Today I went to the bank and deposited a $1000.00 check. When I returned home, I checked my online statement and saw that I did not only have the $1000.00 pending deposit once, but twice. I suppose they entered it in the system twice or maybe a computer error.
Since, I am waiting for the pending deposits to go through, I am deciding what I should do. I know the ethical answer, but before I do anything I want to wait and see if they mistake corrects itself before it is actually in my account.
If the money does end up in my account, I wonder what I should do. Should I see if the mistake gets noticed? I know not to spend the money because the bank will take it back as soon as it is noticed. Would it be unethical to transfer it to a higher intrest savings account since I get to keep the interest? Or- should I do the right thing and inform the bank of there error? If I do inform them, will I get their employee in trouble?
What would you do in this situation?
2007-08-28 01:58:26 · 27 answers · asked by saram 3 in Business & Finance ➔ Personal Finance
Additionally, who would be losing money in this situation? The person who wrote the original check or the bank?
2007-08-28 02:24:18 · update #1
You don't have to do anything. The bank will find the error and correct it. I wouldn't touch it and I wouldn't bother to tell them either cause they'll find it anyway. Just go about your business with the money that you know you have and pretend it's not there cause really, it's not there.
2007-08-28 02:15:28 · answer #1 · answered by shellylori 3 · 1⤊ 0⤋
Don't do it!! Once the person who should have received that money finds out that there is an error the bank will do the research and come get the money in your account. There is no law for you to hide behind, it's not your money and the bank will come to get it back sooner or later. It's not about doing the right thing morally, call the bank and tell them what happened before your account gets totally hosed over and you can't get to any of your money. You will be struggling a whole lot more when the seize all the money in your account until you pay back the money you took that wasn't yours. A negative balance of $2,200 will take you a while to pay back if you choose to ignore this warning. Tution and rent don't wait, so you make the choice as to what to do.
2016-05-19 23:51:51 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Its more than the ethical thing, you could find yourself on the wrong side of the law
Bank error in your favor? Your problem
If you find yourself in possession of extra money because a bank or employer made a mistake in your favor, don't get too attached -- and don't spend it.
If you find a $20 bill on a deserted street, "finders keepers" is the general rule.
But how about a bank error in your favor? Or extra, unearned money in your paycheck? Or an unexpected, unexplained check in the mail?
Turns out there are some pretty firm rules about these windfalls. And the outcome usually isn't in your favor.
(see link below for the full article)
2007-08-28 04:17:30 · answer #3 · answered by Craig T 6 · 0⤊ 0⤋
Most likely your bank already caught the mistake and because there is a delay in their system it may take a little bit more time to see the change in your account. If they didn't catch the mistake and posted it twice your best bet is not to spend the money because they will eventually find it and you will have to pay the money back.
2007-08-28 02:03:04 · answer #4 · answered by irishone28_99 3 · 1⤊ 0⤋
More than likely the error was noticed when the teller tried to balance their drawer that night. Anyway, if they don't catch it now they will, during an internal bank audit. Anyway, it will end up costing you more in the future in possible overdraft fee's and NSF fees if you try to keep the money and will probably turn out to be a big headache. Ethically it is wrong, but also from a financial smart position it is just a "dumb" thing to do.
2007-08-28 02:04:50 · answer #5 · answered by fire_side_2003 5 · 0⤊ 1⤋
Its certainly not illegal to withdraw the funds, as it's the banks error, but in time they will be taking the funds back.
The exact same thing happened to a friend of mine who was a window cleaner, he was given a cheque for £7 and the cashier entered £700 and the funds cleared.
He waited for about 70 days and spent some of the cash and the bank called him and said that they were sprry and made an error, first off the customer though he had doctored the cheque to steal from her, though the bank confirmed it was an error on thier part.
The funds will remain in your account ontil the business or person who gave the cheque notices that the funds are missing from there account.
Unless they do the funds will remain.
2007-08-28 02:08:44 · answer #6 · answered by Lange 2 · 0⤊ 2⤋
I'd say wait and see if it clears and if it does then let the bank know. I had that happen to me once that it looked like a deposit was made twice but in the end it wasn't. I've also seen it happen with some of my debits.
2007-08-28 02:04:24 · answer #7 · answered by Anonymous · 0⤊ 0⤋
♥ That would be totally wrong of you to keep the money just because they made a mistake. I understand that we've all been ripped off in life, and we're all a bit hostile at times, but it still doesnt make it right. If you spend the money then they can hold you liable for paying back every cent. Dont spend it, do the right thing! :-)
2007-08-28 02:03:30 · answer #8 · answered by NCIS ♥ Addict 6 · 1⤊ 0⤋
I'd let the bank know. They'll almost surely catch it anyway when they are out of balance, but if you let them know where it went it will save them time looking for it. You won't get someone in trouble - mistakes happen.
As to putting it somewhere that would get higher interest, if you put it where it would get an extra 2% and it took them a cou[ple weeks to find it and reverse it out, that would be about 80 cents extra interest, hardly worth it.
2007-08-28 02:18:42 · answer #9 · answered by Judy 7 · 2⤊ 0⤋
This happened to my friend, a guy deposited £3000 into (what was supposed to be his account) my friends account. Due to the fact it was the banks error they could do nothing but ask politely for the money back from my friend. He declined and kept the money like any sane person would ^_^
Congratz!!
2007-08-28 02:04:27 · answer #10 · answered by dark_massiah 3 · 0⤊ 1⤋