I have been overpaid. What now?

Kaben · World Chat Champion Joined: 09 Mar 2005 Karma :

Ok guys, i have been paid for a whole months wages, despite leaving after the first week in the month.
The funds are sitting in my account right now according to online banking, but what should i do?

Clearly i'm not going to inform them of the mistake, but will they be able to take the money back without informing me if/when they realise? I'm tempted to withdraw it and stick it into another high interest account in the meantime, especially if it prevents them taking it back.

If nothing happens after a month or two spend it. Good idea?

Anyone else been in this situation? What happened?

Kaben Thumbs Up

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Weedy · World Chat Champion Joined: 16 Feb 2007 Karma :

You have to inform them and give it back (unfortunately)
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Silver · World Chat Champion Joined: 03 Oct 2004 Karma :

If the money is in your account (i.e. it's cleared funds) then there is no way of them taking it back.

Personally, I'd leave it there for a few months. If that amount of time goes by and no-one's claimed it then you're away and free (especially since it'll be year end for most companies in a month's time, accounting wise).

Jamie S · World Chat Champion Joined: 28 Dec 2006 Karma :

take it out, use it, bank it what ever. Its yours they cocked up, its there fault, if they ask for it back tell them u didnt realise and for them to get stuffed Thumbs Up

Ichy · World Chat Champion Joined: 15 Jul 2005 Karma :

Just checking you didn't work a couple of weeks in hand when you started? If they have overpaid you then they will be on to you to get their money back at some point.

veeeffarr · Super Spammer Joined: 22 Jul 2004 Karma :

Jamie S · World Chat Champion Joined: 28 Dec 2006 Karma :

Silver · World Chat Champion Joined: 03 Oct 2004 Karma :

veeeffarr · Super Spammer Joined: 22 Jul 2004 Karma :

Kaben · World Chat Champion Joined: 09 Mar 2005 Karma :

Steve H · World Chat Champion Joined: 18 Oct 2003 Karma :

I haven't done contract law for bloody years but I assume nothing much has changed...

It's fairly obvious that legally the Company has a right to recoup the overpaid amount - it used to be for a period of six years from the date of payment but things may have moved on since then.

As Silver mentioned the end of the financial year might give the Company in question an idea that their sums are wrong so it's worth wating 'til then if you're gonna blow the lot anyway!

Stick it in a high interest account (if it's a substantial amount) and you could at least make some money out of it assuming they realise the error.
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yambabe · World Chat Champion Joined: 12 Jul 2004 Karma :

cestrian · World Chat Champion Joined: 24 Jul 2006 Karma :

If I was in that situation I would put the money in a high interest account and forget it. If they ask you for it back at the end of the financial year, then really, you should return it. But if they don't, just keep it and forget it. One day it could save your ass.

Dave McCool · World Chat Champion Joined: 04 Jun 2006 Karma :

I did an A-Level in Law, and I specifically remember this question coming up.

The facts of the matter are that, seeing as you're realised you've more money in the account than you shouild have, spending it is theft.

Their mistake or not, you are liable to be prosecuted for theft.

Sorry to put a downer on it mate...

Not quite sure on the legalities of whether or not you have to inform them, but I would imagine you probably would.

At the end of the day, it's up to you as regards whether you want to risk it, or play it by the books.

Depends how observant you reckon the wages department are I suppose. Rolling Eyes

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h00dwink · World Chat Champion Joined: 04 May 2006 Karma :

isn't the end of the financial year coming pretty soon?
it could well be (like has already been mentioned) unpaid holiday pay. but if it's a months worth of pay, then that's unlikely.
who knows...
speak no evil etc...
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stinkwheel · Bovine Proctologist Joined: 12 Jul 2004 Karma :

Dave McCool · World Chat Champion Joined: 04 Jun 2006 Karma :

Erm, finished it in mid 2005, I'm only a wee yute of 20 (as of about an hour and a half ago Very Happy

)

Could indeed have changed since then, but I do definitely remember the question coming up, and that being the answer.
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iCraig · World Chat Champion Joined: 04 Jun 2004 Karma :

Just be careful, if they come back and ask you to repay it, and you tell them where to go, they may get a Debt Collection Agency onto you.

I know this as I work for one!

cqueen · World Chat Champion Joined: 13 Apr 2005 Karma :

This happened to me about 6 months ago. I kept the money and never heard anything. Thumbs Up

strag · World Chat Champion Joined: 08 Oct 2004 Karma :

I had this once with an overpayment of expenses...I spent it. They realised and asked for it back, I paid it at a small amount each month. I was still working for them though.
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Annabella · Like a person, only smaller Joined: 03 Feb 2002 Karma :

As a lifelong scrooge, I have to agree with Cestrian here. His advice is the most sound.

Although I thought you were under obligation to inform them, as you no longer work there, I would be inclined to not bother.

A good high interest account to keep what you believe the overpayed amount 'safe' so you don't spend it and you get some interest from it if they do request it back. If they don't, you have a nice little nest egg that could turn itself into a shiny new bike/deposit for a house/emergency funds should your car get written off by a bus etc..
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st3v3 · Super Spammer Joined: 16 Oct 2006 Karma :

Depending on the amount, they may ask you for it back, maybe even in small increments, that wouldn't cause hardship.

My contract expessly says if I am over paid, I must inform them immediately and if it is found to be true and correct, they will take it back whenever is most convenient for both us(not in those words) but i'm sure they will be in contact if they are bothered, and you might not have any choice to hand it back, as said, put it in the high int. account and wait.... Then spend it in a years or so's time if they don't mention it Twisted Evil

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Louise · World Chat Champion Joined: 22 May 2006 Karma :

I would just keep it in there for a few months.
Fullers over paid work mate by a week - He asked the same question - I gave same advice. It is cleared funds, but they can still ask for it back.

MarJay · But it's British! Joined: 15 Sep 2003 Karma :

Kaben · World Chat Champion Joined: 09 Mar 2005 Karma :

Ok guys i will place it in a high interest account and sit on it.
Its not going to turn out to be a huge Nest Egg, i was overpaid by just over £900, sadly not akin to Stinkwheels account of six figures... Crying or Very sad

Anyone recommend any decent ISA's or High interest savings accounts?
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