£250,000 Bank Error

Banknotes, money, cash
Creative Commons License photo credit: HowardLake

Guardian writer Leo Benedictus logged on to find his bank account with a quarter of a million pounds more than expected.

One morning before Christmas, I checked my online bank account and noticed – although that seems too mild a word for it – that someone had just given me a quarter of a million pounds. A woman with an unfamiliar name (which it feels unfair to mention) had, without warning, paid £250,000 into my current account. It was an exciting moment

Whilst the thought of doing something with the money did cross his mind, in the end he contacted his bank and the error was eventually rectified; a simple error when entering a sort code had directed the money to his account.

We’ve discussed bank errors in the past, and this story confirms what we’ve said before; in any case where you might be the beneficiary of a bank error, do not attempt to spend the money. Essentially, you would be committing theft. The sensible option is to contact your bank who will go away and check the transaction.

But one thing we haven’t found out is what happens to any interest earned on funds deposited in an account in error?

One thought on “£250,000 Bank Error

  1. Very interesting conundrum, but of course he did the right thing. Eventually, they will catch you anyway. One question though that immediately springs to mind is how much the reverse happens, i.e. one loses money because of mistakes like this and how hard they are to rectify!

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