What is the bank

  johndrew 17:31 21 Jul 2008

or clearing bank fails to enter the value of a cheque drawn on your account correctly? I have just had this situation where I drew a cheque on my current account to move some money into a savings account. My savings book is correct, but the cheque only shows as 10% of its true value against my current account; hence I am rich, or am I??

I have been to the bank (my expense) and shown them the error. they can see that what I tell them is true from the `instant` accounting system. They have ordered a copy of the cheque (my expense?) to prove the case. When I have the copy in my hand, should I ask for compensation to cover my expenses or a finders fee? After all if I had left it they would have spend a lot of time and energy in trying to sort out their error or may even (doubtful) have abandoned the task and written the sum off.

Interesting given that banks are so keen to chase others and penalise them for their errors.

  johndrew 17:33 21 Jul 2008

Whooops. Title should be "What if ....."

  Pamy 17:43 21 Jul 2008

I think the mistake would have come to light, but I think you did the correct thing. As for compensation, I think that I would ask for out of pocket expence to be re embersed. Weather you get it or not is another matter, but if you do not ask, you will not get

  Forum Editor 17:56 21 Jul 2008

their error, and your helpfulness in pointing it out in some way. On a couple of occasions similar things have happened on my account, and on each occasion I've had a little 'thankyou' present from my bank in the form of a token credit to the account - on one occasion it was £50 and on another it was £25. Not a fortune, but then why should it be?

It's just good business practice on their part, so why don't you see what happens? If nothing happens after a few days you might feel like giving them a gentle prod by phoning the complaints department and making your point. That's entirely a matter for you to decide, however.

  johndrew 14:01 22 Jul 2008

Yes, altruism has never been a by-word used when describing banks. This was reinforced recently where a teenager found the keys left in the door of a bank and was rewarded in a somewhat miserly way for his trouble - he could have simply walked by and allowed a less honest person to cost the bank a lot of money.

I don`t say that honesty needs to be paid for, that would be wrong, but it should be rewarded. This is more true where inaction would impose a cost which could/is negated or much reduced by action.

Business, or more specifically in this case banks, make much by crowing their honesty and trustworthiness but fail to respect it in others in many cases. They also make huge profits from `caring` for the monies they hold securely - a function often paid for - but often fail to share those profits with the owners of the monies.

Yes, banks have a responsibility which has cost associated with it. They also need to provide a return for their shareholders. But perhaps they are all to ready not to recognise their customers and what it would mean if they were to react in the same manner as the banks themselves.

  Forum Editor 23:56 22 Jul 2008

that honesty should be rewarded - why should that be the case? Honesty should be the norm, it should be what we expect of each other, and it should be its own reward.

Honesty should be acknowledged, not rewarded.

  Chegs ®™ 01:38 23 Jul 2008

How very true,I feel that some of the blame for expecting a reward for basic honesty can be laid in the direction of the compensation culture becoming more prevalent.Thirty plus years ago(I was a teenager)I went to hang out with my mates infront of the recently opened supermarket at the end of my street.None of my mates had arrived yet so I was just standing under its porch when I noticed a bunch of keys in the lock.I decided the keys shouldnt be there so removed them from the lock,just as a car drew up in the carpark.It was the manager returning to get the keys he'd left in the door,I handed them straight over and he used them to complete locking up the shop.Unknown to me,he had also called the police(either from home before returning to the shop or from within the shop)as they also arrived.The manager had a few words with the police who then called me over and thanked me for my honesty.A few days later,I was given £50 in a presentation at the police station.As my picture appeared in the local paper the following week,I was given a fair chunk of ridicule by my mates for not "helping myself to the ciggys and drink" but I also would like to think they too would've taken the keys from the door with the intention of returning them or handing in the keys to a police station.

  johndrew 09:38 23 Jul 2008

Is not acknowledgment a reward? I happen to believe it is. I does after all add credibility to an individuals character.

  johndrew 09:40 23 Jul 2008

Given your comments on the compensation culture and expecting a reward for basic honesty, should you not have rejected the £50?

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