Where do I stand returning money that was paid to me by accident?
I was recently changed jobs and was offered two positions, I didn’t accept the position with Company A and didn’t sign a contract with them, however for some reason I have received a salary from them!
I have let them know they have paid me but haven’t received a response!
Where do I stand in relation to returning the money?
Just to clarify I received the money into my bank account and I emailed the HR manager straight away when i saw the money!
August 25th, 2010 at 9:08 am
They can ask for this money back anytime, but they can’t ask for the interest you receive on it, so put it in a high interest account for a month and then pay them back. Lucky you!
August 25th, 2010 at 9:53 am
Send another letter, and then if no response, spend the money 🙂
August 25th, 2010 at 10:28 am
I would say put it in a high interest account and wait for them to ask for it. If your luck is like mine they will.
August 25th, 2010 at 10:58 am
If they sent you a cheque, send it back. If they paid it directly to your bank account, advise the bank and instruct them to return the money. Legally, it’s not yours and the law requires that you should return it. But I have to say that this takes the biscuit for ineptitude! I think they should reward you with a small sum, like £100 or a Fortnum and Mason’s hamper, but don’t count on them doing so.
August 25th, 2010 at 11:35 am
You must return the money. You don’t say how you “let them know” they paid you. Return the check via certified mail to the company’s Human Resources office along with a written explanation.
Don’t deposit the money. Don’t keep the money. Don’t invest the money. It’s not yours. Congratulations on already notifying them that they made a mistake. Now help fix the mistake. Return the check.
August 25th, 2010 at 12:07 pm
You have an interesting problem. You have to return the money and make sure that they don’t report that income and tax withholding (federal, state, social security and medicare) to the IRS otherwise your taxes will be messed up.
August 25th, 2010 at 12:44 pm
Don’t spend the money – you are going to have to pay it back.
August 25th, 2010 at 1:37 pm
I found your queation interesting because years ago there was a story quite widely in circulation in London about someone who had EXACTLY your situation where he did not start work at a major oil company and allegedly carried on being paid by his non employing employers for 20 odd years. The only thing is, there never was a real ending to the story.
August 25th, 2010 at 1:54 pm
Are you in the UK?
Definately keep it in a high interest account until they try to reclaim it.
This type of “debt” does not become statute barred and they can demand full repayment at any time. Keep a copy of the letter you have sent them and if they do the same again, send the letter by recorded delivery so that you have proof of receipt.
August 25th, 2010 at 2:53 pm
I was in a similar situation, I was paid twice the first payment at a higher rate, I paid it straight back but kept the higher rate payment.
Put it in a high interest quick access account so when they ask for it return it and keep the interest.