best situation is you can return just the money and keep the interest. In the meantime, email the bank about the unexpected/accidental windfall deposit so you have in writing that you notified your bank (or record a skype call to the bank), and just sit back and collect the interest (but don't use it) until someone gets back to you. the other party's lawyers will then probably send you a letter to return the funds immediately, in which i'd have the bank's legal dept handle that matter (so you don't accidentally send the funds to another random account or wrong person.) this will take some time, so i'd personally just keep it where it is. if they cannot contact you, and your contact information is still unavailable to the other party (most likely due to privacy laws), i believe the other party will need to apply to the magistrates court just to obtain your details and ask for the funds to be returned. if another company/person from another bank transferred the money, they will most likely request your bank to return the funds, which will to be handled by your bank's tracers and recalls department to confirm with you if this money is to be returned. in australia, if the person who transferred the funds are from your own bank, the bank will most likely deal with it. IANAL but i looked into this before for another person once who was the one who accidentally deposited the money into the wrong account.įor that amount of money, someone's going to be looking for it. Personally, I wouldn't look all that hard. You want to stay as far away from it as possible until you find out how it came to be in your account. I would say you should not even transfer the money to a different account to earn interest as that would be accessing the money. Needless to say I wasn't with that bank very much longer.ĭon't touch the money. Seems my account had a negative balance at some point during that month so they charged me for it. When I got my statement for that month I see a $25 fee listed on my account. Yes they fixed it that day but really, you're a bank and sometimes get confused by the difference between debits and credits. So instead of having $110k I had a -$35k balance. Instead of getting a $65k deposit I found a $65 ACH debit to my account. I sold a house, closed on it and was waiting for my 1/2 of the proceeds to hit my account so I could transfer it to my stock account. If your parents are reasonable/rational people, let them know what is going on too.Īgain, if you try to keep the money, it wont work and you will get yourself into serious trouble.īanks screw up all the time, they just don't advertise that fact. Call the manager of your branch immediately and explain explicitly that the money was placed in your account in error. Any fraud investigator who looks at that circumstance will be highly suspicious of your motives. If you have made contact with the bank to enquire about the source of the money and failed to mention that the money is not yours and was placed in your account in error, its going to appear as though you are attempting to steal it. If you try, you will get into serious trouble with the law. There is no way that you can keep this money. The last paragraph of your post (where you mention your work/school status/expenses/etc) leads me to believe that you are, at minimum, passively wondering whether you can keep this money. They make the same call a million times a day. The person who called you likely didn't look at your banking history or even pause momentarily to wonder whether the money was actually yours or not. This was most likely triggered by an automated process. The money was transferred into your account in error.īefore realizing the error, the bank called you to let you know that you could be earning more interest on your balance if you moved it to a different type of account. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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