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Old Yesterday, 11:09 AM
 
Location: Ft. Myers
18,229 posts, read 11,514,693 times
Reputation: 38587

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This happened to a man I worked with years ago. His bank mistakenly deposited $100K into his checking account. He knew he couldn't spend it because they would eventually find out, but he did use it to apply for credit cards. When they checked his credit and he had $100K in his checking account, the credit card companies were thrilled to send him their card. He also used it to boost his credit score.

After a while, they did discover it and removed the money, but he still was able to get some benefits from it being there temporarily.
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Old Yesterday, 11:12 AM
 
6,751 posts, read 4,680,087 times
Reputation: 13511
Quote:
Originally Posted by rstevens62 View Post
So what purpose do they carry deposit insurance for then? What scenario would the insurance company be on the hook for the money?
Deposit insurance is to protect your money in the event the bank fails.
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Old Yesterday, 11:14 AM
 
Location: Lake Norman, NC
7,213 posts, read 11,316,627 times
Reputation: 30854
Quote:
Originally Posted by Ruth4Truth View Post
Incredibly dumb. And now, how are they going to come up with the $$ to repay the bank? Sell the vehicles? They'll still be in debt, due to instant depreciation.
Gap insurance???
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Old Yesterday, 11:19 AM
 
21,465 posts, read 17,049,955 times
Reputation: 40044
Quote:
Originally Posted by City Guy997S View Post
Stupid case but if they present it in front of the right jury they could be found innocent! Just need 12 people that think like them!
I donít think thatís true. Juries only decide if the accused broke the law, which these folks did. They canít find them not guilty if they actually spent it. Not knowing the law has never been a usable defense.
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Old Yesterday, 11:25 AM
 
Location: Seminole County, FL
10,068 posts, read 6,920,125 times
Reputation: 12707
Quote:
Originally Posted by ocnjgirl View Post
Eventually the bank is going to do an internal audit, even if it's 3 years from now. There's no safe time limit IMO.
Well, yeah, it's certainly a stupid risk to take regardless. But still... Even attempting to spend it all within a few weeks with no intent on possibly paying it back, is the peak of stupidity.
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Old Yesterday, 11:38 AM
 
Location: Florida and New England
1,275 posts, read 1,446,244 times
Reputation: 1745
Quote:
Originally Posted by rstevens62 View Post
If it was the banks fault, the insurance should be on the hook, its found money to the people whose account it was accidentally deposited in.
There is no legitimate ownership in "found money." All money belongs to someone. If it is lost on the street, and a passerby picks it up, that is "theft by finding." The money still belongs to whomever lost it, but it has been stolen from him by a party unknown to him (and probably unknowable to anyone).
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Old Yesterday, 11:41 AM
 
13,959 posts, read 7,602,245 times
Reputation: 12721
They owe $107,000 in overdraft fees and the husband previously pleaded guilty in 2001 of writing false checks and theft by deception.

https://heavy.com/news/2019/09/tiffany-robert-williams/
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Old Yesterday, 11:46 AM
 
10,940 posts, read 4,432,878 times
Reputation: 27613
Quote:
Originally Posted by shadowne View Post
They owe $107,000 in overdraft fees and the husband previously pleaded guilty in 2001 of writing false checks and theft by deception.

https://heavy.com/news/2019/09/tiffany-robert-williams/
I suspect that the "Receiving Stolen Property" charge will be dropped. Come on, fair's fair.

The other charges, I don't see how they can get out of them.
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Old Yesterday, 11:46 AM
 
6,518 posts, read 3,036,265 times
Reputation: 16613
It wasn't an accident if they intentionally spent it.

Took 30 days ...and I had to pay the fee for my bank to find an error THEY caused. The clerk had transposed a number on my slip and viola! Someone else was a wee bit richer for 30 days.
The response I received when all was done is : you are responsible for reviewing the deposit slip for clerical.errors. I said: actually you are responsible for validating name on slip matches the account as it was clearly printed. My slip was filled out accurately. Yet there I was with a 75$ fee for them having to run a software audit.

It's NOT the banks money. They house it and shuffle it...yet it primarily belongs to the account holders.

The persons though who knowingly spent money ...deception. not good.
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Old Yesterday, 11:49 AM
 
10,940 posts, read 4,432,878 times
Reputation: 27613
Quote:
Originally Posted by Nov3 View Post
It wasn't an accident if they intentionally spent it.

Took 30 days ...and I had to pay the fee for my bank to find an error THEY caused. The clerk had transposed a number on my slip and viola! Someone else was a wee bit richer for 30 days.
The response I received when all was done is : you are responsible for reviewing the deposit slip for clerical.errors. I said: actually you are responsible for validating name on slip matches the account as it was clearly printed. My slip was filled out accurately. Yet there I was with a 75$ fee for them having to run a software audit.

It's NOT the banks money. They house it and shuffle it...yet it primarily belongs to the account holders.

The persons though who knowingly spent money ...deception. not good.
And they never refunded the $75? Seems like, in cases where it's their error, and they are able to validate your claim, the fee would be waived.

Do you mind saying what bank this is?
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