Bank Error In My Favor

[el-camino-ss]

So september of 07 was my 18th birthday, I was getting checks left and right from family and deposits from family as well.

My Aunt sent me a check for $75

I went into Bank of america who was my current bank at the time.

I am a resident of CA but was and am in WA right now so she had to fill out a out of state deposit for me and SHE filled EVERYTHING out, I never touched it.

The Teller typed in $750 instead of $75.

She and I did not notice this at the time so I left thinking that I deposited 75 dollars.

About a month later I closed that account because it was based in CA and I was planning on staying in WA.

I took all the money I had in it out which was quite a bit because my work check just cleared.

I sat down with one of the bank reps and they called in everything and everything checked out A OK. He gave me my money and let me go.

Up to this point I still did not know about the error.

About a month after this my Aunt calls because she just noticed that it went through on her side as $750 as well and she also had Bank of america.

At this time I had already spent most of my "birthday" money on clothes, rent, food, gas.

She called BOFA and argued for a couple hours. they even lied to her and told her I cashed the check and left, they said nothing about it being there fault.

They finnaly gave her the money back and then came after me, My parents in CA got calls all day and I started to get calls.

Of course I dont think this is my fault what so ever so I tell them to stop calling, this is there fault and im not paying. They did stop.

Then yesterday I got a letter from ersolution collections about this issue. They want the difference of 676 back.

I dont have that kind of money! This isnt my fault!

This was not a loan, I did nto sign anything, this was 100% there fault.

This is the same thing as getting to much change back at a drive through!!!!!

I have 30 days to respond or I am getting reported to all of the credit guys.

I just turned 18, I really cant have my credit messed up this early.

What should I do?

[4eyedbuzzard]

What should I do?

Pay back the money that is not rightfully or legally your property or the court will do it for you, plus interest, fees, and penalties. As an adult you are ultimately responsible for accounting for your funds/property and knowing what is yours and what is not. Bank errors are not a freebie, they represent the bank's property, and can be collected by civil action. No court will rule in your favor on this.

And by the way, it's possible that you could also be arrested for theft or larceny(wording depends upon state), a felony in many jurisdictions.

[jk]

as buzzard said, criminal action is a very real possibility should you refuse to return the money.

I would worry about that so much more than my credit report.


as well, I suspect you knew about the error prior to being contacted. Since you are so concerned about your credit report, I suspect you are a bit anal about your bank account and as such would have reviewed your statement with a fine tooth comb which would have caused you to see the unusually large deposit.

If nothing else, if you balanced your account, when you went to close the account, the bank would have shown $675 more than your accounting would have.

You go on to say you do not have this kind of money ($675) so it surely would have been a noticable difference in your account.

You can claim ignorance all you want. It truly makes no difference as to what is legally allowed and required and yes, it apparently was not your mistake but that does not give you any legal claim to the money.

Pay it back or face the consequences; your choice but you will lose should you decide to refuse to pay it back.

[Happy Trails]

I agree, I don't believe you didn't notice it.

I think you thought error in my favor, yeah, spending spree.

[el-camino-ss]

Ok thanks...

So should I still call the bank or is it out of there hair and now in the collection agency?

Also how flexible are they? Because theres no way I can pay it all at once...

Call one or both?

[Happy Trails]

Contact Ersolution Collections and see if you can work out a payment plan.

If they won't accept that - then find a way to get the money, so they don't end up suing you.