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  1. #1

    Default Large Deposit Made In Error To My Account

    I just recently logged into my account online to find that my savings account was $32,000 dollars richer!!!!!! It just says there is a deposit in my account and nothing more. Ok so here's how everything has gone down. Under the influence of a friend with friends that have had been in this same situation, I withdrew quite a bit (about half) In addition to withdrawing that money I also transfered funds from that account to my credit card to pay that off.

    Ok so I know the right thing to do... but this amount of money was placed into my SAVINGS not my debit account. How would something incredble like this happen. I've read stories all over the internet of people telling about money into their debit and everything but never a saving account!!!! So far I've seen the worst case scenario is that I will have to pay the money back... which wont be a problem because I haven't spent any of it (except for the credit card part), but I do not plan on spending any more any time soon... at this current time.

    While I know this isn't technically my money... it's been more then a couple days since the money has been deposited into my account.

    I know everyone is going to go off their rocker on this one... morally and otherwise... but facts are really what I'm looking for.

    Thanks

  2. #2
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    Default Re: This is probably the most insane bank error you've heard about

    The fact is it's somebody's error - whether an error by somebody who made a deposit while giving the wrong account number, or an error by a bank employee who miskeyed the account number - and it's of a size where you can expect somebody to catch the error. When that happens the bank will take the money from your account(s) and, if that's not sufficient to cover the amount you owe, will contact you to collect the remainder. If they empty your checking account, that could cause outstanding checks to bounce.

  3. #3

    Default Re: This is probably the most insane bank error you've heard about

    So if for some reason the money was put into my account by a person (meaning someone actually depositing that money), wouldn't that customer have to catch that in a certian amount of time?

  4. #4
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    Default Re: This is probably the most insane bank error you've heard about

    That's between the customer and the bank, and banks like to keep big money customers happy. Your bank account is governed by your contract with the bank, and you can rest assured that they reserve the right to take out funds deposited in error.

    If enough years pass that the statute of limits would block an action to recover the money... well, any error that takes years to correct will probably never be corrected.

  5. #5

    Default Re: This is probably the most insane bank error you've heard about

    Alright, can you confirm this for me please?

    I am in no wrong "holding on to" the money until (if) the bank asks for the money back, correct?

    Secondly I am to receive an inheritance (I don't think this amount, but I'm not sure how much I am to receive), if the bank does request the money, isn't it possible to ask for proof that this money isn't mine? If they can't provide it, then they have no case, if they do well obviously I'll return the money.

  6. #6
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    Default Re: This is probably the most insane bank error you've heard about

    If you don't return the money once they detect the error and request its return, they will make a police report and seek to have you prosecuted. Assuming you continue to intend not to inform the bank of the error, the best place to leave the money until that time is in your bank account, untouched.

  7. #7

    Default Re: This is probably the most insane bank error you've heard about

    After reading more about this... peer pressure I think has gotten the best of me. Tomorrow I'm going to take the money I've withdrawn and place it back into the account. What of the credit card payment I made? Do you think I can use my credit to return the rest of it?

  8. #8

    Default Re: This is probably the most insane bank error you've heard about

    Quote Quoting banksfaultWOW
    View Post
    After reading more about this... peer pressure I think has gotten the best of me. Tomorrow I'm going to take the money I've withdrawn and place it back into the account. What of the credit card payment I made? Do you think I can use my credit to return the rest of it?
    Sure - just do a cash advance.

    Depending on the terms of your card, you will probably be charged 3% of the cash advance as a fee, and your APR for the $16,000 will be at the cash advance APR (often 24%+).

    Perhaps a better idea would be to apply for a 0% balance transfer promotional card. Do some research and make sure you apply for a card that will issue a check for the balance transfer. (say that it is for a personal loan that you are repaying... it is sort-of a personal loan that you took from your own account...). If you can't find a card that will do a BT to your checking account, do the balance transfer to your other credit card which will cause your balance to go to -$16,000 and then ask for a refund check. (check with your credit card company to make sure they will allow your account to go to -$16,000)

  9. #9

    Default Re: This is probably the most insane bank error you've heard about

    Sure - just do a cash advance.

    Depending on the terms of your card, you will probably be charged 3% of the cash advance as a fee, and your APR for the $16,000 will be at the cash advance APR (often 24%+).

    Perhaps a better idea would be to apply for a 0% balance transfer promotional card. Do some research and make sure you apply for a card that will issue a check for the balance transfer. (say that it is for a personal loan that you are repaying... it is sort-of a personal loan that you took from your own account...). If you can't find a card that will do a BT to your checking account, do the balance transfer to your other credit card which will cause your balance to go to -$16,000 and then ask for a refund check. (check with your credit card company to make sure they will allow your account to go to -$16,000)
    So what you're saying is that I will be charged a % fee for putting this money back into my account? I don't understand? I can understand why a credit card would charge you money to do a cash advance, but why would I be charged for putting cash back into my account??

    Thanks

  10. #10
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    Default Re: This is probably the most insane bank error you've heard about

    If you need to borrow money to restore the funds to your account, you would pay the fees and interest associated with your loan. If you don't need to borrow money it shouldn't be an issue.

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