Bank Mistakenly Deposited Money

[cwong]

What is the name of your state? California

If my bank or financial institution mistakenly deposited a certain amount of money/stocks into my account, do they have the right to withdraw it? Will it require my consent to rectify the mistake? Is there a window of which if passed will not allow the institution to withdraw that amount any longer? What are the legal ramifications of me withdrawing this amount that I did not deposit?

Thanks alot for answering my question.

 

[divgradcurl]

"If my bank or financial institution mistakenly deposited a certain amount of money/stocks into my account, do they have the right to withdraw it?"

What do you think? Of course they can withdraw it.

"Will it require my consent to rectify the mistake?"

No.

"Is there a window of which if passed will not allow the institution to withdraw that amount any longer?"

Maybe, but think in terms of years. You'll find out exactly what the length of time is when you try to raise it as a defense when the bank sues you to recover the money.

"What are the legal ramifications of me withdrawing this amount that I did not deposit?"

That is stealing. You could be charged criminally for theft as well as being civilly liable to pay the bank back.

If you are worried about bouncing a check, here are two tips -- don't write any checks against the mistake funds, and let the bank know ASAP so that thye can rectify their mistake.

Turn things around. If you went to your bank and found $1000 missing from your account because you mistakenly deposited into someone elses account, would you want to recover the money, or would you let the other people keep it because it was "your bad?" If you feel you would be entitled to your money back, why would you have any reason to believe the bank isn't entitled to THEIR money back...

 

[Jeter]

If my bank or financial institution mistakenly deposited a certain amount of money/stocks into my account, do they have the right to withdraw it?

A*- Yes. It isn't your money. You are required by law to return that money to the bank


Will it require my consent to rectify the mistake?

A*- No


Is there a window of which if passed will not allow the institution to withdraw that amount any longer?

A*- No. That's like asking if you robbed a bank and kept the money at your house, is there an amount of time that they aren't allowed to get it back from you.

What are the legal ramifications of me withdrawing this amount that I did not deposit?

A*- There are no legal ramifications for withdrawing it, however if you don't pay it back in full when they want it (and they WILL find the error) then you will face federal charges for larceny/ Grand larceny depending on the amount. Ignorance is not a plea, so don't try to deny knowledge of the credit. The bank's lawyers will have you audited and you had better produce reciepts for every stick of gum purchased that year.

 

[cwong]

Thank you for the information. I knew it wouldn't be so easy... and I was all excited about it too... hahaha j/k. I had a feeling that that was going to be the answer, but just wanted some confirmation. Who knows, I might get lucky! For some reason the bank still had not recify its mistake, but I'll let them know.

 

[cwong]

By the way, I just discover this online forum and it's probably one of the most wonderful things on the internet. Thanks for all the advice

 

[HomeGuru]

Did you tell the bank that they deposited money in the wong account?

 

[DrewfromCA]

LMAO!!!!!!!!!!

Now, that was really good laugh I just had!!

 

[HomeGuru]

Great.

 

[advicesucks]

interesting story

http://www.man1bank0.com/home.cfm