How long do you wait if the bank made an error to remove funds?

Question

My bank made a deposit error in my favor. It has been in there for a month now. How long should I wait before I withdraw the funds? What are the legal ramifications? the ammount is $6,200. I made a deposit for that ammount and they some how deposited it twice.

Answer 1

If the deposit was made in cash, then the teller would've been out of balance, short the $6,200.00 since they diddnt physically collect the funds for the second deposit. If you deposited a check, then they will eventually figure out that there is no offset to the second transaction. You may want to stop by a branch/ or call the customer service line and let them know of the double credit. PLEASE PLEASE do not use the funds!!! Sooner or later they will find out and they can turn this around and accuse you of "Unlawful Enrichment" which can even get you reported to ChexSystems. They may have made the error but you didnt do anything about it. Make sure to let them know..

Answer 2

If the Credit card was not through the bank, then they really have no way to remove that information, they can start an investigation through their credit reporting agency, but it up to the company who issued the card to remove the info. Then most of the time it is reported on a monthly basis, so there would have to be a correction for every month this showed in error. I work at a bank, and I know we can't actually go back and change it to not show past due, all we can do is remove the reporting for the months that were posted past due in error. They will read not reported on your Credit Score. If this is the only thing bringing down your credit, you shouldn't have to wait for your score to go up, it should be fixed immediatley following the corrections. And they really can't stop you from trying to get a loan at another bank. If your credit report has been fixed, then a different Bank should have no problem giving you a loan, then if they do, I would switch over your accounts to a bank with good customer service. If you can, try a locally owned bank, although you may not get some of the amenities of a corporate bank, smaller banks are quickly catching up technoligy wise with the bigger banks. If you do this though, I would leave the minimum amount in your account that has been open for 10 years for at least 6 months as some places have trouble accepting checks from new accounts. That way you could transfer money there if you have to write a check to somebody.

Answer 3

You should have contacted the bank and informed them of the double posting. Whatever you do, do not take that money out. They will eventually find it and remove it.

Somewhere someone is looking for that missing money. Call you bank and tell them!