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Banking Law question re who can move funds from a bank account?

  • 18-09-2007 8:32pm
    #1
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭


    No: not a Northern Rock question:) :

    Background is that Paddy Power was on radio today defending his right to reverse entries on a customer account when the winnings were as result of a wrong price posted on the website which was to benefit of punter.

    He defended the action by saying that it was just like a bank has the right to reverse an entry where it is an error; the example he gave was if the lodgment was 100 and 1000 went in, it just got reversed.

    Does the bank not need customer consent?
    Thanks.


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,859 ✭✭✭GerardKeating


    ircoha wrote:
    No: not a Northern Rock question:) :

    Background is that Paddy Power was on radio today defending his right to reverse entries on a customer account when the winnings were as result of a wrong price posted on the website which was to benefit of punter.

    He defended the action by saying that it was just like a bank has the right to reverse an entry where it is an error; the example he gave was if the lodgment was 100 and 1000 went in, it just got reversed.

    Does the bank not need customer consent?
    Thanks.

    Mostly likley in the T&C, Paddy Power (and Banks) would reserve the right to "correct" errors.


  • #3
    Rhonda9000
    Closed Accounts Posts: 451 ✭✭Rhonda9000


    The bank does not need customer consent to make right a genuine mistake in its records.


  • #4
    Tom Young
    Legal Moderators, Society & Culture Moderators Posts: 4,338 Mod ✭✭✭✭Tom Young


    BTW I think the Northern Rock debacle is a complete example of destruction by media of a robust company. The precedent set by the UK Chancellor of the exchequer is dangerous.

    Paddy Power and amendments to bets is very interesting. I have had issues with them myself. Mine were in respect of verification of identity on a win which landed my in excess of 2000 Euro. It took me 6 weeks to extract a cheque.

    My own view is that the price offered on placement is the execution price, regardless of error. Similar to the stock markets, which admittedly can be subject to minor changes.


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