Comments on: Handling Bank Errors In Your Favor

By: Tanasia

Tanasia — Thu, 29 Oct 2009 20:25:56 +0000

I deposited my paycheck and soon after right around bonus time, there was an additional deposit around the same amount. I called an old co worker about the bonus and she said not to discuss with other employees. A soon as my boss came back I thanked her and she had no clue what I was talking about. Next thing I know, the bank caught the error that they posted my check twice and then reversed it leaving me neg almost 900.00. Now they are saying I have to pay it back because I knew the money was not mine and I spent it. I said I had no reason to think it was not mine, it was at bonus time, which we got today instead of the two weeks ago when this happened and if I really thought it was a mmistake I would have taken all the money out that day and ran and I didnt, I paid my bills as normal leavingmyself a positive balance…what do I do

By: Tempted

Tempted — Wed, 14 Oct 2009 21:33:26 +0000

I’ll be heading to the bank today after work to report an error in my favor!I’m getting ready to close on a home and the day before signing the DOCs, I went to the bank to purchase a cashier’s check for my settlement costs. The teller misspelled Fidelity and had to reprint the check again. At signing, we realized the teller had given me an “Official Check” rather than a “Cashier’s Check” which according to the title company funds in three days contrary to Cashier’s check which funded immediately. I went back to the bank to change the “Official Check” to a “Cashier’s Check.” I sent off the DOCs and all was well until this morning when I logged on to my account and noted that the teller redeposited the money from the Official Check and didn’t deduct for the “Cashier’s Check.” I will do the right thing but…………oh so tempting since my new home needs repairs! No amount is a big enough amount risking going to jail for….

By: loraine

loraine — Wed, 22 Apr 2009 11:53:13 +0000

I had a 70K cd in a feral credit and someone reported me decease 3-24-08. I the records was supeoaned by judge and still did not get all info. And my money is gone

By: Ashley @ Wide Open Wallet

Ashley @ Wide Open Wallet — Fri, 30 Jan 2009 17:20:25 +0000

I can’t believe they would quit their jobs and move away for $1,500! Jeeze, what would they have done for more?

By: SimplyForties

SimplyForties — Fri, 30 Jan 2009 17:16:18 +0000

@Squidman – If I see it, I correct it. More frequently, it’s the other way around, though. If you’re going to correct over charges, you have to correct under charges too!

By: Squidman

Squidman — Fri, 30 Jan 2009 16:59:45 +0000

OK, so what happens if the supermarket cashier rings up an item incorrectly in your favor? Let’s say you buy radicchio and the cashier rings it up as red cabbage (happens to me all the time). It’s there job to get it right not mine.

By: Tom

Tom — Fri, 30 Jan 2009 05:04:29 +0000

Banks always find the error eventually.
And when they do, you better make sure the money is still there.
It’s pretty black and white.

By: MoneyNing

MoneyNing — Thu, 29 Jan 2009 18:41:17 +0000

My friend had this happen to her. She actually got almost $1 million but after a few days, the money went right back out.

I agree with you that it’s pretty black and white though and it’s pretty obvious that they will catch it.

It’s also interesting though that people think they can live “happily ever after” with only $177k. If both the husband and wife were working, that might be only something like 2 years worth of salary.

By: AverageJoe

AverageJoe — Thu, 29 Jan 2009 11:37:48 +0000

Very simple…..you know the money’s not yours, don’t spend it and alert the bank. Otherwise you are stealing!

I’ve also seen a deposit mistakenly go into the wrong person’s account. Once the bank catches the error, takes the money back and deposits it to the correct account, the account that received the money in error is sometimes overdrawn! When that customer is contacted to take care of the overdraft, they usually blame the bank and disclaim any responsibility for making good on their excessive withdrawals. That’s when their account goes to collections.
This is not really about windfalls. It’s about character and ethical behavior.

On a positive note, I’ve seen a customer make a withdrawal from a teller, go home, realize they got $20 too much, and come back to the branch to give the money back to the teller so they don’t get in trouble for their drawer being short at the end of the day.

Quick survey–would you do that if it happened to you? I’m pretty sure I would, for $20…..what about you?

By: thomas

thomas — Thu, 29 Jan 2009 05:34:11 +0000

yes, it is a Mike Jackson song.

By: Fred

Fred — Wed, 28 Jan 2009 22:07:43 +0000

I would just tell the bank. Its a black and white issue.

By: SimplyForties

SimplyForties — Wed, 28 Jan 2009 20:31:47 +0000

Black and white, whether a cashier gives me too much change at the grocery or the bank makes an error in my favor, the money’s not mine & I’m going to return it.

By: Michele

Michele — Wed, 28 Jan 2009 19:55:59 +0000

I made a tax payment to city for courtesy withholding last year, it was for $56 and some change. 6 months later the check still had not cleared. I called the city and they told me that they got the money. The check never came back to us. A year later it still has not.

I called our bank and they basically told me that there was no reason to pursue it further, because banks did not waste time auditing for such a small amount (under $100). Sometimes it just happens. Apparently more often than we realize. However, if a large amount was deposited in my account, I would make every effort to return it.

By: tom

tom — Wed, 28 Jan 2009 18:10:32 +0000

Interesting article.

I personally don’t like some of these charges banks have but that was my choice for picking them.

Anyways, the best thing to do is be cautious and keep track of your financial’s often.

By: Start-Up

Start-Up — Wed, 28 Jan 2009 17:36:07 +0000

I take corrective action if I was losing money due to a bank error. If I was gaining money I would put it into a savings account that earned interest and treat it as a short term 0% interest loan until the bank contacted me. If it was a rather large error I would probably contact the bank, and I would definitely not quit my job, move and then plead ignorance.