What if the bank gave me the wrong amount of money?
If you notice a bank error in your favor, you should report it to your bank as soon as possible. You cannot keep money that was mistakenly deposited into your account; it must be returned. Failing to report and return the money could result in legal consequences, such as criminal charges.
The bank has the right to adjust your account balance to correct the error and, if necessary, could take legal action to recover any outstanding amounts. The most extreme consequences would typically arise only if there was intent to defraud or illegal behavior on the part of the account holder."
Unfortunately, the money isn't yours unless you made the deposit or if someone else made the deposit on your behalf. The only time you can keep money that is deposited into your account is when the deposit was intended to be made into your account. So, if the deposit was a mistake, you can't keep the money.
Where negligently managed online account security services or system errors result in customers sustaining financial loss, those affected may be able to instruct professional negligence lawyers to claim compensation for the negligence of their bank.
If the bank cannot make a decision within 10 business days, it may take up to 45 days from the date it was notified of the error to determine if an error has occurred. In this case it must provisionally (temporarily) reimburse your account. (Note: Depending on the type of transaction, the 45-day limit can be extended.)
The money isn't legally yours - so you'll need to pay it back. Otherwise, you could end up being charged with 'dishonestly retaining a wrongful credit' under the Theft Act 1968 and civil action can be taken against you in county court.
It's important to know what your obligations are when you pay another party because in some situations you may be out the money. While the general rule is that you can get back money mistakenly paid to someone, this rule does not apply if the overpayment falls under the “voluntary payment doctrine.”
If the bank deposited money to your account in error, it doesn't need your permission to remove those funds and deposit them into the correct account. The bank may also correct the error by exercising an offset, which allows a bank to charge the account for a debt owed to the bank.
Be Specific: Clearly state what inconvenience you experienced and how it affected you. Be Reasonable: Request a specific form of compensation that you feel is fair. This could be a refund, discount, free service, or other suitable recompense. Remain Professional: Keep your tone polite and professional.
The Office of the Comptroller of the Currency (OCC) is an independent bureau of the U.S. Department of the Treasury. The OCC charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks.
Are you liable for a bank error?
If you notice a bank error in your favor, you should report it to your bank as soon as possible. You cannot keep money that was mistakenly deposited into your account; it must be returned. Failing to report and return the money could result in legal consequences, such as criminal charges.
Legal Grounds for Suing a Bank
One common ground is fraudulent activity. If a bank engages in deceptive practices or misrepresents information to its customers, individuals may have a valid claim for fraud.

Retrieving a mistaken payment to a valid account can be more difficult. As a general rule, banks can reverse a payment made in error only with the consent of the person who received it. Your bank and the recipient's bank will need to co-operate to try to recover the payment.
Financial abuse is using someone else's money improperly or influencing them to spend or gift money, that's not in their best interest, threatening them, or taking money without their permission. Financial abuse can also occur by withholding money, failing to pay bills, or care that is needed.
There may not be a specific bank error in your favor law, but you generally must return the funds if a bank accidentally gives you money. That's because you have no right to spend, use, or withdraw any money you may receive from your bank in error.
Once the discrepancy has been identified and the customer has provided additional information, the teller can work on resolving the issue. This could involve adjusting the deposit amount, correcting the deposit slip, or contacting the customer's bank for further assistance.
By any chance, if you have wrongly transferred the payment to the beneficiary whom you don't know, immediately request your bank to look into the matter for transaction reversal. While the bank cannot reverse the amount that has been transferred, you can always file a written complaint with the bank.
Within 10 business days: the funds will be returned to you. Between 10 business days and 7 months: the recipient's bank will freeze the funds.
So the general rule is that you cannot keep money sent to you in error. However, there are two exceptions to this rule that can be used as a defence if you are taken to court for spending money sent to you in error. These are known as 'change of position' and 'good consideration'.
By law, companies can't send unordered merchandise to you, then demand payment. That means you never have to pay for things you get but didn't order. You also don't need to return unordered merchandise. You're legally entitled to keep it as a free gift.
What happens if a bank accidentally gives you money and you spend it in the Philippines?
When money is mistakenly transferred to the wrong account, it is classified under the law as solutio indebiti, a Latin term meaning an obligation that was not due. Under the Philippine Civil Code, specifically Article 2154, if something is delivered by mistake, the person who received it is obligated to return it.
Yes, in some cases a bank can reverse a payment after it has been posted. This typically occurs when there is evidence of fraudulent activity, unauthorized transactions, or if the payment violates the bank's policies or legal regulations.
- Don't Dwell on It. ...
- Take Stock of Your Situation. ...
- Get Back to Basics. ...
- Freeze Your Spending. ...
- Don't Be Tempted by Quick Fixes. ...
- Take Care of Your Health. ...
- Start Preparing for Emergencies.
Legally, if a sum of money is accidentally paid into your bank or savings account and you know that it doesn't belong to you, you must pay it back.
Level of distress and inconvenience | Recommended compensation |
---|---|
Moderate | Up to £500 |
Substantial | Between £501 and £2,000 |
Severe | Between £2,001 and £5,000 |