Mutual fund redeemed me to much

[cbowland]

I am in Virginia. I redeemed a mutual fund account about six months ago. Two months after that, the mutual fund company has been telling me that they accidentally deposited someone elses funds in my mutual fund account at some point before I redeemed. They say when I redeemed my account, I redeemed about $5000 more than what was mine. I redeemed my account because I thought the mutual fund was working. What can they do? I have already spent the money on bills.

 

[ShyCat]

They can sue you for the money, get a judgement and seize bank accounts, garnish your wages, etc. Better find the money to repay them.

 

[ollie w. holmes]

Ask them if they will accept a repayment plan, without interest. It never hurts to ask. Before they sue you, they will have to figure the cost of legal fees. Just be cooperative and I think you can wangle a compromise deal. But be prepared to pay all $5000 eventually.

 

[cbowland]

So, your telling me that 10 years down the road my bank can come to me and say they performed a data entry error on my account and I owe them thousands of dollars from an account that has been closed for years.

I doubt that.

 

[ShyCat]

Yeah sure, the banks only audit their books every decade or so, and the rightful owner of that money probably isn't going to notice it's missing and ask any questions, so sure, go ahead: steal the money. I wish the judge could add a few years just for being criminally stupid.