Bank Error In My Favor

[yayhowfun]

California

My boyfriend recently had an amount of just over 500 and some odd dollars deposited into his savings account from some mysterious source. He didn't make the deposit, nor did I or anyone else we know of. Since he banks online, I looked at his account and it just shows a deposit, but does not state if it was from check or cash. My assumption is that someone mistakenly entered the wrong account information (either on the deposit slip, or when being entered into the computer.)

I called the bank anonymously and asked what the process would be if a mistaken deposit was made. I was told that "a situation like that probably wouldn't happen in today's age of technology." Well, obviously mistakes still happen! When I pushed further, the customer service rep I was speaking with had to ask a supervisor, who told them that if something like this DID happen, it would have to be because a customer wrote down the wrong account number, and the only way the bank would find out about it is if the customer notified them. Neither he nor the supervisor knew if there was any kind of time limitation.

Here's the only weird thing - if someone was depositing $500, wouldn't they notice that it wasn't there the next day, or week, or, as of today, nearly 2 months?

After doing some research, I found the Electronic Fund Transfer Act, which says customers have 60 days to report a mistake...but I've also seen things stating the bank has different amounts of time to reclaim their money, depending on the state.

This happened in California. I don't want A.) My boyfriend to spend the money and then get charged later, B.) To tell the bank about it if they wouldn't have otherwise found out, or C.) To screw someone out of money who needs it just as badly as he does...

So, IS there a time limitation when the bank can no longer take it back? And it it varies by state, how can we find out what the correct time frame is?

[Mr. Knowitall]

While it is possible that for some reason they will overlook the error, it is likely that the bank will eventually identify the error and deduct the money from your boyfriend's account.

The only way to resolve this with any certainty is to have your boyfriend call the bank and report the mistake. Anonymous calls won't resolve anything.

[jk]

Not sure but I think you missed the point Mr.K.

OP wants to keep the money. They want to now if they simply keep quiet do they get to keep the money.

They have no true desire to return it to the proper owner.


The only morally correct thing to do is to notify the bank and let them research the deposit. You never know, maybe a rich old aunt simply put some money in the BF's account. I can't remember all the details but if I recollect correctly, there is some scam that starts this way too.

If you do not correct this, you have a very good chance of it coming back and biting you in the ass.

[Mr. Knowitall]

No, I caught that.

[cissycicle]

This is my amateur advice. Tell the OP to close the account as fast as possible, make a valid passport, gather up the gang and wave bye bye to the "saps" who made the mistake of $50 in favor of the OP.

When the FBI realizes they have been duped by the brilliance of a "hoodlum wannabee", they will without hesistation back off. Please advize as to what tropical island you and the gang will be taking over with that $50 which means little to nothing to anyone by the scavengers who are foaming from the mouth with glee at the mere thought of actually having the good fortune of beating the bank! Miracles do happen!!!

[yayhowfun]

You know - everyone says "the moral thing" to do...Well, let me tell ya...I've been living my life "the moral way" for quite some time now, I put out good karma ALL the time. After the hundreds of dollars we've paid in overdraft fees, interest charges, and paying an $800 credit card that was opened automatically on his account without his (or my) permission, maybe (just MAYBE) this is the world's way of giving it back. Nonetheless, the original question I had was never really answered....

"So, IS there a time limitation when the bank can no longer take it back? And it it varies by state, how can we find out what the correct time frame is?"

Instead of moral advice, does someone have factual information?

[panther10758]

You have been given your answer several times. Limitations!? on what? If bank made an error and they catch it they will demand their money back! You have no right to the money as its not yours!

[moburkes]

Overdraft fees? His fault for not balancing his checkbook.
What interest charges are there on a bank account?
$800 credit card? Okay, so the credit account was opened, but that didn't mean that he HAD to make charges on it? He needs to pay that bill back.

[cissycicle]

You know - everyone says "the moral thing" to do...Well, let me tell ya...I've been living my life "the moral way" for quite some time now, I put out good karma ALL the time. After the hundreds of dollars we've paid in overdraft fees, interest charges, and paying an $800 credit card that was opened automatically on his account without his (or my) permission, maybe (just MAYBE) this is the world's way of giving it back. Nonetheless, the original question I had was never really answered....

"So, IS there a time limitation when the bank can no longer take it back? And it it varies by state, how can we find out what the correct time frame is?"

Instead of moral advice, does someone have factual information?

I have an idea. When the bank catches up with your boyfriend, why not simply say "Finders keepers, losers weepers"?

[seniorjudge]

...

"So, IS there a time limitation when the bank can no longer take it back? And it it varies by state, how can we find out what the correct time frame is?"

....

You are kidding, right?