bank took money away that they put there by mistake?

[jellybean36]

What is the name of your state (only U.S. law)?

Washington

Hi
About a month ago, my bank deposited about 3000 in my account. I thought it was my student loan that came early so i started spending that money. now however i found out that they had accidentally transferred somebody else's student loan in my account by mistake (we had the same name) and suddenly today i found out my statement had a balance of -2000.
Is there anything i can do. I'm distressed because i will have no money till i can find a job which will take at least 2 weeks.

[Roo]

What did the bank do with your loan?

[jellybean36]

Hi
Well I get my loan in two parts, one in september, one in january. I thought i had gotten my january one earlier so i spent quite a bit of it. Now without informing me (which is apparently their right), they subtracted the 3000 from my account (which was actually someone else's student loan). I initially had about 500 left to last me about 2 months and now i have -2500. I hope that answers the question. Basically they altered the bank statement so it looks like they never deposited the 3000 in my account in the first place

so basically, can a bank accidentally put money in your account and then take it away without informing you?

[Antigone*of*Greece]

Originally Posted by jellybean36

Hi
Well I get my loan in two parts, one in september, one in january. I thought i had gotten my january one earlier so i spent quite a bit of it. Now without informing me (which is apparently their right), they subtracted the 3000 from my account (which was actually someone else's student loan). I initially had about 500 left to last me about 2 months and now i have -2500. I hope that answers the question. Basically they altered the bank statement so it looks like they never deposited the 3000 in my account in the first place

so basically, can a bank accidentally put money in your account and then take it away without informing you?

Yes, the bank can take any funds that do not legally belong to you back without your notice. You will also need to replace the funds in the overdrawn account fairly quickly or the bank will begin closure procedures.

[jellybean36]

I'm sorry i tried to google it but what is a bank closure? If they close down my account, will I have to pay them the money I owe. Can they sue me for money since i dont have anything because i am a student with no assets
I understand I might sound a bit greedy right now since that money wasnt technically mine but i have no way to pay all that money back soon . I could do it eventually but it will take at least two months and create a lot a of stress over something that wasnt my mistake in the first place

[Antigone*of*Greece]

Originally Posted by jellybean36

I'm sorry i tried to google it but what is a bank closure? If they close down my account, will I have to pay them the money I owe. Can they sue me for money since i dont have anything because i am a student with no assets
I understand I might sound a bit greedy right now since that money wasnt technically mine but i have no way to pay all that money back soon . I could do it eventually but it will take at least two months and create a lot a of stress over something that wasnt my mistake in the first place

The bank will close your account. You will have huge issues opening a new one with any other bank. They will sue you for the money. The judegement will folllow you for years and years to come.

When you do get a job or have assets, they will get their money.

Stress is something you are going to have to learn to live with. Life is not all roses and handouts. Welcome to real life.

[jellybean36]

alrite well thanks for the replies
btw im from canada but the laws are pretty much the same i think

if you have canadian friends tell them to never bank at vancity because they dont even bother checking the proper account number when depositing money in it

))

[Antigone*of*Greece]

Originally Posted by jellybean36

alrite well thanks for the replies
btw im from canada but the laws are pretty much the same i think

if you have canadian friends tell them to never bank at vancity because they dont even bother checking the proper account number when depositing money in it

))

Oh so you're Canadian eh??? Well, that changes everything. Did you know that in Canada if you overdraw your account they throw you in the deepest darkest dungeon and throw away the key.

[Zigner]

You REALLY don't know how to follow rules, do you?

[ecmst12]

It seems to me that common sense, in any country, would dictate that if money appears in your account and you don't know where it came from, you should FIND OUT before you go spending it! If you'd done that, you wouldn't be in this position now.

[Indiana Filer]

Originally Posted by emach1

Don't despair, OP. There are non-chex systems banks which will allow you to open an account even if you owe money to another bank.

[url=http://www.google.com/search?hl=en&q=non+chexsystems+banks&aq=1&oq=non+chex]non chexsystems banks - Google Search[/url]

That being said, there are websites dedicated to circumventing chex systems. Just click some of the links.

Good luck getting back on track.

Again with the incorrect advice? Oh vey. You need to learn more about the law before you post. Besides, the OP is from Canada, and there laws are different from the US. The OP failed to post correctly, and then you post incorrect info.

[Antigone*of*Greece]

Originally Posted by Indiana Filer

Again with the incorrect advice? Oh vey. You need to learn more about the law before you post. Besides, the OP is from Canada, and there laws are different from the US. The OP failed to post correctly, and then you post incorrect info.

There is no sense in correcting this troll Indiana. Have you seen the posts??? Useless, clueless, ignorant, pathetic, & pawn-scum-like is how I'd describe this poster's behavior with other members (and those were the nice things I thought of).

[cosine]

Originally Posted by Zigner

You REALLY don't know how to follow rules, do you?

And what do YOU think the rules are (that apply to THIS situation)?

OP was expecting 3000 to come in. 3000 came in. Bank didn't tell him up front that it was not his (presumably not obligated to). OP spent a major portion of money he believed was his (this is NOT a case of 3000 just magically appearing from nowhere ... was really was expecting it if his story is true). Bank discovered error. Bank moved money over to the other person with the same name.

What the OP should be doing first is schedule an appointment with an officer of the bank. Then explain the situation, including the fact that he was expecting the money (and bring paperwork on the student loan to show the officer that it's not just a story). The situation apparently includes the fact that the OP doesn't have the money to restore the account immediately.

A reasonable bank would treat this as a short term loan, given the situation THEY CAUSED ... once they understand that the account holder had a legitimate reason to believe the money really was his.

A very reasonable bank would waive interest on such a loan, give the situation.

An unreasonable bank would demand money the OP doesn't YET have, and maybe even make it impossible for the OP to even get that money.

I have no idea if there are reasonable banks in Canada. Some still exist in the USA.

[InsaneJane]

I agree with cosine ^^^^ X2.
Also you want all the overdraft fees reversed and don't wan't to pay any interest on the money. You also want a letter from them stating that there was an error caused by the bank that altered your balance....

[Zigner]

Originally Posted by cosine

And what do YOU think the rules are (that apply to THIS situation)?

That this site is for US LAW ONLY - DUH!