How long does a bank have to realize it made an error in my favor before I get to keep the money?
The circumstances are too drawn out to explain here, but my bank ended up depositing nearly $450 into my checking account that it shouldn’t have. I figure they’ll take it back eventually, but I assume that eventually they won’t be able to legally.
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October 7th, 2010 at 3:15 am
just wait and see
October 7th, 2010 at 4:04 am
If you do not report it, you could end up getting in a lot of trouble for stealing from the bank. Just warning you.
October 7th, 2010 at 4:59 am
I had a similar situation. $500 dollars was deposited each month for 3 consecutive months. My conscious finally got the best of me so I let the bank know. They asked me to pay back the money, but did not automatically take it out, and did not require that I give it back (just suggested strongly). I payed them 1000 of the 1500 back and they were happy with that. After all it was their mistake. I am not sure if the bank could legally take the money back.
October 7th, 2010 at 5:28 am
if i were you i would let them know because it means someone else is out of pocket they have deposited that persons money in your account i have seen a show about this on t.v the poor guy whose money it was who made the error was devastated because the bank relys on your honesty to pay it back to the person that made the mistake in the first place and the persons account that it did not go into cannot get that money from the bank it has to be you that puts it back in his account
October 7th, 2010 at 5:36 am
Ummm….forever and one day is the time limit. If you withdraw the money, close the account and abscond, you could be charged with bank fraud. I do not recommend it. Inform the bank of their error and have it rectified as soon as possible.
October 7th, 2010 at 6:22 am
Legally if they find the error they can take the money ANY TIME. Their is no legal amount of time where they have to say “oops we messed up the money is now yours.”
The thing you need to think about it that money was not the “banks” it was another customer’s who now doesn’t have their money…how would you feel if it was you and the person who’s account it went into didn’t say anything? I would be mad if it were me…so I would go to the bank and ask them to straighten it out before you cause someone else overdrafts and you spend the money and the bank finds out so then you will have overdrafts