[Finance] Santander paying out twice

I remember the good times said:

Due to a technical issue it seems many BACS payments from Santander to other banks where put through twice.
https://www.bbc.co.uk/news/business-59826345
Were you a lucky one?
What's the law on getting it all back? 75000 people so that's going to take a lot of work going through all those accounts and chasing each one. As some could be as little as under £300 will they bother with those I wonder.

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I remember the good times said:

Due to a technical issue it seems many BACS payments from Santander to other banks where put through twice.
https://www.bbc.co.uk/news/business-59826345
Were you a lucky one?
What's the law on getting it all back? 75000 people so that's going to take a lot of work going through all those accounts and chasing each one. As some could be as little as under £300 will they bother with those I wonder.

Click to expand...

Wrong-Direction said:

It's a bank, they'll want every penny

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clapham_gull said:

The law is quite clear. The money doesn't belong to the account holders and if they don't give it back it's theft.



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I remember the good times said:

Due to a technical issue it seems many BACS payments from Santander to other banks where put through twice.
https://www.bbc.co.uk/news/business-59826345
Were you a lucky one?
What's the law on getting it all back? 75000 people so that's going to take a lot of work going through all those accounts and chasing each one. As some could be as little as under £300 will they bother with those I wonder.

Click to expand...

Wrong-Direction said:

It's a bank, they'll want every penny

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jcdenton08 said:

They will claw back every penny for every single account affected. Firstly, because banks like money. Secondly, because it would increase their potential exposure/liability in future cases if they treated one customer differently to another. A customer in future could point to the bank not forcing others to repay in the past, and say that is the precedent. It'd be very unlikely to succeed legally, but it would just add to future legal expenses/man hours and probably more bad PR.

Finally, they aren't entitled to that money either morally or legally. Similarly I'm sure they will be diligent in refunding businesses who may have incurred bank-related expenses as a result (charges, interest, card processing fees).

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