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Paid too much....they got the decimal placing wrong

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    #21
    Originally posted by CryingSheep View Post
    How that would work? The bank exchange the euros into pounds on the day X. Day X + 4 (for example) bank reverses transaction. At this point the exchange rate would be different. Who would take the hit (or the profit)? What about the fee already charged for the currency exchange?
    It's doable, slightly different situation in my case as it was between my accounts both in HSBC, but they reverted the transaction and no deductions for fees or exchange rates.

    In my case I accidentally transferred the GBP equivalent of 10k USD to my USD account instead of the other way around when I was emptying my USD account. It was mostly the atrocious UI of the HSBC website combined with my inherent lack of attention even during important moments like this. I called HSBC minutes after the transfer asking them to reverse the transaction, initially the guy on the phone told me to just transfer the money back. I tried to explain to him that it would incur another round of currency conversion fees, leaving me £100s out of pocket, poor chap couldn't wrap his head around it, so I asked him to consult with his supervisor. The supervisor tried to fob me off, saying that this is not possible, at that point I bluffed and told him that I have done this before, so if he can double check I would be grateful. He refereed my case to a specialist team within HSBC, that managed to revert the transaction in about 10 days.

    I'm not sure if they are obligated in any way to do this or whether it's only at their discretion, but if both parties agree and can demonstrate the transaction was a genuine mistake a transaction can be reversed.

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      #22
      Originally posted by sal View Post
      It's doable, slightly different situation in my case as it was between my accounts both in HSBC, but they reverted the transaction and no deductions for fees or exchange rates.

      In my case I accidentally transferred the GBP equivalent of 10k USD to my USD account instead of the other way around when I was emptying my USD account. It was mostly the atrocious UI of the HSBC website combined with my inherent lack of attention even during important moments like this. I called HSBC minutes after the transfer asking them to reverse the transaction, initially the guy on the phone told me to just transfer the money back. I tried to explain to him that it would incur another round of currency conversion fees, leaving me £100s out of pocket, poor chap couldn't wrap his head around it, so I asked him to consult with his supervisor. The supervisor tried to fob me off, saying that this is not possible, at that point I bluffed and told him that I have done this before, so if he can double check I would be grateful. He refereed my case to a specialist team within HSBC, that managed to revert the transaction in about 10 days.

      I'm not sure if they are obligated in any way to do this or whether it's only at their discretion, but if both parties agree and can demonstrate the transaction was a genuine mistake a transaction can be reversed.
      That's a very specific situation where the bank probably took the bullet for you, since it was between accounts from same bank and you are probably a good costumer (telling them on the same working day, might have made the difference too as banks usually work with a daily exchange rate rather a live one)! Banks don't have foreigner currency laying around specially +70k they have to get it from the 'market' what have costs and it obviously fluctuates from one day to the other.

      I'm pretty sure they are legally obliged to reverse a transaction made by mistake (agreed by both parties), but not to refund fees and other costs incurred.

      Anyway, in the OP situation the only reasonable thing to do is to keep exactly the money owed and send back the rest deducted of any fees and costs, as mentioned before...
      "The boy who cried Sheep"

      Comment


        #23
        Originally posted by NotAllThere View Post
        Theft.

        Not surprised. It is not lawful to offset one payment against another without agreement of the creditor. If they really owed you the money, then your accountant could have got it back for you, notwithstanding any statutory time limits.
        That overpayment was closely followed by the termination of services from SJD accountancy.
        "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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          #24
          Originally posted by vetran View Post
          FTFY
          "pleading ignorance is unlikely to work in your favour."

          But if you're an MP claiming dodgy expenses or publishing dubious record win-falls before an referendum robbing future generations, ignorance is king.
          "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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            #25
            Originally posted by FrankyFingers View Post
            Quite an experience this morning when checking my business account. I've been paid £74k for a months work....not bad going. It looks like the agency have got the decimal place wrong in the invoice. Being the honest man I am I have informed them
            Not sure how it will work paying it back but i think it'll be messy as i'm paid in Euros and its converted by my bank along with other charges.
            INKSPE.
            His heart is in the right place - shame we can't say the same about his brain...

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              #26
              Move to somewhere they can’t touch you and start a new life

              Comment


                #27
                Originally posted by dx4100 View Post
                Move to somewhere they can’t touch you and start a new life
                maybe if the mistake was made with 2 more zeros...
                "The boy who cried Sheep"

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                  #28
                  Well just withdraw it all from your Ltd and fold the company.

                  In the old days that might even have worked.
                  Originally posted by MaryPoppins
                  I'd still not breastfeed a nazi
                  Originally posted by vetran
                  Urine is quite nourishing

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