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They would have to pay it back. I made a 700 dollar cash deposit into a Bank of America ATM a few years back. It read my 700 bucks as over 100k. I didn't really notice instantly and just hit the buttons I knew I needed to hit and left. A few days later I noticed the money and called. They told me it would take a few day to get it out of my account and informed me to not go over. The lady told me if I spend any of it I would have to pay it back and could face fraud charges. In addition, they froze my account until it was worked out and I couldn't even touch the money that was supposed to be there.
You are an exception..
I Ain't got no Worries - Lebron James
What about any gains that were made as a direct result of the additional money? i.e. interest rates or something of the sort.
Time and change will surely (truly) show
How firm thy friendship ... OHIO!
I would also recommend contacting the financial institution and advising them of the error, and also ask them to remove the funds from your account. They all have a suspense account to hold items like that, and employees dedicated to resolving those issues. That request would be a non-issue and would/could save yourself some potential headaches.
God, give me patience today. If given strength I may beat someone to death.
I banked with Wells out of college. They were constantly screwing things up. The final straw was one day I went thru the drive up window and the teller was the girl who was my waitress at Hooters the night before. As soon as she finished with me, I parked and went inside and closed my accounts.
If it was interest paid by the institution that made the error, you would be asked to forfeit those gains.
its not. but it's still 3500 bucks...
The majority of my money is in a private firm with a lot of family ties, so I don't have to worry about this crap.
Most errors will be found and corrected before you can realize any gain, so generally it's a non-issue, especially if you do as BayTider suggested and notify the bank. If you just let it sit in your account for years, it's generally a good idea to account for the interest, as the party reclaiming the money will most likely request the return of interest earned as well.
EDIT: Although, there are some gains they can't take away from you. You can always print out an ATM receipt showing your new huge account balance, go "accidentally" drop it on the bar in a place full of known gold-diggers, and proceed to enjoy the night immensely...
This post was edited by CMXI 12 months ago
If its an error it may only take 1-3 days and they will most likely cover any NSFs that occurred as a result; assuming there are any. If we're talking fraud, prayers sent...
That's the best euphemism for "shoebox under my bed" that I've ever heard!
That shoe box makes me some serious cash in the markets.
Once I mentioned Lawyers it was fixed.
Funny how that works. They have no answer for my problem, and then magically when I mention the "l" word.... BOOM there is my money.
i do the same with my cable provider
Errors happen bro, calm down. Stop giving your pin out to "ladies" of the night and this wouldn't be an issue.
If this was an error, I would not have had to mention lawyers... and it would have been fixed within five minutes of me walking in.
Not after I mentioned "Lawyers" after being told there was nothing that they could do... it was amazing how the attitude changed.
Well then, what's the story? I don't see the complete story ITT.
knock on wood, but I have never had an issue with BoA, corporate giant that they are....I've had several disputes (for instance my debit card being used in Moscow) and they have always instantly credited my account and put the burden on the merchant to prove it was a legit transaction. My checking account also doesn't have any fees except like one percent for withdrawing money in a foreign ATM, but even that is not much at all.
that being said, I don't keep all of our money in one place...multiple unlinked accounts with BoA and multiple others with investment firms.
Also, it is because they don't want to have to deal with a courtroom for a measly $3500.
I second that. I lost my debit card in 5 points Columbia, sc one night and essentially provided my entire checking account to someone for one hell of a good night. My account was cleaned out. BOA had the money back in my account by the end of the next business day.
Dude his dad is second in control of France and his mom is the mayor of Belgium. He eats diamonds with his corn flakes
who knows. My money magically appears after I told them I was calling my lawyers. I drained my accounts and left. No longer a customer of WF
not true, but I do poop diamonds.
Better than banking with bobby lowder
But, how did the 3500 originally leave your account? What kind of transaction was it?
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