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Bank made a mistake?

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skillhunting
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Bank made a mistake?  Reply with quote  

A few days back somebody made a deposit in my bank account for a few thousand dollars, I have no clue who it was. Maybe a bank mistake.

question; can the bank legally take me to court if I donít report the mistake and the bank finds out later (in a few months/years) that I failed to report it?
Post Wed Jan 16, 2008 10:20 pm
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coaster
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Yes, and they could file charges and you could go to jail.

~Tim~
Post Thu Jan 17, 2008 2:07 am
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pf101
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They will find it, probably sooner than later, and they will take it back out so if it's not there, be prepared for the overdraw. It's not your money so you can't really expect to keep it...

Personal Finance 101
Post Thu Jan 17, 2008 3:46 am
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skillhunting
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quote:
Yes, and they could file charges and you could go to jail.


I sense some sarcasm there.

I would like to know what the law is.

I was planning to put it in a savings account and when they ask for it back Iíll give it to them. (if the penalty for early withdrawal is not too high)
Post Sun Jan 20, 2008 10:24 pm
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coaster
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There aren't any if's. It's fraud, pure and simple to keep money which isn't yours, regardless of the error. And the banking laws, no matter where you live in the U.S. are tilted heavily in favor of the banks. In your scenario, you plan to keep the money and earn interest on it until they find the mistake and take it out of your account. If at any time any of the available funds were drawn upon, they would treat it as an overdraft and assess you fees accordingly. Which aren't cheap and will be more than any interest you could earn. Plus, they'll deduct interest for the money held in the account. And that's the best scenario. As I stated, if they wanted to play hardball, they could have charges filed, leading to your arrest. The law is very harsh where bank fraud is involved.

~Tim~
Post Mon Jan 21, 2008 3:31 am
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skillhunting
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What can they charge me with? I didn't steal anything. The bank made an error. Its my fault? They can't prove that I knew that it was a mistake and didn't report it.

"Plus, they'll deduct interest for the money held in the account."

What? Do you know what you're talking about? do you actually know the laws?
Post Tue Jan 22, 2008 7:48 pm
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coaster
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I don't know about the interest; that would depend on the service agreement between you and your bank. As for laws, they vary from state to state. But keeping money you know isn't yours is fraud wherever you are. And as far as not stealing, keeping the money in your account is stealing the time value of the money from whoever it rightly belongs to.

As for the bank's position, you might want to take a look at this document, see page six:

http://www.bfso.org.au/abioweb/ABIOWebSite.nsf/0/B6418D915ED4EC16CA25724400193CC8/$file/Bulletin+52.pdf

~Tim~
Post Tue Jan 22, 2008 11:27 pm
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Jephth
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Anonymous deposits into your bank account are the worst form of terrorism there is.

Laughing
Post Tue Jan 29, 2008 1:45 am
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mmm513
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That doubt can be cancelled by reporting them the fact.

If you are sure it's not your money go and refer the bank.

May be they gift you something .... Laughing


g.l.
Post Tue Mar 11, 2008 6:32 pm
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sirmikey1
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Hi all,

This has happened to me in the past, and the bank never caught it.
It may have been a credit for a double charge or something, and so
I just spent the money and never heard anything more about it.

I always add a few zeros to my ATM deposits. Heee. My employer
taught me that one.

SM
Post Mon Mar 16, 2009 10:40 am
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