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I have had bank errors several times, both in my favor and not. I always go to the bank in person to find out what happened.
Recently, I deposited rent into a property owner's account (for a rental property my company manages for him, this is normal business practice for us, we do it every month). He contacted me the next day to say he hadn't seen it in his account yet. I took the receipt to the bank and found that even though I gave them the right account number, they deposited it in the client's son's account. Took about 30 minutes, but it got fixed.
Had banks put the wrong number of 00s in before too, and get credited for too much or too little.
Tellers are humans, they make mistakes. In this case, it could have been the teller. It also could have been someone who put the wrong account number on a deposit slip, although I would assume it was a check, not cash, which means that the teller still made a mistake, to not make sure the name on the check and the name on the account matched. I suppose it also could have been an online transfer, that didn't involve a teller. Or even an electronic glitch.
In any case, if it isn't yours, don't spend it. If I couldn't get the bank to fix it, I'd let it sit in the account earning tiny interest until the bank did find their mistake and take it back. Sometimes that takes until the person whose money it really is actually looks at their bank statement 30 days later and calls the bank to report the problem. Until then, they might believe you it is a mistake, but not know whose money it really is.
Something like this happened when i was in college. American Express credited my card with $2000 on one of my statements, so i had a negative balance. As a college student I was estatic, so i went out and bought $2000 worth of stuff.
Then i closed the card when it was back to a $0 balance.
Never heard from them again.
a few years later I opened another card with them and nothing ever came of it. Free $2000 in college helped a lot.
Notify the bank/credit union because whomever put it there is going to want it back. And if the depositor is Uncle Sam they will want it back with interest.
A close friend had a $6000 bank error in his favor about 12 years ago. It was a transfer to another (outside) instititution that was correctly credited to the other institution, but never debited to his bank.
He notified both banks, and both replied that nothing looked amiss. Then he waited, three years (!), and eventually closed that bank account $6000 richer.
If that happened to me I would really consider taking the money. Then I'd remember that these things do not ever go unnoticed and that I'd get in big trouble. I would then call the bank reluctantly to let them know to take the 30,000 out of my account because it will only lead to trouble.
Apparently a bank made the mistake of depositing $31,000 into a teenager's account. The teen then went on a spending spree and spent $20,000 of it before the mistake was discovered.
The bank is talking about pressing charges on the teen, even though it was their mistake.
Honestly, I would call the bank if I knew it was not my money. I could accidentally leave my wallet on the table but if someone takes it, it's still theft.
I once deposited my tax refund check of $1000 and was told it would take a couple of days to clear. okay NP. The next day, my bank account had $800 more in it than the day before. My first thought was maybe that's what's available now and the rest will be later, but it seemed weird so I went over to the bank (I live right behind it) turns out it was a mistaken deposit. They were quite grateful that I was honest. An hour later, I got a call from the bank that my $1000 had cleared lol
It's funny reading all these anecdotes of people having similar experiences. The one time I had a huge mystery deposit into my account (around $8000) I tried to get the bank to straighten it out, and it turned out that it really was mine. It was a bonus I wasn't supposed to receive for another six months or so, but someone had somehow accidentally used my SSN to submit the paperwork and they paid it out as if I'd been the one making the filing.
When discussions like this come up, it always amazes me how many people feel that if they can pry it up and carry it away without getting shot in the process that it is theirs and they deserve it.
Proof, I guess, that everything you own has to be kept locked up all the time.
I have an ongoing problem with fruit being stolen off my fruit tress and I suppose the thieves just think that they want it, they can reach it (after coming through the closed gate), and thus is is rightfully theirs.
It's sad for me to see the lack of ethics. It wasn't this way several decades ago, when Americans had more respect for property ownership. Now, so many people can't understand the concept that they aren't supposed to take it if it isn't theirs.
$31,000 accidently depsoited into your account....what would you do?
That's a toughie, a few days of consequence free fun, followed by years of anguish ... which is preferable ... so hard to decide.
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