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Bank Error Laws


Once you do send in a letter, the bank has 10 days to respond. You also may be required to provide documentation somewhere down the line of what you did. Since then, millions of people have turned giddy when receiving the "Bank Error in Your Favor" card from Community Chest. Discussion on update posts may take place in our sister subs, /r/legaladviceofftopic or /r/bestoflegaladvice. have a peek here

I'd be worried about accidentally spending part of it while waiting for it to be sorted out. It might be tempting if the bank accidentally deposits an extra $10,000 in your account. Unlikely enough not to seriously worry about, but I'm still interested in what would happen if it did. He tells lies without attending to it, and truths without the world's believing him.

Bank Error Laws My Favor

I thought my balance was higher than I expected, when I closed my account out! One more thing… We've noticed on a different blog post - British Lottery Scam - that people are tempted to take a bad check and deposit it, hoping that the bank Knowitall View Profile View Forum Posts Senior Member Join Date Sep 2005 Location Behind a Desk Posts 86,985 Re: Bank error in my favor No, I caught that. 12-24-2006,12:31 PM #5 You may be contacted via Private Message during the investigation of this issue.

  1. permalinkembedsavegive gold[–]elvendude 3 points4 points5 points 1 year ago(0 children)Interesting.
  2. All rights reserved. - Terms of Service - Privacy Policy Disclaimer: This content is not provided or commissioned by American Express.
  3. it was pretty cool seeing an extra half million on my account...
  4. permalinkembedsavegive gold[+][deleted] 1 year ago(2 children)[deleted] [–]belmincour 1 point2 points3 points 1 year ago(0 children)Yes in general it is technically theft to retain cash that you know doesn't belong to you.
  5. Brazas Michael B.
  6. I’ve managed web sites for several Fortune 500 companies and for internet start-ups.
  7. Would there be a parallel for OP’s situation?
  8. quaters Senior Member - 1K posted: Nov. 15, 2007 @ 10:02p Why did you close the account?
  9. Have they gotten it yet?
  10. The only morally correct thing to do is to notify the bank and let them research the deposit.

I'd notify them so they could contact the bank. Property so deposited shall be retained and disposed of in accordance with procedures set forth in sections two hundred fifty-three through two hundred fifty-seven of this chapter except that the powers Neither he nor the supervisor knew if there was any kind of time limitation. If A Bank Makes An Error In Your Favor Federal Law (18 USC 1344) gives banks special protection in the form of a 10-year statute of limitations.      Let's see how that balances on the fairness scale…. 60 days for us to point

I have had that happen and simply "sit on it" until the bank realizes their mistake. Reporting Bank Errors Atleast get free checking out of the deal! It looks like one of the transfers got duplicated. It's called a letter of indemnity.

I would contact your state banking commission to be sure about the time frame. Bank Error In My Favor The scammers don't loose money. Banks make mistakes. on a related note, just this week bank of america added a zero to my $50,000 deposit...

Reporting Bank Errors

Bank B said that they were only showing two transfer requests, and couldn't explain the third deposit. You wrote a check, made a deposit, then closed the account and got a check for your remaining balance before that last check had posted/been deducted from your balance? Bank Error Laws My Favor Staff Summary Click to copy code and go to . Bank Statement Errors What is the criteria for it to be considered a mistake (instead of not)?

And it it varies by state, how can we find out what the correct time frame is?" Instead of moral advice, does someone have factual information? http://gatoisland.com/bank-error/bank-error.php You are assured they will look into it and correct the mistake. So, IS there a time limitation when the bank can no longer take it back? These offers do not represent all deposit accounts available. Bank Error In Your Favor

Please consider posting to /r/LegalAdviceUK with questions from the UK or /r/AusLegal for questions from Australia. Perhaps without warning. pic o' day cartoon. http://gatoisland.com/bank-error/bank-error-laws-canada.php The sooner the bank can start looking into it the better.

permalinkembedsavegive gold[–]Astraea_M 45 points46 points47 points 1 year ago(6 children)Do move your own money into a different account. Bank Made An Error In My Favor Porter Joseph J. Every transfer of funds has a reason, and that reason is written in a record somewhere.

Since the original amount isn't yours and the bank can take it back if they want, but to whom does the interest accrued belong to?

As to bank fraud….. To say nothing of the ethical obligation for those who are not interested in complying with the laws of our great god-fearing country. Knowitall View Profile View Forum Posts Senior Member Join Date Sep 2005 Location Behind a Desk Posts 86,985 Re: Bank error in my favor While it is possible that for some How Long Does A Bank Have To Correct An Error If the finding occurred or possession was acquired outside a city, then such property shall be deposited in a station or substation of the state police or in a police station

The money is accessible, but it's not theirs. WHAT WILL HAPPEN?Archived From: Finance Page : 1 Text Only RETIREAT52 New Member Voting History rated: posted: Nov. 15, 2007 @ 9:44p I closed out a checking account last week. What interest charges are there on a bank account? $800 credit card? this contact form Just as the bank penalizes you for mistakes to "teach you a lesson," so might they too learn from their mistakes.

permalinkembedsavegive gold[–]BourbonScotchWhiskey 0 points1 point2 points 1 year ago(0 children)Update? This would 1. Please update the original post to include this information. But it doesn't, generally, do much for the consumer," says Mierzwinski. "Banks don't have a soul.

As you say, the obvious route here is just for OP's bank to reverse the wire, which would send it back to the initiating bank. permalinkembedsaveparentgive gold[–]drphilgood 2 points3 points4 points 1 year ago(0 children)And to follow this up what if OP "mistakenly" transfers funds from his personal account to a high interest account in the mean time? In other news, commercial aircraft are really, really expensive. permalinkembedsave[–]slambur 8 points9 points10 points 1 year ago(0 children) Hypothetical scenario (or not).

It always gets resolved - just a matter of time. Let them grow up to be banks!      One last note on honesty comes from a Thomas Jefferson, in a  letter that he wrote to Peter Carr. "He who permits himself to Oh shit, there's some other check that posted for $689 last week? It is best to keep it in the account or at least enough float to cover it at all times.

It varies by state, but is measured in years, not days and they have the threat of jail to back up their actions."The EFTA is a very weak law, and a Legally do I have to? I mean if someone parks their car in your lawn and abandons it for a period of time it becomes yours. The bank needs it there to track where it came from.

permalinkembedsaveparentgive gold[–]ChiliFlake -1 points0 points1 point 1 year ago(2 children)Couldn't you just write a check for the amount and hand it to the manager? Like what if it sits there for 20 years? Great new, right? Note that these situations definitely don't always indicate fraud, but they definitely do indicate an environment where fraud is much less likely to be detected. *With all that said, I have

If the attorney must be paid (for something a free consultation won't cover), could you pay for the attorney fee out of the account? But obviously no one is going to prosecute you or sue for it unless the amount is substantial. srenna Senior Member posted: Nov. 16, 2007 @ 7:12a RETIREAT52 said: ...Don't you think an error like that would have been caught by now if it was going to be? Why would they need insurance on money created with debt in a fractional reserve banking system?According to what I heard on clark howard (double check this) the bank has a right

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