Standing Orders

GILL · February 2009

My baby left home in September (he's actually 6'5" and had been a nightmare to live with for over 2 years but the memories are now fading!) My ex reduced my maintenance standing order. However I actually received the original amount and the new amount on 2nd Sep.

Despite the fact that my ex and I have managed to do little else but growl at each other for 10 years I did e-mail him to let him know and asked him if he wanted me to transfer it back or if it was the bank's mistake and would he get them to take it back. He confirmed it was the banks mistake and that they would be calling it back.

My dilemma is that it is still sat there - exercised immense self control by not spending it over xmas. Surely if they were going to take it they would have done by now? How long should I leave it?

Obviously I could check with my ex that he has received a refund but knowing him with money he wouldn't wait all this time for it to be returned (particularly if he thought I was benefiting from it!). Could obiously contact him about it again but once every 2-3 years is enough.

burg · February 2009

I think do what ever you see fit with it but always know in the back of your mind that you could have to give it back. If you are allways prepared for this then it should not be too bad if/when you do have to!

Jon_1984 · February 2009

I would chuck it into a savings account/instant access ISA with higher interest and leave it alone....I know for incorrect BACS payments etc the bank have to contact the receiver for permission to reclaim but not sure about S/O's. I have also had Direct debits called back after 6 months in the past ( a supplier agreed the payment was in error and said they would pay back but didnt) so not sure on the time limits if any they can exercise.

Jon

fatandforty · February 2009

Putting it in an ISA is a good idea. I did that with child tax credits I kept getting that I didn't think I was entitled to. They haven't asked for it back yet so fingers crossed. But at least I have it if they do realise their mistake. I have by the way phoned and informed them twice but they just keep paying!!

GILL · February 2009

Sound replies however ...... if I am to assume that they are not going to just take it back without warning me and plung me into the red, I am not morally obliged to support our government in its aims to get the economy moving by spending it ?

CJC · February 2009

GILL wrote: »

if I am to assume that they are not going to just take it back without warning me and plunge me into the red

That's a fairly big assumption, remember this is a bank you're talking about.

A while back when my cash flow situation was even worse than it is now I got into slight arrears with my credit card. When I was in funds again, I paid the arrears by cheque only to find that between the time I paid in the cheque and it was presented the bank had transferred funds to the card causing the cheque to bounce. Bastards.

Cullen · February 2009

We used to allow some customers to purchase goods on credit and we would get them to complete a Standing Order Mandate which clearly showed the end date on the form. You would be amazed how many times we received further funds from the bank after the mandate conditions had been fulfilled. We would inform the customer and tell them to tell their bank to stop paying us and refund their money. The banks nearly always told the cutomer to get the money off us. We insisted that the banks had to refund their cutomer and we would return the overpayment to the bank, LESS an administration fee, which always exceeded the overpayment. I used to do it for all the customers who had direct debits and cheques bounce and had to pay excessive penal fees.

A bank manager once rang me, very irately asked how could I justify the expense!! I replied that it was the profit! (Ha, well it made me laugh....)

I think sticking it in a savings account is a good idea. However I would imagine your ex has already asked the bank to return it and the bank will eventually look for you to return it to them. Maybe less an admin fee for the trouble?

Monsoon · February 2009

Cullen wrote: »

The banks nearly always told the cutomer to get the money off us. We insisted that the banks had to refund their cutomer and we would return the overpayment to the bank, LESS an administration fee, which always exceeded the overpayment.

Absolutely! and I love the admin fee :cool2:

When I first started Uni, Dad had a standing order going into my account, which he later cancelled, but the bank sent it anyway. His bank manager said, "Well, it's a family matter, Mr ******, you can sort it out." My Dad said no, you sort it out, refund me, and then write to my daughter and ask for it back. They never ever did.... :thumbup1:

Re the OP: Tell your ex once that its happened. Tell him to get the bank to fix it. If the bank have fixed it his end, you need to wait for them to try and rectify it your end. Leave it in a savings account til then. Either you make some interest, or they prove to be typically inept and you get some extra money. If you've made an effort to give it back, it's the bank's problem if they don't act on it :001_rolleyes:

GILL · February 2009

Letter waiting at home for me last night from ex's bank. 'Please can you send us our money back'.

Oh well! 5 months a ridiculous amount of time though.

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