Bank deposited substantial funds into my account in error

[ease2002]

Connecticut

My retirement fund manager applied a substantial amount of money to my account about a week ago. I am not entitled to the funds and I am sure the bank will realize their error.

Because I have received terrible service from this fund manager, I have yet to notify them of their error. I am sure I will have to return all of the errantly transfered funds, but I would like to know if I have any options. Please answer the following:

What are the general options?

Can I transfer the errant funds to other accounts within the instituition, but not withdrawl the funds?

Would I be able to keep any intrest accrued during the "erred" period?

Is there a statute of limitations that would preclude the instituition from recovering their funds after a certain date from April, 2005?

I am sure I will have to return all of the money + interest, but I would like to make these people sweat in the process.

I look forward to your reply.

Thank You

 

[Veronica1228]

Connecticut

My retirement fund manager applied a substantial amount of money to my account about a week ago. I am not entitled to the funds and I am sure the bank will realize their error.

Because I have received terrible service from this fund manager, I have yet to notify them of their error. I am sure I will have to return all of the errantly transfered funds, but I would like to know if I have any options. Please answer the following:

What are the general options?
Return the funds asap.

Can I transfer the errant funds to other accounts within the instituition, but not withdrawl the funds?
Not a good idea.

Would I be able to keep any intrest accrued during the "erred" period?
Probably not.

Is there a statute of limitations that would preclude the instituition from recovering their funds after a certain date from April, 2005?
No.

I am sure I will have to return all of the money + interest, but I would like to make these people sweat in the process.

I look forward to your reply.

Thank You

You probably have good reason to want revenge, but it is in your best interest to make them aware of the error sooner rather than later. If you transferred the funds to other accounts, they will still only debit the account of first deposit, so it could cause overdraft problems. You'd be setting yourself up for an even bigger headache.

If you don't like your current funds manager, simply find a new one.

 

[tonymarq1]

Error

Funds transferred into a wrong bank account are not your property. Attempts to move it may result in you getting you into a WORLD of legal troubles, and may even result in jail time.

Notify the bank ASAP and have them immediately rfemove the funds.

 

[Litigation!]

My response:

How much money are we talking about?

IAAL

 

[Veronica1228]

Funds transferred into a wrong bank account are not your property. Attempts to move it may result in you getting you into a WORLD of legal troubles, and may even result in jail time.

Notify the bank ASAP and have them immediately rfemove the funds.

This thread is 8 months old. Why are you digging it up?

 

[Mister Darcy]

Funds transferred into a wrong bank account are not your property. Attempts to move it may result in you getting you into a WORLD of legal troubles, and may even result in jail time.

Notify the bank ASAP and have them immediately rfemove the funds.

I guess he better. It's been like 9 months now!