Can you transfer money from paypal to your bank account

From a legal viewpoint, if a sum of money is accidentally paid into your bank or savings account and you know that it does not belong to you, then you must pay it back.

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Keeping any money wrongly credited to your account could lead to you being charged with 'Retaining wrongful credit'. The Theft act defines this as: There appear to be two kinds of the classic 'money received in error' story: No matter how tempting it is, do not immediately go out and spend your windfall like a lottery winner.

If you do receive an unexpected windfall then you should always inform your bank immediately. Waiting for the bank to notice their mistake could take weeks and during that time the temptation to spend will be harder to resist. Even though it may be extremely tempting to hang on to it, try to think of it from the point of view of the person whose money it actually is.

It might belong to someone who needs it desperately, like a pensioner needing the money to pay for their heating bill. Have a think about how you would feel if the roles were reversed and it was your money sitting in someone else's account. There have been some exceptional cases where individuals have been allowed to keep money accidently paid to them. These tend to fall into one of two categories:. If you have a credible argument as to why you should keep it.

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A tribunal ruled in her favour after she successfully argued that she had assumed the increase was the pay rise that she had been promised by her employers. If you did not realise that you were given it in error.

This argument was first used successfully back in in a case between Lloyds Bank and Cecily Kate Brooks. Ms Brooks, expecting a similar payment to the amount wrongly credited to her account, argued that she had genuinely spent the money while believing it belonged to her.

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Generally, this kind of case tends to be the exception rather than the rule and pleading ignorance is likely to fall upon deaf ears unless the amount involved is tiny. Another approach where people have benefited from their windfall, is to put it in a separate savings account and earn interest until the error is rectified by the bank or the rightful owner has been tracked down.

This strategy was successfully adopted by a postal worker in the US who received a pay rise that he knew he was not entitled to and immediately informed his supervisors of their error. While he waited for the situation to be resolved, he banked his pay rise in a separate savings account to accrue interest.

Do not be tempted to spend your windfall even if no-one contacts you immediately. Banks regularly carry out audits which means that 'the man' will always catch up with you sooner rather than later. Honesty is always the best how to earn gold in wow mop and, by informing your bank or employer promptly, you could even find yourself on the receiving end of a reward.

You get extra rights and legal protection when you pay using a credit card, compare credit card deals to find can you transfer money from paypal to your bank account cheap and convenient card to suit your needs.

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How our site works. Our registered address is: The Castle, Can you transfer money from paypal to your bank account Hill, Cirencester, Gloucestershire, GL7 2EF. We are classed as a credit broker for consumer credit, not a lender. What are you looking for? Banking Credit cards Loans Mortgages Current accounts Savings accounts Money transfers Prepaid cards Pensions Income protection Investing.

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Can you keep money accidentally paid into your bank account? We all dream of receiving an unexpected windfall, but if you did receive an erroneous payment into your bank account - would you ever be able to keep it? Compare savings accounts here. Written by Martin, Managing Editor Updated on 10th February More from Martin. Compare credit cards You get extra rights and legal protection when you pay using a credit card, compare credit card deals to find a cheap and convenient card to suit your needs.

Why you cannot keep it What not to do What should you do? Windfall winners Honesty is the best policy.

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We check out every company we list Our data experts check the companies we list are legit and we only add them to our comparisons when we're happy they've satisfied our screening. We're a team of money experts We're totally passionate about giving you the most useful and up to date financial information, without any fancy gimmicks.