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?