Tuesday, May 23, 2017

UNEXPECTED ADVICE FROM ANZ

Self and Mrs Veteran do virtually all our banking through the internet.   A few minutes ago I went on-line to check the balance in our current account.    At 11.43 this morning an 'OT Doe' (unknown to me) made a substantial deposit into our account. 

Being an honest chap I rang the ANZ to query it.  All they could tell me was the OT Doe was a Westpac customer.   I asked them 'what happens now'.   Their response ... 'if you are not owed the money and if OT Doe has made an error in transferring the money to you he/she/it has fifteen working days in which to contact their bank (Westpac) to request us (ANZ) to reverse the credit.   Don't touch it until after fifteen days ... at that time the money (if it's still there) is yours to do with it what you want.

So OT Doe ... fifteen days.   The time clock is ticking.   Hope you're NOT reading this.


13 comments:

Adolf Fiinkensein said...

I think that is an appalling response from ANZ.

The ANZ people should contact the Westpac branch which originated the transfer and advise it there has been an error so that Westpac can in turn contact the errant depositor.

There could be dozens of reasons the depositor might not be aware of or able to take action to fix the problem within 15 days.

Gerald said...

Gee Adolf for once talks sense.
Veterans what is your intention after the 15days.
Give it to a charity or treat it as an unexpected windfall?

Johno said...

There could be valid reason it's there that AF forgot about. Hey, if David Cunliffe and David Shearer can forget about whole trusts and offshore bank accounts then it's easy to forget about one upcoming deposit!

And that 15 days sounds like absolute nonsense. If it is a genuine error and they realise it a month later i'd have thought you'd have to pay it back.

I'd just transfer it into a PIE account and leave it there gathering interest.


Johno said...

Whoops, I meant to say "Vet forgot about" not AF.

Noel said...

Not a windfall.
https://bankomb.org.nz/news-and-publications/quick-guides/item/mistaken-payments

Adolf Fiinkensein said...

Well done Noel.

pdm said...

I would be very wary about advice emanating from the ANZ. Mrs pdm had coffee on Friday with a friend and returned home with an horrific story of advice given at one of the ANZ local branches. Suggest you talk to Westpac as well and see what they have to say.

The Veteran said...

Folks ... thank you for your well meaning advice. I have no intention of keeping the dosh nor giving to a well meaning cause (the VVets Children's & Grandchildren's Trust or even the National Party).

I will contact ANZ/Westpac after fifteen days. OT them. I was VERY surprised at the ANZ response but I don't answer for them.

Anonymous said...

Remember that case of the Chinese gas station owner [Rotorua?] who decided he didn't like pumping gas anymore after the bank mistakenly credited megabucks to his account?
I didn't take the bank long to get up a posse in China.

Mick

Nick K said...

If you keep it it's verging on criminality. ANZ have dump accounts where it can be deposited until the owner is discovered.

CJ said...

This is interesting to me as I work for a bank, and deal with mistaken payments on a daily basis. If money is deposited into your account by an entity (other than the government or the bank), The bank cannot force you to return the funds. If you decline, the bank will then advise the payer to seek legal advice. Technically, keeping a mistaken deposit can be seen as "theft by finding" however good luck finding a cop who will investigate...

Unless you ate a cop or related to one. Had a case where Cop "A" made a internet banking payment to the wrong account number. The recipient declined to return the payment & then had a visit from the cops, subsequently the recipient decided to return the funds...

Anonymous said...

Veteran....National party...well meaning cause?....contradiction in terms.

Lord Egbut

The Veteran said...

Egbut ... beauty in the eye of the beholder. CJ ... thank you for your input. It squares with the legal advice I have received. In simple terms this is a matter between the payer and the payee. The bank is the intermediary and cannot act unilaterally even to sequester the money in a dump account as suggested by NK. After the 15 day 'query' period the bank's involvement/responsibility ceases completely. Recovery then becomes a civil matter between the payer and the payee.

It goes without saying that if/when OT Doe requests the money back they'll get it post haste. If they don't I still won't spend it but will transfer it to an interest bearing account for the executors of my estate to figure out.

We live and learn.