Money was placed in my account in error and i remained there for 4 months and i spent it? Does the bank have the right to send me to the authorities?
2006-07-19 01:15:12 · 14 answers · asked by winstonm 1 in Business & Finance ➔ Personal Finance
The maount was $8000 and I advised them of the mistake and they said it wasnt a mistake, the money was mine. so % months later they realised their error and want me to pay it back in full. I want to set up a payment plan, but they said unless i pay it back in full they will send it to the authorities. By the way they already paid back the money to the original owner, so im assuming it came out of someone's pocket.
2006-07-19 03:10:01 · update #1
All they have to do is adjust your account balance. Then the problem is in your hands.
If you want to get away with your theft, then you better take all your money out of your account now and hire a lawyer.
2006-07-19 01:20:06 · answer #1 · answered by Doctor Hand 4 · 0⤊ 1⤋
If you realized there was an error, it is your responsibility to come forward with it. You would say there was an error if money wasn't placed in your account, wouldn't you? Same thing, just that money was placed in your account. Even if it was a teller's mistake, it is still your responsability to inform the bank of any irregularities. As such, yes, the bank can and probably will inform authorities of this "theft". I suggest, you switch banks and hire a lawyer who can defend you using the "ignorance" card. However, ignorance of the law is no justification. Most likely, you'll at least have to pay the money back.
2006-07-19 08:24:49 · answer #2 · answered by bitto luv 4 · 0⤊ 0⤋
Something similar to this happened to an aunt of mine years back. She went to the drive up window at her bank to deposit her payroll check into her savings account. She gave them her savings booklet, they stamped it with the correct amount of her payroll check, and gave it back to her they also gave her the same amount in cash money. So she just drove off. That week she just got payed twice (Ha! Ha!) She never did call and tell them anything neither did they call her to ask her anything. This was totally their mistake. Your problem is that the deposit into your account was such a large amount and too the fact that you did bring it to their attention. You never should have done that. Yes I'm sure that they have payed the person back their money and it came from the insurance that all banks have. But, since you did confess the bank is looking for their money from YOU!!! Yes, you will have to pay it back. Always, remember silence is GOLDEN!!!!!
2006-07-19 17:30:29 · answer #3 · answered by mothers finest 2 · 0⤊ 0⤋
They have the authority to contact the authorities however, if it's been 4 months then someone made a mistake and doesn't know whose acct the funds were deposited to so you should be okay. This happened to me once and the bank never figured it out and I decided not to mention it but I do have enough funds in the bank to cover it if it ever came back on me.
2006-07-19 08:20:01 · answer #4 · answered by rodaerc06 3 · 0⤊ 0⤋
Whether you report it is up to you. However, whatever happens, be advised that the bank will likely find the error eventually and they will deduct it from your account as soon as they discover it. If that causes you to overdraft or bounce a check, then it could cost you.
If that does happen, you should require the bank to waive all fees associated with an overdraft and negotiate a time period to return the balance.
I had a friend who immediately drained his account when he noticed a $400 deposit wrongly credited to his account. The bank came back and threatened legal action. I believe he eventually had to pay it back.
2006-07-19 09:00:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No, You will not go to jail. It would be considered your fault and the banks fault. The bank made a mistake by putting it there, and you made a mistake by spending something you knew wasn't yours! You will have to pay it back if they find out. It would be handled the same as if you bounced a check. As far as jail goes, do not worry. (Also, if money sat in my bank account for 4 months, I would probley spend it too... lol)
2006-07-21 00:13:28 · answer #6 · answered by confused? 2 · 0⤊ 0⤋
Yes! Although it was the bank's error, you will be held responsible for repayment. If you don't have the funds, make arrangements with the bank. They may be inclined to extend a loan to cover the amount. If the some was significant, they will not go away and may press charges.
Good luck!
2006-07-19 08:58:49 · answer #7 · answered by Adios 5 · 0⤊ 0⤋
By all means if a deposit hits your account that you are uncertain of its origin, contact your bank and have them research it. It is uncommon, but it does happen. Until you verify that the money is (or isn't) yours, pretend that it isn't there. A tough lesson to learn after the fact.
They do have the right to send you to the authorities, but hopefully they would work with you if you agreed to work with them. Good luck.
2006-07-19 09:34:14 · answer #8 · answered by Rich B 3 · 0⤊ 0⤋
the same thing happen to someone i know. they deposit more than $10k and she spend it all she the bank later took her to court and she had to pay it all back. she was 19 or 20 at the time and now she is 27 and she still is paying that money back. i also think it was in her record. i think you should let the bank know that this is not your money and they could fix it before you get yourself in trouble.
2006-07-19 09:58:39 · answer #9 · answered by 4ever21 2 · 0⤊ 0⤋
If they find the error, the most they can do is make you pay it back. Unless it was a considerable amount. Just say you thought it was yours, play stupid.
2006-07-19 08:18:41 · answer #10 · answered by sparkles 4 · 0⤊ 0⤋