- If the bank accidentally deposited money into your account, the money isn’t yours
- The only time you can keep an ‘unexpected’ deposit is when the money was intended to be deposited into your account.
- So, if the deposit was made mistakenly, you aren’t allowed to keep the money
- Read about how a bank accidentally deposited $50 billion into a Louisiana family’s account
- And here’s what happened when a couple disappeared after a 6 million dollar accidental deposit:
If you notice the money has appeared in your bank account, and you are not sure where it is from, then it may have been deposited accidentally
This is more common than you may think. If this happens to you, you may be wondering if you can keep the money.
It can be easy to get carried away, especially if it is a large sum, but the rest of this article will explain what to do if this should happen to you.
Table of Contents
What Should You Do If You Find Unexpected Money In Your Bank Account?
The most important thing to remember is that even if money is deposited into your account, if it has been done by mistake, then this does not mean it belongs to you.
You should notify your bank as soon as you notice that there is any money in your account that you do not think should be there.
If it genuinely does belong to you, then this is something that the bank will be able to establish, so you really have nothing to lose. You should not attempt to spend the money, or move it to another account.
Even though it is in your account, it does not mean that it is your property, and the consequences of trying to keep it could be severe.
What Happens If You Spend The Money Without Realizing?
If you have not realized that any money has been paid in, and you have spent it, then you will need to repay it. Depending on the state you live in, there is also the possibility you would face criminal charges.
The bank may not accept the fact that you didn’t know the money was there as a defense. This is why it is always a good idea to check your bank account and the transactions on a regular basis.
Is There A Chance The Mistake Won’t Be Noticed?
With so many financial transactions taking place every day, you may think that any mistake won’t be noticed.
However, even if it is not spotted straight away, there will come a time when the bank asks for this money back.
The best course of action is to notify the bank immediately so that they can begin to trace where the money should have gone. Banks and other financial institutions do conduct regular audits with the aim of uncovering mistakes, and so any error will be noticed eventually.
Should You Notify Your Bank Or Wait For Them To Contact You?
If you notice that money has been deposited into your account accidentally, then you should inform your bank as soon as possible after the discovery has been made.
This will allow them to investigate how the mistake has been made and who the correct recipient should be. It also helps to remove the temptation to spend the money.
Can You Move The Money To Another Account?
You should not make any attempt to withdraw or move any money which has been paid into your account by mistake. If the money is moved into another account, then this could be viewed as theft.
The bank may still try to take the money out of the account that it was paid into, so if it is not there, it will be your own money that is taken. This could lead to you facing financial difficulties.
How Can You Prevent Your Money From Being Deposited Into The Wrong Account?
If you want to make sure that the money you are paying into an account doesn’t end up in the wrong place, then the following tips can help.
- If you are paying money in over the counter, then make sure you write the numbers legibly on the paying-in slip. Some of the most common mistakes occur when the numbers 3 and 8 are incorrectly entered by the teller.
- If you are making an electronic payment, then you should double-check all the details before you press send. This includes the name of the person you are paying, as well as their account details.
My name’s Tony and I own several New Jersey businesses, specifically in North Bergen. Small stuff. A few local markets, a bowling alley, things like that. I started this blog to help you learn how to manage cash- like I have dealing with primarily cash businesses.
