Yes thank you all for your help. Hopefully this whole situation is resolved soon. Take care
This is the first opportunity I've had to get back to this thread since my banking friend looked at it. She agrees that you need call the police and the bank. She agrees that you will have to pay the money back. She agrees that you will not be criminally charged. She says it is possible - not definite, but possible - that you will be considered a bad risk and your account closed. Otherwise, she's sympathetic to your situation.
If I may ask, why would my account be closed? Is it because the bank found out that a bad MO was deposited into my account? I will still have money in my account if I do pay back the bank and I believe I won't be in the negatives,
She is not saying it WILL be closed, only that it MIGHT be closed.
IF it happens, which is by no means certain, it will be because the bank determined that someone who would make such a foolish mistake is a bad risk and they don't want to risk potentially losing any more money if you do it again. It's got nothing to do with how much money is in your account.
One should probably always have TWO or more checking accounts anyway. Real life stories: Friend at work's purse went missing before lunch. After lunch, she had a call from the fraud department. Thankfully, she had a spare checking account with a debit card at home to fall back on because it took weeks for her money to be restored and her old account made fully available, and this was at Chase.
I had an account that was called an "Anywhere" account. When I used the account at Disneyworld in FL, I got a call and was told that because my account was being used "all over the country" (I'd also bought food from the Chicago airport) that I was too high a risk, and my account was closed. It was extremely inconvenient to switch my automatic payments while I was travelling, but that bank didn't care. It took 14 days for them to refund my surplus balance.
You always need two+ accounts because you just never know when your bank will pull the plug on you, and you need a back up.
So it's been a week and I checked my account today and the bank deducted the $990. My account did not overdraft and it is still in the positives. The bank hasn't closed my account, unless it takes some time for this to happen (hopefully not).
Will the bank do anything after this? Meaning, will they go out of their OWN way to investigate how/why this happened (e.g:notify law enforcement).
No. They've got their money back from you; that's all they care about.
And what do you care if they notify law enforcement? You've already done so yourself, right? RIGHT?