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Depends on the bank and account. Not telling how long before they discover their mistake. Could be less than a day, could be a week, a month, or maybe longer. In a traditional savings account, yes, why bother to move the money? Virtually no interest any more. One advantage is to reduce temptation to spend that money.
The poster stated he'd keep it in the same bank. Virtually no brick and mortar banks offer decent interest rates anymore. I'd reduce the temptation to spend it by letting the bank know about the error. Even a higher yield will still be very little money in a short time frame, why take the chance of getting in trouble by investing it for such a small amount? The only way to earn any good interest would be to risk it by investing in stocks, etc, but then you're screwed if it doesn't work out. And even then, we're talking a few months at most.
The poster stated he'd keep it in the same bank. Virtually no brick and mortar banks offer decent interest rates anymore. I'd reduce the temptation to spend it by letting the bank know about the error. Even a higher yield will still be very little money in a short time frame, why take the chance of getting in trouble by investing it for such a small amount? The only way to earn any good interest would be to risk it by investing in stocks, etc, but then you're screwed if it doesn't work out. And even then, we're talking a few months at most.
If you invested it in stocks, you have effectively stolen the money.
Exactly. Theft is theft. There is no justification for the two of them to have spent the money.
The bank and stock stuff came about because someone posted that the law allows you to keep any interest the money earns even if you have to give up the accidental deposit in the end. I think they mean interest earned in that bank account though, I don't think it means you can take it and buy a CD or even put it in another bank just to earn interest before they discover the error, and even if you were willing to take the chance, it would earn literally pennies.
Right, but I'd say if the bank notifies you of their error and you produce the money one way or another, you'd be all good.
The bank is the one that screwed up.
It doesn’t make any difference legally, you knew it belonged to someone else and kept it knowing that. The bank made the error but it didn’t belong to the bank. Someone used the analogy if you’re going to a party and mistakenly park on neighbors property, can he keep the car since you made the error? Can he borrow it to go to the store in?
It doesn’t make any difference legally, you knew it belonged to someone else and kept it knowing that. The bank made the error but it didn’t belong to the bank. Someone used the analogy if you’re going to a party and mistakenly park on neighbors property, can he keep the car since you made the error? Can he borrow it to go to the store in?
I'm aware of all of this. If it were me I would immediately contact the bank and report the error.
All I'm saying, though, is that I don't feel like the people would face charges as long as the bank was made whole. In other words "we don't care where you get it but produce $120k or else." The people were idiots but it's not like they stole $120k from the bank.
Someone accidentally left his phone on my desk. Yay! a free iPhone for me! If I can't figure out his pin, at least I can put it on eBay and get a few bucks for it.
Someone ahead of me in line at the grocery store left his credit card in the machine. Looks like I can go on a spending spree, until they figure it out and cancel it.
Someone left her groceries at the curb and went to bring her car around. I get a free basket of groceries.
If you think like this, you are a thief and deserve to live in a concrete box with metal bars on the door and windows, PERIOD!
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