When is a bank required to refund me my money if it has been lost due to an error on their part?
November 26, 2023 | 50,00 EUR | answered by Carsten Ahlert
Dear Lawyer,
I am reaching out to you with an urgent question, as I am in a financial emergency and do not know how to proceed. My name is Dietrich Hausdorf and recently I noticed a serious error made by my bank.
The situation is as follows: a few weeks ago, I deposited a large sum of money into my account at XYZ Bank. When I checked my bank statements, I realized that a portion of my money was not credited to my account. After several inquiries with the bank, I was eventually informed that it was an error on their part and that my money was indeed lost.
This loss is concerning to me, as I urgently need the money for important payments. My concern now is when the bank is obligated to refund me my money and what steps I need to take to assert my rights.
I have tried to find a solution with the bank, but they seem to be very hesitant in this matter. Therefore, I am seeking your expert assistance to understand what legal options I have and how best to proceed in order to recover my money.
Thank you in advance for your help.
Sincerely,
Dietrich Hausdorf
Dear Mr. Hausdorf,
thank you for your inquiry and your trust in my expert support in this difficult situation. I am sorry to hear that you have encountered financial difficulties due to your bank's mistake. It is important that you know your rights and how to best proceed in order to recover your money.
First and foremost, it is important to know that banks are obligated to properly record their customers' deposits and ensure that the money is credited to the correct accounts. If an error occurs and money is lost, the bank is generally required to reimburse the amount to the customer.
In your case, since the bank has already acknowledged the mistake, you should first set a deadline in writing within which the bank is obligated to reimburse you the missing amount. Set a reasonable deadline in your letter, e.g. 14 days, and request the bank to confirm in writing that the money will be refunded.
If the bank does not respond or continues to be hesitant even after the deadline has passed, you can initiate legal action. In such a case, I recommend seeking the assistance of a lawyer to pursue your claims in court. A lawyer can help you file a lawsuit against the bank and enforce your right to repayment of the missing amount.
It is important to carefully keep all documents and communications with the bank to support your claims. If you decide to take legal action, a lawyer will assist you in taking all necessary steps to recover your money.
I hope this information is helpful to you and wish you success in asserting your claims against the bank. If you have any further questions or need additional support, I am at your disposal.
Sincerely,
Carsten Ahlert
