Bank Incorrectly Paid Extra At Settlement!

Discussion in 'Loans & Mortgage Brokers' started by Pleasure Paulie, 20th Dec, 2017.

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  1. Pleasure Paulie

    Pleasure Paulie Well-Known Member

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    Hi guys,

    Just wondering if this is legal. I refinanced my house a little while ago. The other day, I noticed 4K missing from my offset account and the account was freezed. I called the bank to receive a call back today. Apparently they made a mistake at settlement and incorrectly paid me 4K extra in surplus funds, and thus just took the money from my account without telling me.

    I looked at the documentation and it does appear the bank is correct, but the way this has been handled has been terrible.

    Is this possible or is this even legal? I’m honestly blown away how mistakes like this can happen!
     
    Pleasure Paulie, 20th Dec, 2017
    #1
  2. Oshawott

    Oshawott Well-Known Member

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    settlesments get stuffed up ALL the time. every single settlement i had somehow bank never followed instructions.

    my latest 1, few weeks ago...bank help on to surplus funds of 90k for a week.
     
    Oshawott, 20th Dec, 2017
    #2
  3. Pleasure Paulie

    Pleasure Paulie Well-Known Member

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    That is ridiculous. Is this legal for a bank to just freeze your accounts and withdraw money from them without even advising the customer?
     
    Pleasure Paulie, 20th Dec, 2017
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes it would be legal
     
    Terry_w, 20th Dec, 2017
    #4
  5. Sackie

    Sackie Well-Known Member

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    Sometimes they will just NAB it back.
     
    Sackie, 20th Dec, 2017
    #5
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Need Another Bank

    Nice play on words : )

    ta
    rolf
     
    Rolf Latham, 20th Dec, 2017
    #6
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  7. TMNT

    TMNT Well-Known Member

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    Post of the day!
     
    TMNT, 20th Dec, 2017
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  8. Oshawott

    Oshawott Well-Known Member

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    Lol. What a coincidence. It was also nab on mine.
     
    Oshawott, 21st Dec, 2017
    #8
  9. Marg4000

    Marg4000 Well-Known Member

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    You will find this is legal. Is the account still frozen?

    What did you want to happen? You admit the error was made.

    And if the boot was on the other foot, and the bank had underpaid, wouldn't YOU want the error resolved promptly?
    Marg
     
    Marg4000, 21st Dec, 2017
    #9