Bank Did not debit my account for a CAshiers Check

[devrycis]

What is the name of your state? CA

I recently (last week) went to my local bank to get a cashiers check. I funded the cashiers check by having them take the money out of my savings account.

But to my surprise the money i used for the cashiers check is still in my account. (They did not withdraw it...4 days have passed already)

The person i gave the cashiers check to, has already cashed it.

QUESTION:
Is there some law regarding how many days my financial institute has to debit my account for a transaction? Can my bank collect their losses if i where to withdraw/transfer the money to another financial institution??
How / where can i find more information about this?

I would appreciate any help.

 

[Ladynred]

I don't know if there are any LAWS of that type. However, if you take the money out and they 'fix' their error, they WILL come after you for the funds. Call the bank and bring it to their attention before you get yourself into trouble. Its NOT a windfall for you.

 

[BeenAround]

The dollar amount will be a relevant factor, as well as, which bank you are talking about. Some banks take a stand to collect every penny and pursue legal means regardless of the dollar amount. Some banks won't bother if it's a small enough amount, because it's not worth the trouble considering time and cost.

 

[dncr]

If you were to take the money and keep it, that would be unjust enrichment--you're not entitled to it just because the bank made an error. They will most likely figure out what happened and correct the error, so you're best off telling them what happened and getting them to fix it now before you accidentally spend the money and cause yourself some problems.