it back, but at the same time you're not allowed to spend it or profit from it in anyway (interest included) - that's when you'd be committing a crime (theft - but I'm not sure how they can prosecute if you didn't know the money wasn't yours - but you already DO). I'd be inclined to ring them now, they may have sent you someone elses money entirely, so some other poor soul is sitting looking at a cheque for half what they were expecting - and they WILL have problems getting it back. Personally I'd be glad I got more than expected - not less, as that's a whole other kettle of fish. And make the point that you're glad you're leaving!

Good luck, and I'm impressed with the ethical ideals that went into your banking decision. x
#13
Cash it - Keep it safe for a few months just in case and if you dont hear anything then spendddddd lol
#14
blimey do RBS actually get anything right???
#15
If you do return it keep photocopies of the cheque and any letters or receipts proving you returned it so that if in a few weeks it turns out they forgot to update the system and they think you still owe them money you can prove otherwise.
#16
I know that they can take it back, but what's the point of conffessing, Its not like they will get anything apart from thanks

just put it in your saving account and wait

If its a really large amount than sell everything you have and move abroad
#17
hassony


If its a really large amount than sell everything you have and move abroad


:evil: :-D:-D

:whistling:
#18
It's not a massive amount (with three kids we never have much money!) but after sleeping on it we are ringing Tesco today to clear it up. I can hardly say I'm moving to a bank for ethical reasons and then profit from such an error - especially if it means an ordinary Joe like me being out of pocket. I'd feel gutted if I was expecting money in my account and it didn't appear and ended up in someone else's account.

There is a part of me that would love to keep the money and hope that they don't realise but I've never been lucky and my wife and I have had to work for everything we have. It would be wrong of us to try and benefit now (even in the short term) and face possible procecution and losing a lot more when the bank finds out.

So, fess up it is.
#19
tinkerbell28
Because I am sure I have seen before if you KNOWINGLY keep hold of money which is not yours, banks can take action against you plus recoup there interest and costs, may be wrong but I am sure I have seen that somewhere before, so op really needs to find out for definate where he stands legally, before keeping schtum.


At worst the Bank will ask for their money back
#20
Q-Tec
It's not a massive amount (with three kids we never have much money!) but after sleeping on it we are ringing Tesco today to clear it up. I can hardly say I'm moving to a bank for ethical reasons and then profit from such an error - especially if it means an ordinary Joe like me being out of pocket. I'd feel gutted if I was expecting money in my account and it didn't appear and ended up in someone else's account.

.


I doubt that this is what has happened here
#21
Q-Tec
It's not a massive amount (with three kids we never have much money!) but after sleeping on it we are ringing Tesco today to clear it up. I can hardly say I'm moving to a bank for ethical reasons and then profit from such an error - especially if it means an ordinary Joe like me being out of pocket. I'd feel gutted if I was expecting money in my account and it didn't appear and ended up in someone else's account.

There is a part of me that would love to keep the money and hope that they don't realise but I've never been lucky and my wife and I have had to work for everything we have. It would be wrong of us to try and benefit now (even in the short term) and face possible procecution and losing a lot more when the bank finds out.

So, fess up it is.


Good man :thumbsup:
banned#22
tinkerbell28
TBH wise move I just found this

The 1968 Theft Act says "A person is guilty of theft if he dishonestly appropriates property belonging to another with the intention of permanently depriving the other of it".

It goes on to say "A person is guilty of an offence if - (a) a wrongful credit has been made to an account kept by him or in respect of which he has any right or interest; (b) he knows or believes that the credit is wrongful; and (c) he dishonestly fails to take such steps as are reasonable in the circumstances to secure that the credit is cancelled."


From this http://news.bbc.co.uk/1/hi/magazine/6966683.stm ok large sum and a 2 year article but the principle is the same, was gonna strongly advise you research first, but no need:thumbsup: Lets hope it's a massive interest payment they owe you ;-)




Lol like how the theft act only mentions a he and not a she, ( I'd presume it's ok for a she to do this ) :p
#23
repped u for ur honesty and decency.
#24
If it is not too late, when you phone say that the cheque was not for the amount you were expecting (don't say which way) and could they check and inform you in writing. That way if they have made a total balls up of the whole thing the will confirm that this is your money and if it was some "human error" they can contact you and ask for it back.

Many years ago when I was a student I got a tax rebate from the Inland Revenue even though I had never paid any tax. I wrote to them explaining and asking if I should just destroy the cheque, they wrote back saying I was entitled to the money and enclosed a second cheque for the same amount! I'm still waiting for the knock on the door but the money was jolly useful!
banned#25
all these people telling you to spend it are a bunch of mugs. call em up and get it sorted. the cheque will bounce or put your old account in OD. if you cash it and "sit on it for twelvemonth" you could end up getting done for fraud.
#26
Q-Tec
It's not a massive amount (with three kids we never have much money!) but after sleeping on it we are ringing Tesco today to clear it up. I can hardly say I'm moving to a bank for ethical reasons and then profit from such an error - especially if it means an ordinary Joe like me being out of pocket. I'd feel gutted if I was expecting money in my account and it didn't appear and ended up in someone else's account.

There is a part of me that would love to keep the money and hope that they don't realise but I've never been lucky and my wife and I have had to work for everything we have. It would be wrong of us to try and benefit now (even in the short term) and face possible procecution and losing a lot more when the bank finds out.

So, fess up it is.


Let us know what they say :thumbsup:
#27
Let us know the outcome,,

One thing to note is check if the cheque is from your "OLD" account or from the "banks" account.

Because if you cash it and its from your old account it will bounce or push you over drawn..

Rick
#28
bykergrove
all these people telling you to spend it are a bunch of mugs. call em up and get it sorted. the cheque will bounce or put your old account in OD. if you cash it and "sit on it for twelvemonth" you could end up getting done for fraud.


No one is telling him to spend the money
#29
Cash It Cash It Cash It!
banned#30
Tesco and RBS are parting company soon anyway
#31
I would keep records of everything.

If you go 'you paid me double' they may say 'Oh, sorry about that' then take what's in your account to recoup the overpayment and cancel the cheque as the amount is wrong. Stupider things have happened (like a bank paying you double :roll:).
#32
Something similar happened to me regarding child tax credits - rwo cheques turned up in seperate envelopes on the same day for the same amount ( around £500 each ) i asked them 4 times on the phone if it was correct - Yes they said - spend it ... which i duly did.. a week later they said there's been an error - you were only supposed to get one cheque. therefore we have stopped your money until you pay it off - i was only allowed £45 a month so it stopped for a year or so.!!!! oh well! lol
1 Like #33
All sorted.

We called Tesco last week (who still haven't sent us a final statement) and said we've been paid too much. The stupid thing is their operator couldn't check anything as our account had been closed. They had to pass the details to a manager who called us back the next day to confirm the cheque they sent was wrong - but I got a distinct feeling they didn't KNOW it was wrong, in fact she was grateful for us calling.

The cause of the problem? We're not sure and the Tesco manager wouldn't say. However to their credit, they sent a new cheque for the correct amount (albeit half the original :sniff: )via a courier the same day meaning we got the cheque paid into our current account ASAP.

We coudn't have banked the double-cheque, I can't even lie to my dear wife about the food I've eaten at work so trying to sit on a large amount of money that wasn't legally ours would have been tough. It would have been nice to have been able to buy the Samsung Series 8 TV I'd set my heart on but to be honest, I'm glad we haven't got the worry anymore!

Thanks for everyones advice and comments though :)
#34
Q-Tec
All sorted.

We called Tesco last week (who still haven't sent us a final statement) and said we've been paid too much. The stupid thing is their operator couldn't check anything as our account had been closed. They had to pass the details to a manager who called us back the next day to confirm the cheque they sent was wrong - but I got a distinct feeling they didn't KNOW it was wrong, in fact she was grateful for us calling.

The cause of the problem? We're not sure and the Tesco manager wouldn't say. However to their credit, they sent a new cheque for the correct amount (albeit half the original :sniff: )via a courier the same day meaning we got the cheque paid into our current account ASAP.

We coudn't have banked the double-cheque, I can't even lie to my dear wife about the food I've eaten at work so trying to sit on a large amount of money that wasn't legally ours would have been tough. It would have been nice to have been able to buy the Samsung Series 8 TV I'd set my heart on but to be honest, I'm glad we haven't got the worry anymore!

Thanks for everyones advice and comments though :)


good for u! u did the right thing :)
#35
Q-Tec
All sorted. We called Tesco last week (who still haven't sent us a final statement) and said we've been paid too much. The stupid thing is their operator couldn't check anything as our account had been closed. They had to pass the details to a manager who called us back the next day to confirm the cheque they sent was wrong - but I got a distinct feeling they didn't KNOW it was wrong, in fact she was grateful for us calling.The cause of the problem? We're not sure and the Tesco manager wouldn't say. However to their credit, they sent a new cheque for the correct amount (albeit half the original :sniff: )via a courier the same day meaning we got the cheque paid into our current account ASAP.We coudn't have banked the double-cheque, I can't even lie to my dear wife about the food I've eaten at work so trying to sit on a large amount of money that wasn't legally ours would have been tough. It would have been nice to have been able to buy the Samsung Series 8 TV I'd set my heart on but to be honest, I'm glad we haven't got the worry anymore!Thanks for everyones advice and comments though :)

There are very few people in the world like you. Well done for doing the right thing. I on the other hand would have put the money in my account and let the intrest build up and after a few months and then told them that I THINK they may have given me a LITTLE more that what I was expecting. That way we are all winners and you have started up a TV fund :)
1 Like #36
http://i288.photobucket.com/albums/ll166/coaxley/old-thread-batman.jpg
1 Like #37
nikkib123
http://i288.photobucket.com/albums/ll166/coaxley/old-thread-batman.jpg

I know sorry, just came across it and had to put a reply.... the guy is incredibly truthful....you could trust him with anything.

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