Someoen deposited 10,000 into my bank account. The account number on the deposit slip is mine, and it's been there for over 2 weeks. It's seems it was a transfer from a CD or something. Is there are certain time period before I can keep the money? What will happen if I withdraw that money? What are some legal issues involved?
2007-02-14 18:40:26 · 12 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Hi sweetnyla20,
When the bank opens your account you receive something called a deposit authorization agreement and schedule of fees. If you thumb through it, it will tell you the answer your looking for. (Spoiler alert: The bank will get the money back) To be completely honest, you should keep a close eye on your credit report to make sure 1. someone isn't fraudulently using your identity and 2. that the bank doesn't file a negative public record to the three credit agencies and the county courthouse.
The bank also has the authority to report account abuse to "Chexsystems", which will prevent you from opening another bank account until your accounts are reconciled.
Let the bank know. Also, there are no "finder's fees" for reporting bank clerical errors. At most, the bank will give you a gift certificate to a local restaurant as part of an atonement process.
Good luck!
Frank
2007-02-15 01:53:00 · answer #1 · answered by Corporate Banker 2 · 2⤊ 0⤋
I would leave it in there and do not say nothing. If someone deposits that much money you are supposed to tell the bank. But keep the balance under 10000 if you have any problems with IRS. Reason is the bank reports that sum and more to IRS.
Anyway, I would leave it there or put it in savings and get the interest. And after 6 months no one says nothing, then give me a call and we can go celebrate. But if money is put there and you spend it, you can be held liable. Otherwise, you can say the money was there, but you just assumed that the bank was going to take it back and you just left it there. That is why you put it in savings.
2007-02-14 18:51:30 · answer #2 · answered by Big C 6 · 0⤊ 0⤋
When someone deposits into your account, it's a gift. There are no legal issues if you try to keep it.
But there is a big moral issue: you really have to give it back. I know most people don't like moral values like this one, but that money belongs to someone who is relying on it.
It's really easy to trace where it came from. The transaction itself has two ends and you're at one of them. The other end is the person who lost it. If the transaction came from a third party (like a financial institution), it will reference the next person down the line. It's like a chain, and you just follow until you find your crying grandmother or single mother or whoever wrote down the wrong account number.
You really need to tell your bank.
2007-02-14 18:51:20 · answer #3 · answered by Anonymous · 3⤊ 0⤋
I heard of this happening to someone before and he withdrew the money. Bank had been after him since then trying to recover the money. Don't know what happened with him though.
I believe you can keep a lost item if not claimed within a certain amount of time but don't believe that would apply here. When someone gets their statement and calls the bank to see what happened to their 10k it will probably not stay in your account too much longer after that.
Legal issues? I think that is something best asked in Law & Ethics section of Yahoo Answers.
2007-02-14 18:53:07 · answer #4 · answered by velmicro 2 · 0⤊ 0⤋
You should clear it with the bank as soon as possible. They can tell from the date and probable copy of the deposit slip (it should have an account name as well as number). Do the right thing and give them a chance to find the owner.
2007-02-14 18:49:12 · answer #5 · answered by Anonymous · 2⤊ 0⤋
Do not touch that money. When the bank notices there has been a mistake, they will draw that money form your account and if it is not there anymore, they will make you pay back everything. I think after a year or so, it's yours to keep.Or that's what I have heard.
2007-02-14 18:49:34 · answer #6 · answered by Jade22 3 · 0⤊ 0⤋
someone lied to me,then i made deposit of 200chinese yuan to the person account,later the person called to insult me.i went to the bank to retrieve back my money,bank told me,they cant do any about it,i have receipt of the deposit cash,can i freeze the person account online or what should i do now,i am foreigner .
2015-04-03 17:42:53 · answer #7 · answered by liu 1 · 0⤊ 0⤋
Well, contact the bank. The bank will investigate, and might let you keep a small fraction of the money as opposed to taking it all. And you'll be doing the right thing.
If your bank screwed it up, I suggest closing your accounts with them once this issue is involved. A $10,000 screw up does not leave me with much confidence with your bank.
2007-02-14 18:56:03 · answer #8 · answered by Anonymous · 0⤊ 2⤋
You sound like you have the moral backbone of a jelly-fish. The fact you even asked the question shows what a scum bag you are. Of course you can't keep the money. The money belongs to someone. Someone earned the money. It wasn't you. You're trying to figure out how you can steal the money and not get into trouble. Sad thing is most people have same moral compass as you.
2007-02-14 23:32:24 · answer #9 · answered by InvisibleWar 2 · 4⤊ 1⤋
The money will never be yours. The bank will figure it out and demand it back. If you attempt to keep it or spend it, that's stealing.
2007-02-15 00:37:30 · answer #10 · answered by KathyS 7 · 2⤊ 0⤋