@bornconfused - dont start carrying on about theft! If you re-read my original post, it states that I transferred my money from MY Dubai account to MY Australian account. If you calculate the average exchange rate at the time of the transfer however, the amount should have been much lower. So no idea what happened but its not like someone accidentally deposited money into my account and I am keeping it - thats theft. This is not, and no, I have not and do not intend to spend the money, I purely wanted opinion. If after 2 years the money has not been taken back my the bank then I may accept that maybe there was some freak incident where the dollar dropped for an hour when the money went through and I did indeed just luck out and get a great rate! And then I may consider keeping it ;)
All banks are businesses and make money from us. Just remember that. Try retrieving money that they have transferred incorrectly... don't spend it, just look after it for them
@bornconfused: I can't believe for one moment OP would have written this post if she had considered keeping any money wrongfully!
<em>edited by crystalsindubai on 16/08/2011</em>
I can't even believe it's a consideration to keep the money. Eventually they will find it, they will take it.
If you remove it, they will eventually get it back when you transfer more money in to the account.
Theft is theft. Regardless of bank error or not.
Having worked for the 4 letter bank in the uk all banks there are legally in the right to take the money back if it is a banking error. ( Note - if you have transfered money to the wrong account ( your error ) the recipient does not have to hand it back if they don't want to - a signed request to debit form must be received before it can be touched. ) The foreign department may have made an error which will not balance out - only effecting the profit in the transaction. In my opinion I wouldn't notify them - they may never realise. 25 years ago I received £1700 in my account from HM taxes and customs - coughed up to the bank that it wasn't mine and was basically told that I should have said nothing as I didn't have to hand it back and HM would never have known.
It's a bank. Their balance sheet will be out and they'll find it. Might take them a little while, but they will. I used to work at a bank, and they wouldn't let that slide.
Just let the bank know, and ask them to check. If nothing, and you get it in writing, its yours to keep. If not in writing, either take the money out and keep it aside (but not to use), because the bank might deduct later, so you'll have to funds to give..... or, just leave that amount aside, and bear it in mind. I would go with the second option, because with the first option, it seems fishy.
If you think/know the amount is not yours/incorrect - and you move the $$ (why would you do so if it isn't yours) it may be viewed as theft. As a banker, I know of cases where deposits were made to the wrong account, the wrong account holder knew it, took it, spent it, and was charged with theft.
If the bank insists that the transaction is correct, ask for that confirmation in writing - preferably with a breakdown of the conversion. If it does turn out to be a mistake on their part - then they've got nothing to come back at you for.
If I were you I'd go to the bank and check it out. They'll find eventually out and take it back and it may be at a an inconvenient time when you need money.
The bank is in Australia. My UAE account shows the correct amount I transferred so no idea what happened.
It may show the correct amount here but they may have made a mistake and sent too much still check with both sides.
Is there a rep here you can go and see as you know what it's like tyring to talk to people here on the phone. Did you take a print out of the transaction when you did it online?
wuffles, I transfer it all online so no idea of the exact rate it will transfer at when cash hits account. I check it against the rate for that day but biiiiig difference this time! Have you experienced better rates for larger amounts before?
Yes-but through an exchange house where you negotiate for a better rate-and get a receipt to confirm the rate-doubt it would be as big as you mention
If I were you I'd go to the bank and check it out. They'll find eventually out and take it back and it may be at a an inconvenient time when you need money.
The bank is in Australia. My UAE account shows the correct amount I transferred so no idea what happened.
wuffles, I transfer it all online so no idea of the exact rate it will transfer at when cash hits account. I check it against the rate for that day but biiiiig difference this time! Have you experienced better rates for larger amounts before?
If I were you I'd go to the bank and check it out. They'll find eventually out and take it back and it may be at a an inconvenient time when you need money.
Didn't you get a slip with the rate at the time of the transaction?-check that to see what has happened-you probably were gven a better rate for a bigger transfer-but not that good!
I wouldn't touch it for fear of them taking it back when you least expect it.
I had this happen years ago with an Australian bank. I went in and enquired, they treated me like I was the village idiot because there was more in my bank than there should have been. 16 months later they just quietly withdrew the amout. Banks, hate them.
Ladies, I need some advice here. I transferred some dirhams to my Australian bank account a few days ago, and when I just checked my account I found there was about $6000 (dollars) more than I expected in the transfer! I have heard of bank errors and amounts of money being deposited into bank accounts by error, but this transfer has my name on it, from my Dubai account and the amount received would have been based on the exchange rate at that date and time. Of course this varies up and down so it can only be estimated what amount will hit the account when the transfer goes through, however based on my estimate though it is WAY more than I expected to land in my account. If this amount was in fact the correct amount then it would have exchanged at about 2.5 aus to 1 dhs as opposed to the rate of 3.8, which is what it is today and has been for the past few days?! I dont know whether to call the bank and query it or just leave it until they contact me? I could play dumb and pretend I thought the exchange rate was that good! Who knows, maybe the dollar dropped a whole lot momentarily for few hours and rose again? No idea, any advice on what to do? I would hate to think the bank realised there was an error and took back the funds in a few years time, even though it was me who transferred it? Who knows, advice appreciated!:)