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Old Yesterday, 04:46 PM
 
9,684 posts, read 7,330,245 times
Reputation: 12470

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Many years ago, when I was in college.. I wrote out my rent check.. this is back pre-internet days.. You'd check your balance by calling the bank and going through an automated system. Anyway, I started getting overdraft notices.. Now.. I was a college student at the time.. Money was tight, but.. I had enough to cover everything.. So I was confused as to what was going on.. I called the automated line and punched in the numbers to hear the latest checks posted to the account (Yes, back in the day when checks were still a thing)..



I'm listening, hear a check.. Ok.. another.. ok.. Then it was the rent check.. Ok.. No problem.. Then the rent check AGAIN.. Hold up.. This isn't right.. went back and listened to it again. Sure enough, they paid the same check twice.. Causing the water bill check, phone bill check, power bill check to all bounce.

the bank hit me with a returned check charge, the power, water and phone companies all hit me with late fees and returned check charges..

I went into the bank the next day and they're like "This can't happen, it's impossible".. Such as mess to straighten out. They had to write letters asking the phone, water and power company to get rid of the charges because it was their mistake.. at the end of the day.. It was the bank's problem one way or another. They either got the places to drop the fees or they were going to have to pay them.


Funny thing is.. About 10 years later.. EXACT SAME THING happened again. Luckily, this time, I was not the struggling college student and had money to cover everything, but still.. That was the last time it happened. After that, i changed banks.


Oh yeah.. And these people who spent the money? They're toast. I have a bit of a difficult time with using the term 'theft' on it.. But, it wasn't their money to spend, so the argument is mainly semantics.
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Old Yesterday, 05:07 PM
 
1,324 posts, read 648,201 times
Reputation: 1778
Last I heard if you get a large check in the mail or electronic transfer for big bucks in error, Yes, you must return the funds. BUT, in the meantime if you INVEST the money, all the gains are YOURS.
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Old Yesterday, 05:28 PM
 
Location: Knoxville, TN
1,615 posts, read 675,573 times
Reputation: 2099
Lol what rednecks—they bought campers and 4 wheelers and a race car. LOL.
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Old Yesterday, 05:40 PM
 
1,062 posts, read 250,285 times
Reputation: 3815
Quote:
Originally Posted by rstevens62 View Post
Isnt this why the banks carry insurance?

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.
So if you pull into the wrong driveway and park (say, you're visiting a friend in a townhouse) then the owner of the driveway has a 'found vehicle'?

Why do you put so much effort into rationalizing doing something that you know is wrong?

Do the right thing. Keeping that money was the wrong thing, and everyone knows it.
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Old Yesterday, 06:18 PM
 
Location: Knoxville, TN
1,615 posts, read 675,573 times
Reputation: 2099
Quote:
Originally Posted by 2x3x29x41 View Post
So if you pull into the wrong driveway and park (say, you're visiting a friend in a townhouse) then the owner of the driveway has a 'found vehicle'?

Why do you put so much effort into rationalizing doing something that you know is wrong?

Do the right thing. Keeping that money was the wrong thing, and everyone knows it.
Yep, and they're totally busted. I don't see what their defense strategy would be were I an attorney.

Even with a plea deal I bet they do time, 120k is a lot of money.

And yes about doing what's right, when that teller almost doubled my $1200 cash deposit I immediately told her.
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Old Yesterday, 10:14 PM
 
11,310 posts, read 2,958,076 times
Reputation: 7613
Quote:
Originally Posted by 2x3x29x41 View Post
So if you pull into the wrong driveway and park (say, you're visiting a friend in a townhouse) then the owner of the driveway has a 'found vehicle'?

Why do you put so much effort into rationalizing doing something that you know is wrong?

Do the right thing. Keeping that money was the wrong thing, and everyone knows it.
I will ask again...what is the purpose of deposit insurance, if not for situations just like this?


This is what insurance is for folks, to protect us when mistakes happen, its why we carry home and car insurance, its why banks carry deposit insurance.
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Old Yesterday, 10:17 PM
 
9,684 posts, read 7,330,245 times
Reputation: 12470
Quote:
Originally Posted by rstevens62 View Post
I will ask again...what is the purpose of deposit insurance, if not for situations just like this?


This is what insurance is for folks, to protect us when mistakes happen, its why we carry home and car insurance, its why banks carry deposit insurance.

Well, we'll try to explain it to you again..



https://www.fdic.gov/deposit/deposits/faq.html


Quote:
Q: What is deposit insurance?
A: FDIC deposit insurance covers the depositors of a failed FDIC-insured depository institution dollar-for-dollar, principal plus any interest accrued or due to the depositor, through the date of default, up to at least $250,000. For example, if a person had a CD account in her name alone with a principal balance of $195,000 and $3,000 in accrued interest, the full $198,000 would be insured, since principal plus interest did not exceed the $250,000 insurance limit for single ownership accounts.

FDIC protects YOU.. not the bank. It protects your deposits in the event the bank goes under.
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Old Yesterday, 11:13 PM
 
Location: Knoxville, TN
1,615 posts, read 675,573 times
Reputation: 2099
Quote:
Originally Posted by rstevens62 View Post
I will ask again...what is the purpose of deposit insurance, if not for situations just like this?


This is what insurance is for folks, to protect us when mistakes happen, its why we carry home and car insurance, its why banks carry deposit insurance.

Mistakes? Seeing $120k in your bank account that you know is erroneous and spending it?

These people are busted red handed, clearly not that bright. Probably will do time.

So if you woke up and had an extra 6 figures in your bank account you'd just be like "oops..." and then start spending it all?
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Old Yesterday, 11:26 PM
 
Location: Back and Beyond
2,865 posts, read 2,830,631 times
Reputation: 6692
Does the friend who got the $15k gift have to pay it back as well? Or is he the real winner here?
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Old Yesterday, 11:30 PM
 
Location: Knoxville, TN
1,615 posts, read 675,573 times
Reputation: 2099
Quote:
Originally Posted by 6.7traveler View Post
Does the friend who got the $15k gift have to pay it back as well? Or is he the real winner here?
You might be on to something. I'm not a lawyer but I think he can claim he had no idea where the money came from and that it was a gift. Doubt he'll be on the hook.
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