<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Bruzer27:
My bank mistakenly deposited money into my account. What are the laws regarding this money? Can I claim it? Is there a time limit? Can the bank ever require it back from me if I do? Any feedback would be greatly appreciated.<HR></BLOCKQUOTE>
My response:
You'd better not spend it !! Every company, including banks, have auditors and others checking the accounts, on a constant basis. The person to whom the money is owed, will eventually complain. When that happens, an in-depth audit will occur, and your account will be discovered as having the money. The money will then be transferred to the rightful owner. If you check your account's rules and regulations given to you by the bank when you first opened your account, you will notice that the bank has a right to go into your account to correct any "wrongs." Further, if the money is gone, you have agreed to be liable for costs and attorney's fees if the situation requires legal action, and you are determined to have wrongfully absconded with the funds. You have an ongoing duty to report any errors in your account to the bank. Without reporting the errors immediately, and after a certain amount of time has passed, you may be presumed to have knowledge of the error and caused further damages, for which you can be held liable. Read your rules, and do the right thing, before they have to take action on their own. Remember, someone is depending on that money to pay bills and feed a family.
In closing, this is not Monopoly money, and you DO NOT get to take advantage of the "Bank Error in your favor - collect $100.00." Let your conscience be your guide, before a judge forces you to repay.
IAAL
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