Bank error in my favor, advice?

[SP103]

Hi everyone:
This happened to me about 4 years ago. Although the issued is settled, here's what happened. I would like to hear your advice/opinions of what maybe I or the Bank did wrong.

One day I deposited a check for $1,000 into my ATM account. I got a receipt for it at the ATM I noticed that $4,000 extra was in my account. That evening, I called them. I Told them about the mistake, and requested it to be fixed. They asked if they should remove it, and I said yes. They did so. The rep told me within 45 days I should receive information regarding the investigation of the error. I never did receive that. 45 days later, the $4,000 was replaced in my account. Again, I called, and told them of their mistake. I, again, informed them of the mistake and requested it be removed. It was removed, and again I was told I would receive an investigation report via the mail. 60 Days later, the money reappeared. Again, I called. I was told their was no mistake.

About 3 months later, the bank took out $4,000 and sent me a letter. I had not used any of that money, my account was only short $1,000 because a deposit had not yet cleared. Yes, I did use that money in a pinch, but I always maintained the amount. I was told my credit would be affect if I did not pay it back within 10 days. I did so, and the bank then closed my account. I informed the local branch manager, whom didn't listen nor offer any resolution. Fleet Bank is now Bank of America (Hmm, wonder why). I would not receive any information when I called inquiring the matter. I was told "go ahead, go to court".

First: What happened? I don't still to this day understand it.
Second: I read the laws, and rightfully that money was mine after reporting the error twice according to the rules. I really didn't want it, nor did I ask for it.

I would love your opinions. Thank you!

 

[seniorjudge]

Q: Second: I read the laws, and rightfully that money was mine after reporting the error twice according to the rules. I really didn't want it, nor did I ask for it.

A: Keeping or taking something that is not yours is stealing (theft) and, in this amount, is probably a felony.

 

[SP103]

Q: Second: I read the laws, and rightfully that money was mine after reporting the error twice according to the rules. I really didn't want it, nor did I ask for it.

A: Keeping or taking something that is not yours is stealing (theft) and, in this amount, is probably a felony.

I always maintained the account over $4,000. What happened was a check I wrote cleared more quickly before my work check cleared by a day. I never used that money. Just to clarify.

 

[seniorjudge]

I always maintained the account over $4,000. What happened was a check I wrote cleared more quickly before my work check cleared by a day. I never used that money. Just to clarify.

Which story are you using?

...
About 3 months later, the bank took out $4,000 and sent me a letter. I had not used any of that money, my account was only short $1,000 because a deposit had not yet cleared. Yes, I did use that money in a pinch, but I always maintained the amount.
...

 

[SP103]

Let me further clarify: I wrote a check, $1,000. The same day, I deposited a work check at an ATM. The ATM deposit took 3 days to clear. The check I wrote was cashed within a day. I found out my current landlord used a check-cashing store that processes checks within 12 hours. I was unaware of that. My bank Fleet agreed with me the account was never in the negative. The bank sent me a check for the positive difference of $401.

I apologize if that part was confusing.
Again, I did not want that money. I tried everything to have it removed. My question is what did I do wrong, if anything, and what was I supposed to do?

 

[Antigone*]

Hi everyone:

First: What happened? I don't still to this day understand it.
Second: I read the laws, and rightfully that money was mine after reporting the error twice according to the rules. I really didn't want it, nor did I ask for it.

I would love your opinions. Thank you!

First - I don't get it either but it wasn't your money so you shouldn't have spent it.

Second - What country did those laws pertain to, because it certainly isn't ours. That money was never yours - you did nothing to earn it. You could have reported the error 10 times and still the money wasn't yours. The bank could have left that money in your account for months and it still belonged to someone else.

I bet you were thrilled those funds stayed in your account for as long as they did - you had use of free money (and obviously you did). I bet you were ticked off and felt wronged when the money was taken back.

You know SP you are asking the opinion of people who know and understand banking. Let me shed a little light on the subject for you. ATM deposits don't take three days to clear. Your deposit may have had a hold but it did clear the next business day. The check that you gave the landlord could clear no sooner than your deposit because processing is done only once a day. Credits clear before debits so your deposit would have posted that same day prior to the check posting. You either had a hold or you didn't have the money it is that simple.

 

[seniorjudge]

This kind of post is quite common on this site; that's why no one (but me) even bothered to answer it.

 

[Antigone*]

This kind of post is quite common on this site; that's why no one (but me) even bothered to answer it.

I got a chuckle out of it too SeniorJudge

 

[Country Living]

What happened was a check I wrote cleared more quickly before my work check cleared by a day.

Check kiting by any other name is check fraud.

 

[SP103]

Ok.

I agree with all of you the money was not mine. Again, I never used that money. When the bank closed the account, my account was positive $401 dollars. Let me REPEAT that, my account was NEVER under $4,000 at any point.

My question is: What happened, why, and what was I supposed to do? I reported the error twice, and the bank failed to follow the rules as outlined in disputes regarding error transaction reporting. I never received any information. Instead, they closed my account. Funny, they mailed me the standard "We'd love to have your business back!" letter 3 months later.

Was I supposed to keep reporting the error, time and time again, until the money would not reappear? I don't see how that is my responsibility. My co-worker whom used to work for them suspected a money laundering fraud scheme by one of their employees, as the bank would not give any information. Bottom line, a $4,000 deposit was made into my account, with no record of it ever happening.

No offense, but instead of judging me, answer my questions I posed. Some of you, like Seniorjudge, seriously think I was committing some type of super-fraud. I guess no matter how many times I type I didn't want the money. Some people won't read it. Again, I didn't ask for a mistake to happen, and I tried to correct it, and that was the end result. The took the money 3 months after it was redeposited, closed my account, and sent me a check for the difference ($401). They never did explain. When I went to the local branch with the letter and the check asking for an explanation, they told me to call their legal department and lawyer up.

 

[Country Living]

I had not used any of that money, my account was only short $1,000 because a deposit had not yet cleared. Yes, I did use that money in a pinch, but I always maintained the amount.

You wrote a check for which you did not have sufficient funds. This may have happened in the past and you just happened to have the use of someone else's money to cover it.

You're focusing on the "good deed" you were doing by notifying the bank of the erroneous deposit. I'm focusing on the fact you used the money to cover your float and just happened to get caught this time.

Now you're complaining because you think you have the right to keep someone else's money just because the bank took time for final resolution.

You did the right thing and then you did the wrong thing. This is where you stand back and take a hard look at the person you want to be when you get older. Do you want to be someone who is responsible and accountable for their actions and respected for it or someone who plays the victim? It's decision time.

 

[Antigone*]

SP103 Please don't ask for an opinion if you're not willing to hear the truth.

Here is what happened: The bank made a mistake. You helped them find it. They finally fixed it. You may not realize this but the "bank" is not some all-powferful god - the bank is people and people make mistakes. So as a banker, I will give you some peace and say "I'm sorry the bank made a mistake. We should have corrected it earlier." There. I hope that makes you feel better.

As far as the Countryliving and Seniorjudge they were being honest and used your wishy-washy story against you; next time make sure you've got your story straight.

Now, I've given you my opinion. I've given you an apology on behalf of all bankers out there for the mistake. Can we consider the matter closed? Can you go on with you merry life accepting the fact that your bank isn't perfect, because I certainly will.

You know as a banker I don't mind eating crow every now and then. At the end of the day it's all about the revenue!

 

[qtpiegracie]

SP103 Accidently Bounced a Check!!!! get off their back. have you never done this?

I think you are very honest and respectable for not spending the money. honestly i probably would have taken it lol. Im no expert( obviously) but I think the bank was in the wrong. Dont worry about it, you did the right thing.. now find a new bank.

Instead of quarelling over tiny infractions... why dont you give the this person what they asked for... advice.. not harassment?!

 

[Country Living]

I've never bounced a check in the 40+ years I've had a checking account and I have lived payday to payday.

Neither have I complained about something FOR FOUR YEARS and continue to seek out people who will pat me on the back for doing the right thing and whine when I can't get sympathy for doing the wrong thing. And then there's that whole "can't get my story straight" thing.

And, Gracie, bouncing a check or using someone else's money for float is not a "tiny infraction". I hope you'll figure some of this out as you get older.

 

[Country Living]

honestly i probably would have taken it lol.

This speaks volumes about your character. It's decision time for you also.