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Discussion Starter #1
At the beginning of August there was a bank error in my favor, to the tune of about $2,000. After consulting with my other half we realized that neither of us made the deposit, and that it was a bank error.

So since this money clearly isn't ours, we've been trying to get the bank to take it back and acknowledge their error. The bank at first promised they would look into it and remove the funds ASAP. Now it seems like they just don't care to address it.

Now a month later, and many more calls and bank visits, the money is still in my account. How can I get the bank to hurry along and figure out their error? Or at what point do we just give up?

We have no intention of touching the money, but its difficult to work around, as it throws things off in our accounting. We're constantly concerned about having this money, and what might happen down the road if they ever decide to address the situation.
 

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Discussion Starter #3
It came in as a deposit to the account. The details only state that it was done at the bank and by the bank.
 

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Michika: My bank's respsonse was similar when an autodebit payment to a telecommunications company was not removed from my account. The company was adamant that the bill had been paid, and the payment was credited to my on-line statement. The bank rep stated that there had not been a request submitted by the company to withdraw the money so there was nothing to trace. She also said that if an incorrect digit was entered either by a bank employee while processing the transaction, or by a customer paying a bill, the amount COULD have been debited to a different account and practically untraceable because the payment 'could be anywhere'. Both the bank and the tele. company blamed each other, and the bank, I felt, tried to deflect responsibility to me by saying that I gave the company the authority for the autodebit. As the consumer in the middle, I felt completely helpless and I, too, was concerned about future repercussions if the payment was not debited. (The autodebit was finally posted the day I received the next month's e-mail bill.)

I agree with you that you can't touch the money and that it throws off accounting. My advice: document details of each bank contact. Escalate your concern. Your bank's website should have information on steps to take all the way to the ombudsman (although I've heard mixed reviews about effectiveness of that position.) If that doesn't work, search the web for the bank's corporate executives and contact the most appropriate.

I'm not sure about 'giving up'; I wonder if there's a time period after which you're not responsible? Are there other strategies the bank could use to handle this situation moving it out of your account?

Good luck. Please post updates. I'm interested.
 

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Discussion Starter #5
I spoke again to someone this morning who told me I just treat it as found money. Yeah right, I'm not touching the money, its not mine, and it would be completely idiotic of me to take it. She did however tell me that it was a bank dispursement, and was not a deposit made in error. It was processed by the bank manager of my branch, and apparently things like this require special authorization. This just gets stranger and stranger.

I'm going to the bank this afternoon after work to try and speak with the manager directly. They're a little credit union that has been great to me up until this. As much as I would love the extra $2K and could find many things to do with it, its not mine and I feel terribly guilty that I have it. Although if the bank just wants to give it to me and I have the paperwork to prove it, I definitely won't have any problems sleeping at night.
 

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Sorry about that. I put the money in the wrong account. Please send it back or give me those drugs you promised :D


At some point, you've tried hard enough to do the right thing. That point is your call, but sooner or later, take the money and run!
 

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Discussion Starter #7
Hahah!

I had someone at the branch look at it yesterday evening, and she said everything looked fine and it looked normal. She said it was my money and I shouldn't be worrying about it.

I did forget to add that this extra money came over in a transfer from my old account when my bank amalgamated with another credit union. Still though everything except this extra money was correct.

I'm just going to leave it alone for another month, maybe two, and then I'll consider moving it to a better earning investment. At least until then its pushing me over the threshold for waived bank fees, so its earning its keep for all the trouble its caused.
 

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Discussion Starter #8
The money was still in my account this morning, so this afternoon I got rid of it. I went to the bank, and refused to leave until they took their money out. Its gone, and now I feel so much better about not having to account for it and worry about why its there.

They clearly still don't know where it came from, but they reluctantly transfered it out of my account today.
 

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I think its enough that you have notified them, sit back and just don't touch it, it will make a little interest for you, I don't think they'll take the interest when they take the money back!
 
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