Advice needed on a bank error

[vik357]

Hi Folks,
I'm from CA and here's my dilemma:
Every month my wells fargo account was being credited for $600, for 19 months now.
This was free money, which was being deposited into my account due to an error by the bank i guess.
Last week they realized it was happening and now the bank wants all the money back ($600 x 19 = $11,400).
I only have one checking account with the bank, and whatever money i had in there (around $1500) is under the banks control now, and they want the remaining amount back.

What should i do? Is it possible for me to still keep the money, since it was the banks fault and they hadnt realized it for 19 months?

Any advice would be appreciated. Thanx

 

[vrzirn]

Are you for real? If you do not return that money it is a federal offense!

 

[vik357]

How is it a Federal offence? I didnt steal anything! I dint even ask to borrow the money. If you find a bag of cash in your house and you spend it and someone, lets say the real estate company that sold you the house, comes back after a year and some months to claim it are you going to give it to them?

The money was there in my account every month. And i could've used all of it by now not realizing that it wasnt mine. My paycheck is directly deposited into my checking account biweekly, so i could've mistaken the amount as being direct deposited from my job.

I just dont see how its a federal offence.

Please explain.

 

[vrzirn]

The warrant for your arrest will spell it out.

 

[vik357]

again, on what basis?

 

[Jeter]

Vrzirn is wrong. It isn't a federal offense. Stick to your story and you could face prison time on charges of bank larceny AND fraud- 2 FEDERAL OFFENSES. You are not the first person this has happened to and will not be the last. Ignorance is not a plea. Everyone uses it. You will be audited, found liable and your bank accounts will be frozen until the money is paid back. Add to that the money you'll have to pay in lawyer fees and you'll wish you had made the bank aware of the error $10,800 ago on the first deposit. Clear enough for ya?


Jeter