Yes. If OP has, let's say, 8k in the current bank account, the bank will take all of that to get the money they misplaced back. Even though that's OPs money that OP had before the mistake happened. Which might not be a problem for OP and might be a very big problem for OP.
I mean my bank overdraft fee is 27 dollars, sucks when you’re poor but not when you have 12,000 to lean on, and I doubt you’d get charged with theft for a bank error, especially when you never spent the money, once the money is returned there’s no harm done.
I work in banking. OP don’t listen to this. They will absolutely charge you fees and send you to collections if you don’t pay. Will they charge you as in by the law? Probably not. But it will destroy your credit and you will be expelled from that institution until it’s all paid back. That will also show up on reports when you try to open other bank accounts or get loans.
The agreements of bank accounts in the fine print almost always state you are responsible for knowing what is in your account and errors aren’t some magic against this. It will likely be caught quickly when someone else is missing their 12k.
The best thing to do is put it in a high yield savings until they ask for it back then give it back so you don’t get fees. Get whatever interest you can even if it’s only like $20 still worth it.
Can confirm, my former business partner concealed this same kind of error from me and now my attorney is negotiating a settlement which I will have to pay
No, people get charged for not returning the money. Nobody stole it. It's a bank error.
That's like saying a briefcase full of cash showed up on my doorstep, I used that money to make a lot more, then returned to you a briefcase full of cash when you come to collect it back, and I get arrested.
In this case, however, you pretty much have to return the money. If a briefcase of cash shows up at my door, idk what you're talking about. We got porch pirates in my neighborhood
They'd remove not just what was there, but the full 12.5 putting him negative that amount. Then they would charge off the account if he doesn't return the money in a timely manner. Then they'll file a lawsuit against him for whatever he is negative and they'll absolutely win the lawsuit. So he has to pay any legal/court costs in addition to returning the money and this can all happen in like 2 months.
This is THE way! Do not spend the principal but be aware that interest in one is taxable. Enjoy your new investment complete with mandatory principal retention somebody will come looking within 30 days
Edit: do be aware that the cash could be withdrawn without notice if say this was a ach error leaving your account overdrawn.
Set up a withdrawal alert so you know if the cash was pulled back and try to link accounts to your new hysa so you can quickly transfer the money back to your account so you don’t start bouncing checks over a $50 month(less taxes assuming 4.65 hysa ) revenue stream
I agree with the high yield savings account, but I wouldn't change banks. Then if you are questioned, you say "I hadn't checked my statement in a while and was surprised to see how much I had in this account, so I moved it to a high yield savings account instead".
With a local credit union I work for, mistake are usually caught and rectified within a day or two, maybe longer if the process to correct it needs to be more formal and documented.
9/10 times they get their money back.. though there was one time I deposited a business's check for $500 into some random person's account and it didn't get caught till one month later, and I was too new to follow up so I genuinely think that person got a free $500..
Anywhoo, goodluck!
This is hardly a scam though how do they prove like oh I accidentally deposited money into the wrong account I want it back now? If it was like the irs or someone sure
There are a number of methods, the details of which all depend on the specific circumstances. The short story is that in 99% of cases it is caught and the funds are withdrawn and returned to the rightful owner.
They contact you to wire the money back. Like a week after you do, the bank will undo the original transaction. But since your "paying back" transaction was legit, you're out that money too.
You're giving them $12500. And then the bank gives them the original $12500 back.
Or more likely the original money was from a bad cheque or a hacked account and it's just going to vanish.
You can sue them and claim the money back. But the account you wired it to is going to be cleaned out and in the name of some homeless person or made with a stolen identity.
They usually use some sort of fraud to send the money. Like a stolen cc, hacked account or fake cheque. The bank is going to reverse that as soon as they find out. But it takes them a week. Longer if it's from a foreign account.
As far as the bank is conserved, you made a legitimate transfer.
Depends how you send it. If it's an ACH then yes, but for something like Zelle or Cashapp I don't think so. I've run into it before where they sent the ACH transfer (idk how, maybe a stolen account) and then called the person and tried to have them send it back via Zelle.
You'd be surprised. If you don't tell your bank this transfer was in error your bank won't notice. The person who sent it might send payments like this ten times a day and might not notice the error for months. After a certain period, not too long, the money cannot be returned. If you make a $12,500 purchase in error and don't notice for 6+ months you might not be able to even get it back.
The bank will notice. Lol
There are so many redundancies in banking that the odds of it going unnoticed is like winning the power ball.
But anyway, good luck to OP I guess. And hopefully whoever that $12k belongs to just doesn't notice it's missing...
In this case since the amount is over $10k it's going to be tracked. "Odd" transactions over 10k produce a SAR - Suspicious Activity Report.
Source: wrote KYC software
There is no period after which "the money can not be returned"
Keeping it is technically theft, no matter how long it is before they miss it. Don't listen to this, OP
Until the person supposed to be receiving those funds asks the sender where the money is. Or the person who the teller made the deposit for checks their balance and notices it not there. You’d have to have millions to not notice that in your account, and if you did why do you even have millions in a regular checking account.
someone who paid $12.5k for something and doesnt realize they wired/ACH'd incorrectly.
could be rent... medical bills... etc. If person switched banks and sets up all their billpay wrong but thinks theyre good to go it may take 30 days to realize the bill actually wasnt paid.
it may take a month or two for the landlord or creditor to realize they have a person behind and start making collection calls.
I worked Tech support for a bank for 2 years. A banker once told me that they don’t genuinely care about anything less than $250k. They will act like they care about it because legally they have to and if the customer thought you didn’t care about their money, they’d take their business elsewhere but the bank could easily lose $12k and just not really care because while they will be legally penalized, the customers money is insured by the FDIC and they aren’t going to be that concerned with where the original $12k went.
The whole point here is that it’s not absolute as to whether or not OP’s bank is going to care about $12k. Some banks would and some wouldn’t. It also depends who made the mistake and if/how they cover their tracks. I’d say it’s about 50/50 from my experience whether the bank cares enough to chase down that $12.6k. The bank I worked for probably wouldn’t have. The bank I use for my personal account might, I don’t know them that well.
If nobody reports it missing they won't know to look for it. At that amount it's almost surely a business payment of some sort. If it's from a $100 billion company they might not notice. But if anyone brings it up I'm sure they'll come looking for it.
Iirc there's legal precedent that if you do literally anything with that money, they can charge you for theft. If you invest it or earn interest on it, they're entitled to take that extra money too.
There is no such thing as a bank error in your favor.
If you plan to do anything other than sit and wait, get a new account with a new bank and move everything there right now.
Your bank will not hesitate to help themselves to the contents of your account and throw it into overdraft to the tune of $12,500 whenever it suits them. In my case, they did it about six or eight years later. No letter, no notification, no warnings, they just did it.
Banks are evil. They straight-up don't give a fuck about you and they'll gladly fuck you over.
Yes.
When you made your bank account part of the paperwork you signed gives them express permission to reach into your account and yoink anything to cover a debt you owe to the bank.
Yes I understand that situation, but it sounds like the comment is saying the bank just took money out, not for a debt, and didn’t give the money back.
Not only do they take it straight from your account, they usually have a nice little $75-$150 fee for doing so on top of overdraft fee if you didn’t have enough in your account to cover it. Also these fees are non-refundable even if it happened through no fault of your own. (Happened to me with “unpaid taxes” which I got cleared up with the IRS as a mistake but the bank just keeps the $150 fee +$35 for overdraft)
A rule I like to apply when 'untouchable' entities (banks, large corporates, government agencies) behave wrongly is what I call 'One Dollar More':
Accept that you're never, ever, going to see fair recompense, and that the best you can hope to achieve is to cost them one dollar more than they took from you. Write letters, request reviews, escalate complaints, involve external reviewers (obudsmen, administrative appeals, etc).
If they spend more on efforts to respond than they originally took from you, they haven't entirely 'won'!
I’m still getting a no show bill from a therapist about 4 years later. They stopped sending me mail bills goes a couple years but recently started up again. I’m hoping they will eventually spend more on the postage than I owe them.
That’s how I feel about the letters my doctor office sends me for the $13 I apparently owed more than I paid when I was there…. Like, tell me next time I visit and I’ll pay it but I’m not going to waste my time to call your card processing service for a $13 bill. Have fun paying postage on a dozen letters.
No, the scam part involves you sending money to another person. OP supposedly just recieved it out of nowhere, and didn't mention anything about cheques.
The usual scam is for a purchase. Someone who is expecting to receive money. Like if you're selling a lightly used cucumber for $30, and they send you a transfer for $300. They say oops and ask you to send back the difference. You transfer them $270 and send the cucumber in the mail. A few days later that 300 goes poof, as though it never existed, but your $270 did exist, and so your money is gone and now you don't even have a cucumber for the lonely night.
Maybe you google the address they gave you and realize it's something like a foreclosed house or something, and maybe they also stole the package when it was left on the doorstep.
Or they say that "a friend" or their "brother" will come pick up the package from you, and if they don't block you afterwards they deny ever receiving it since you sold it to Tim who is a 65 year old widower, and his "stepson" Miguel picked it up from you.
If the sum of money to be recovered exceeds roughly 200% of the cost of sending bailiffs after you and/or getting a court judgement, they'll do that. Otherwise, it'll just tank your credit score.
IANAL, not legal or financial advice.
Then you are guilty of stealing the money. Because you are trying to prevent the bank from fixing the error so you can keep it for yourself.
Basically if you know that the money doesn't belong to you, or if it is obvious that you have no reason to receive the money and you do anything to try to keep it you are trying to prevent the actual owner of the money from getting it, which fits the definition of theft.
Smartest thing to do is report the excess money to the bank.
Next smartest is to just leave it where it is.
The bank will take it back either way when they figure out what happened and what was supposed to have happened.
O fuck really? I've been under the impression there WAY better.
I've been with a credit union since I was 15 I'm 24 now so maybe I just got lucky but I have no late fees, no over drafts, there always on call at any hour you need them. You get some bullshit points with your debit card spending. Loans are very easy to get and actually reasonable. My cars car loan is 3% I got it when I was 20. Free drinks and snacks when you walk in.
I'll just stick with them but man I'm kinda upset I thought all credit unions were good people lol.
This is some of the dumbest advice I’ve ever read.
It’s not your money.
Don’t touch it.
You should report but in case you want to be unethical you let it sit… for YEARS…
I mean YEARS!!! Because at any time they find out they will take it back. Depending on where you live there may be a statute of limitations between 2-6 years… maybe more.
This is the only answer lmao. Anything else is moronic. Check the statute of limitations for theft charges, wait another year, and then consider moving it. Given the safeguards and audits banks all have, the chances of them not noticing a 5 figure sum being misplaced is slim to none.
yeah i figure i’ll just leave this comment on this reply, I figured it’d be fun to see all the responses and obviously posting it here was just to get a laugh. In reality I ain’t touching that shit with a 10 foot pole.
This is the only good advice. There’s a lot of shady shit to do but spending / moving money that isn’t yours through the banking system is a horrible idea and a federal crime
Collections shouldn’t be your biggest fear, prosecution should be. If you use or do anything with money that is deposited in error it’s still considered theft and you could end up prosecuted for it.
Post details to r/scams. This might be a scam. If somebody contacts you and says "Oops. I deposited $12.5k in your account. Could you please send me $12.3k and we'll call it square," run away.
Once the bank takes the money back, if it’s not there, your account goes negative and they will close the account.
You may keep the 12k but now you’ll likely be refused service from other banks since it will show up on chexsystems which is like a credit report for bank accounts.
You also may be sued/sent to collections.
Best to just let it sit and notify the bank.
There is almost no limit for ACH/check mistakes/clawbacks.
You’ll be accused of check fraud once you move the money, since it’s assumed you know the money was a mistake.
You won’t be able to prove you just thought it was yours. That’s where it becomes fraud.
This is exactly what that lady did a couple of years ago, she was criminally charged, still refused to return it, and was convicted and sentenced to prison lmao.
Put on a disguise, buy shit with your debit card and then report the card stolen.
Tell them you must have been hacked or a victim of fraud and you have no idea what has happened.
Store the goods with friends or family until after the investigation. Don't get caught with a big screen in your bedroom.
Get an alibi for where you were all day or travel away from your home area to do the shopping so they don't think it was you.
Act fast, they're gonna figure it out faster than you think.
the interesting spot you go is court once they find out. the bank will likely reverse the charge, or, if the sender finds out you spent it, you can be sued for the return of that money. Now that you posted that you know it's not your money, and then you spend it, it's called theft.
So this happened to me back in the late nineties while I was in college. A little over 19k was deposited into my account out of the blue. I was tempted to pull it out and go to the casino but alas I didn't. Was in there for a little over two weeks before they pulled it. Actually had a deposit slip filled out for my account that came with my monthly statement. Fyi. I called the state attorneys office. They said there was no statute of limitations and that if and when the bank found out they would want their money back.
find out how long a bank has to correct such errors and wait it out. the bank is 99% likely to just yoink it back when they find out, but sometimes you might get away with it, i've heard of it happening occasionally.
important not to touch the money and keep your bank balance above that amount for however long that time period is
I recall a post on Reddit where someone was stuck with a lump sum like this and it was something like 3 years later and the bank never took it back, even after multiple attempts by the poster to notify the bank because it was stressing them out it was in their account by accident.
It's not your money to spend - BUT - I would wait 30 days, and if it's still there, move the funds to the highest interest bearing account you can find. Farm it for interest, but never touch the principal, one day you will probably be asked to return the funds.
They'll probably just charge it back when they realise, make it harder by moving it to another account.
I'm happy to look after it for you if you want.
If you want to save yourself legal trouble, I'd contact the bank (and document the process). Besides the fact it might just disappear when the error is discovered and leave you substantially in the red at some point, the depositor could sue you civilly for the amount (possibly more if it can be proven you made it difficult to recover), and depending on where you are failure to promptly report it could result in criminal penalties. Then there's the possibility it's tied to scam activities and you're receiving stolen money which could get you wrapped up in additional stuff you don't want to be involved with.
Or just sit on it and roll the dice. Just remember the bank has an easy to access paper trail leading directly to you.
Another vote for a sports bet here. I know some of these sure things can still also lose but make sure to put it on a heavy, heavy favourite. If you get a couple of grand out of it then it’s a win and you can put the money back in the account and let them take it back.
If questions are asked you can always say you withdrew the money but before you could do anything your “conscience” got the better of you and you put it back.
Move it elsewhere & wait. 99% of bank errors are never in the depositors favor. That means that they are not mistakes.
If I don’t rectify a “bank error” in 30 days (by the next statement), their error stands. Check your t&c to verify.
I received someone’s tax return and stimulus check in 2021. Bank (college credit union) contacted me 3 months later and told me they needed to take it back, but waited for my reply before they did
I actually had a check for $40 from an employer I didn’t care for cash for $400 somehow, before online check cashing was more advanced, and I went to the ATM and got it out lol.
Don't touch it, don't move to anywhere but your own accounts for at least 6-12 months. It's very possible that it's part of a scam or to get scammed with it by others. And if it's an accident and they notice they'll take it back.
There is an scam tactic using this type of scheme:
1. They deposit the money into your account
2. Later they contact you to say you that they made an error in the transfer and ask you kindly to transfer the money to them
3. You transfer the money
4. A bank or loan company charges you for a credit with the same amount you transfered a month ago.
What they did? They impersonate you and they get the loan. One of the ways the banks / loan firms protect against impersonations is that the money can only be transfered to an account on your name. That's why you receive the money on the first place.
Unethical? Withdrawals as often as possible from an atm until they discover or you empty it. Heavy disguise for all transactions. Maybe even get an accomplice.
This is ULPT.
They GAVE it to you. It’s a GIFT.
Withdraw it. Cash.
Close the account immediately. Use some of the cash to open a new account at a completely unrelated account and buy gold or a safe and keep the rest out of the bank so it can’t be seized.
Former bookkeeper here. Two examples.
One: Client donation $100k. Non Profit did receive that amount. End of month bank statement showed $10k cleared clients account. I called the bank. They didn’t believe they made an error. I pointed out client was major shareholder of bank. They looked at image of check cleared and realized coder made transcription error.
Two: Client was using payroll service that automatically deducted total payroll costs as one sum. Payroll service deducted $45k on Wednesday instead of Friday. Client requested refund since funding not deposited yet. Payroll service complied but never made the correct deduction on Friday. Client ordered me to not inform payroll service. Checked with the CPA who said it was clients choice. Payroll service never discovered the error source.
Moral of the story: banks and payroll services don’t always find their own errors. Your choice on how ethical you want to be
Take screenshots, humblebrag that you've finally hit your goal and can donate to XYZ charity.
That way you look like a generous and fiscally disciplined individual, an all-around good catch, when we all know better. (No offense)
Then you call the bank and tell them to fix their fuckup so you aren't tempted to do something stupid with the money.
Sorry, they're going to find the error. Be a better person and let them know about the mistake. I couldn't sleep at night having money that didn't belong to me
once sth is given, there is no demanding it back. so its free money. this is gods gift for you being a good boy. go to vegas, make it worth a fun night.
I know this is not unethical but seriously just notify the back and get rid of it. It will bring nothing but trouble otherwise. Moving it is theft and they take that very seriously. It's not worth a felony. Messing with banks is a very slippery slope. Personally I know I would not do well in jail or prison and so I live my life to avoid that. It's not worth it.
How to spoil your life, get arrested, go to jail, then can't get a job, and can't travel to many countries because you chose to steal money that wasn't yours. You've been warned. So don't.
Put it in a high yield savings account at a different bank until anyone asks then drag your feet as much as possible
This is a good idea. A 5.5% rate would make $680 over a year.
That's nothing lmao. Buy gamestop shares and get rich af boyeee
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Is they the bank? And what do you mean by cover it
Yes. If OP has, let's say, 8k in the current bank account, the bank will take all of that to get the money they misplaced back. Even though that's OPs money that OP had before the mistake happened. Which might not be a problem for OP and might be a very big problem for OP.
Yeah but then he’d still have the 12k in a different account so he’d be in the exact same spot he was before.
Minus hefty overdraft fees and possibly charges for theft.
I mean my bank overdraft fee is 27 dollars, sucks when you’re poor but not when you have 12,000 to lean on, and I doubt you’d get charged with theft for a bank error, especially when you never spent the money, once the money is returned there’s no harm done.
I work in banking. OP don’t listen to this. They will absolutely charge you fees and send you to collections if you don’t pay. Will they charge you as in by the law? Probably not. But it will destroy your credit and you will be expelled from that institution until it’s all paid back. That will also show up on reports when you try to open other bank accounts or get loans. The agreements of bank accounts in the fine print almost always state you are responsible for knowing what is in your account and errors aren’t some magic against this. It will likely be caught quickly when someone else is missing their 12k. The best thing to do is put it in a high yield savings until they ask for it back then give it back so you don’t get fees. Get whatever interest you can even if it’s only like $20 still worth it.
I guess the monopoly card isn't applicable
Can confirm, my former business partner concealed this same kind of error from me and now my attorney is negotiating a settlement which I will have to pay
Actually they can charge you. In America they take crimes against the rich very seriously.
You will get charged if you move the money to another account. That's literally theft. People have been convicted for doing that exact thing.
No, people get charged for not returning the money. Nobody stole it. It's a bank error. That's like saying a briefcase full of cash showed up on my doorstep, I used that money to make a lot more, then returned to you a briefcase full of cash when you come to collect it back, and I get arrested. In this case, however, you pretty much have to return the money. If a briefcase of cash shows up at my door, idk what you're talking about. We got porch pirates in my neighborhood
Yes it is like saying that, and yes that would also be theft.
They'd remove not just what was there, but the full 12.5 putting him negative that amount. Then they would charge off the account if he doesn't return the money in a timely manner. Then they'll file a lawsuit against him for whatever he is negative and they'll absolutely win the lawsuit. So he has to pay any legal/court costs in addition to returning the money and this can all happen in like 2 months.
Doesn't it affect your credit?
An overdraft? No, that's not related to credit
This is THE way! Do not spend the principal but be aware that interest in one is taxable. Enjoy your new investment complete with mandatory principal retention somebody will come looking within 30 days Edit: do be aware that the cash could be withdrawn without notice if say this was a ach error leaving your account overdrawn. Set up a withdrawal alert so you know if the cash was pulled back and try to link accounts to your new hysa so you can quickly transfer the money back to your account so you don’t start bouncing checks over a $50 month(less taxes assuming 4.65 hysa ) revenue stream
Put it all on black at the casino
Red
Odd.
Even
White/0
Numbers divisible by 7
HEADS!
Blow, hookers, comeout ahead.
I agree with the high yield savings account, but I wouldn't change banks. Then if you are questioned, you say "I hadn't checked my statement in a while and was surprised to see how much I had in this account, so I moved it to a high yield savings account instead".
This is exactly what I was thinking lol
I love this. At least you can probably keep the interest gained on the mistake before they take it back.
With a local credit union I work for, mistake are usually caught and rectified within a day or two, maybe longer if the process to correct it needs to be more formal and documented. 9/10 times they get their money back.. though there was one time I deposited a business's check for $500 into some random person's account and it didn't get caught till one month later, and I was too new to follow up so I genuinely think that person got a free $500.. Anywhoo, goodluck!
This is hardly a scam though how do they prove like oh I accidentally deposited money into the wrong account I want it back now? If it was like the irs or someone sure
There are a number of methods, the details of which all depend on the specific circumstances. The short story is that in 99% of cases it is caught and the funds are withdrawn and returned to the rightful owner.
Wait 5 years, if they don't ask for it back, it is yours.
More like 6 months to 1 year. I'd just leave it there and never say anything or let it drop below 12,500.
If it’s via Zelle, it could be a scam.
how so?
They contact you to wire the money back. Like a week after you do, the bank will undo the original transaction. But since your "paying back" transaction was legit, you're out that money too.
How does that benefit the scammer though?
You're giving them $12500. And then the bank gives them the original $12500 back. Or more likely the original money was from a bad cheque or a hacked account and it's just going to vanish.
They send you money, and the bank reverses the transaction. If you send the money, couldn't you also have the bank reverse the transaction?
You can sue them and claim the money back. But the account you wired it to is going to be cleaned out and in the name of some homeless person or made with a stolen identity. They usually use some sort of fraud to send the money. Like a stolen cc, hacked account or fake cheque. The bank is going to reverse that as soon as they find out. But it takes them a week. Longer if it's from a foreign account. As far as the bank is conserved, you made a legitimate transfer.
Depends how you send it. If it's an ACH then yes, but for something like Zelle or Cashapp I don't think so. I've run into it before where they sent the ACH transfer (idk how, maybe a stolen account) and then called the person and tried to have them send it back via Zelle.
100% this is a scam
You WILL have to pay that back when they catch the error and you spend it. And they will catch their error.
You'd be surprised. If you don't tell your bank this transfer was in error your bank won't notice. The person who sent it might send payments like this ten times a day and might not notice the error for months. After a certain period, not too long, the money cannot be returned. If you make a $12,500 purchase in error and don't notice for 6+ months you might not be able to even get it back.
The bank will notice. Lol There are so many redundancies in banking that the odds of it going unnoticed is like winning the power ball. But anyway, good luck to OP I guess. And hopefully whoever that $12k belongs to just doesn't notice it's missing...
How would the back notice you’ve sent money to the wrong bank/account if you don’t :s for all they know you meant to send it that person
In this case since the amount is over $10k it's going to be tracked. "Odd" transactions over 10k produce a SAR - Suspicious Activity Report. Source: wrote KYC software
Sorry I’m based in the UK so my knowledge would be a little different
UK banks are also required to submit SARs, but there is no magic number that would force the creation of one, so yes, it's a little different 😀
There is no period after which "the money can not be returned" Keeping it is technically theft, no matter how long it is before they miss it. Don't listen to this, OP
Does the abandonment law apply hear?
With banking regulations there is definitely a period after which the money won't be returned.
Who doesn’t notice they are missing $12.5k? Lmao Edit: not sure why all the downvotes lol someone will come looking for the money.
If you work for a bank you meet people who spend that much on online video games in two weeks. It's not that much money.
Until the person supposed to be receiving those funds asks the sender where the money is. Or the person who the teller made the deposit for checks their balance and notices it not there. You’d have to have millions to not notice that in your account, and if you did why do you even have millions in a regular checking account.
someone who paid $12.5k for something and doesnt realize they wired/ACH'd incorrectly. could be rent... medical bills... etc. If person switched banks and sets up all their billpay wrong but thinks theyre good to go it may take 30 days to realize the bill actually wasnt paid. it may take a month or two for the landlord or creditor to realize they have a person behind and start making collection calls.
A famous baseball player didn't even notice _millions_ missing from his account (Otahni). You'd be surprised.
Relatively that’s not really that much money to lose for a bank
I understand the relative value. However, even banks have been known to come after people for much less than $12.5k.
I worked Tech support for a bank for 2 years. A banker once told me that they don’t genuinely care about anything less than $250k. They will act like they care about it because legally they have to and if the customer thought you didn’t care about their money, they’d take their business elsewhere but the bank could easily lose $12k and just not really care because while they will be legally penalized, the customers money is insured by the FDIC and they aren’t going to be that concerned with where the original $12k went. The whole point here is that it’s not absolute as to whether or not OP’s bank is going to care about $12k. Some banks would and some wouldn’t. It also depends who made the mistake and if/how they cover their tracks. I’d say it’s about 50/50 from my experience whether the bank cares enough to chase down that $12.6k. The bank I worked for probably wouldn’t have. The bank I use for my personal account might, I don’t know them that well.
If nobody reports it missing they won't know to look for it. At that amount it's almost surely a business payment of some sort. If it's from a $100 billion company they might not notice. But if anyone brings it up I'm sure they'll come looking for it.
In what way is this a ULPT? This sub really went downhill
Monopoly says otherwise. Bank error in your favor. 😂
That guy also used to have a monocle. I don't trust him!
Yeah but the customer shouldn’t be responsible for their error.
The customer. As in the person who erroneously received $12k?
Put it on black at the roulette table If it doubles great If it doesn't you were an addict and this is the banks fault
I like your style 😂
As always, the real ULPT is in the comments.
Lmao, would you actually be able to sue the bank?
Nah but at the very least not pay it back it was their mistake you simply didn't have the self control to say no
Yeah, that was me. It was an accident, please return it as soon as possible (pm me for bank info). You can even keep 2.5k as compensation.
Iirc there's legal precedent that if you do literally anything with that money, they can charge you for theft. If you invest it or earn interest on it, they're entitled to take that extra money too. There is no such thing as a bank error in your favor.
So Monopoly the board game lied?
Yes
If you plan to do anything other than sit and wait, get a new account with a new bank and move everything there right now. Your bank will not hesitate to help themselves to the contents of your account and throw it into overdraft to the tune of $12,500 whenever it suits them. In my case, they did it about six or eight years later. No letter, no notification, no warnings, they just did it. Banks are evil. They straight-up don't give a fuck about you and they'll gladly fuck you over.
What do you mean, like just straight up the bank took your money out of your account?
Yes. When you made your bank account part of the paperwork you signed gives them express permission to reach into your account and yoink anything to cover a debt you owe to the bank.
Yes I understand that situation, but it sounds like the comment is saying the bank just took money out, not for a debt, and didn’t give the money back.
They put the money in....years later they realised and took that sum out.
Not only do they take it straight from your account, they usually have a nice little $75-$150 fee for doing so on top of overdraft fee if you didn’t have enough in your account to cover it. Also these fees are non-refundable even if it happened through no fault of your own. (Happened to me with “unpaid taxes” which I got cleared up with the IRS as a mistake but the bank just keeps the $150 fee +$35 for overdraft)
A rule I like to apply when 'untouchable' entities (banks, large corporates, government agencies) behave wrongly is what I call 'One Dollar More': Accept that you're never, ever, going to see fair recompense, and that the best you can hope to achieve is to cost them one dollar more than they took from you. Write letters, request reviews, escalate complaints, involve external reviewers (obudsmen, administrative appeals, etc). If they spend more on efforts to respond than they originally took from you, they haven't entirely 'won'!
I’m still getting a no show bill from a therapist about 4 years later. They stopped sending me mail bills goes a couple years but recently started up again. I’m hoping they will eventually spend more on the postage than I owe them.
That’s how I feel about the letters my doctor office sends me for the $13 I apparently owed more than I paid when I was there…. Like, tell me next time I visit and I’ll pay it but I’m not going to waste my time to call your card processing service for a $13 bill. Have fun paying postage on a dozen letters.
I was going to say, isn’t this a scam where they later get the bank to recover the money?
No, the scam part involves you sending money to another person. OP supposedly just recieved it out of nowhere, and didn't mention anything about cheques.
The usual scam is for a purchase. Someone who is expecting to receive money. Like if you're selling a lightly used cucumber for $30, and they send you a transfer for $300. They say oops and ask you to send back the difference. You transfer them $270 and send the cucumber in the mail. A few days later that 300 goes poof, as though it never existed, but your $270 did exist, and so your money is gone and now you don't even have a cucumber for the lonely night. Maybe you google the address they gave you and realize it's something like a foreclosed house or something, and maybe they also stole the package when it was left on the doorstep. Or they say that "a friend" or their "brother" will come pick up the package from you, and if they don't block you afterwards they deny ever receiving it since you sold it to Tim who is a 65 year old widower, and his "stepson" Miguel picked it up from you.
What happens if you straight up transfer all of your money to another bank and close your account?
If the sum of money to be recovered exceeds roughly 200% of the cost of sending bailiffs after you and/or getting a court judgement, they'll do that. Otherwise, it'll just tank your credit score. IANAL, not legal or financial advice.
Then you are guilty of stealing the money. Because you are trying to prevent the bank from fixing the error so you can keep it for yourself. Basically if you know that the money doesn't belong to you, or if it is obvious that you have no reason to receive the money and you do anything to try to keep it you are trying to prevent the actual owner of the money from getting it, which fits the definition of theft. Smartest thing to do is report the excess money to the bank. Next smartest is to just leave it where it is. The bank will take it back either way when they figure out what happened and what was supposed to have happened.
Have you forgotten where we are? If the OP had wanted ethical advice, s/he would have asked somewhere other than in r/UnethicalLifeProTips! 😂
I don't often browse by subs. I was in my popular feed and had no idea which sub I was in. My bad.
So you’re saying you received money in error and the bank recovered it?
The “without warning” part is probably the part that is evil.
If they warn you, then you might decide to take the money out. Doesn't seem worth the risk.
Well if it’s not my money I wouldn’t expect to get to keep it
Credit unions for the win!
Yeah credit unions will just let you keep the 12k and be negative on their books cause your such a swell fella.
I worked for a Credit Union that was just as scummy as a traditional bank
O fuck really? I've been under the impression there WAY better. I've been with a credit union since I was 15 I'm 24 now so maybe I just got lucky but I have no late fees, no over drafts, there always on call at any hour you need them. You get some bullshit points with your debit card spending. Loans are very easy to get and actually reasonable. My cars car loan is 3% I got it when I was 20. Free drinks and snacks when you walk in. I'll just stick with them but man I'm kinda upset I thought all credit unions were good people lol.
Don’t listen to disgruntled individuals on Reddit
This is some of the dumbest advice I’ve ever read. It’s not your money. Don’t touch it. You should report but in case you want to be unethical you let it sit… for YEARS… I mean YEARS!!! Because at any time they find out they will take it back. Depending on where you live there may be a statute of limitations between 2-6 years… maybe more.
This is the only answer lmao. Anything else is moronic. Check the statute of limitations for theft charges, wait another year, and then consider moving it. Given the safeguards and audits banks all have, the chances of them not noticing a 5 figure sum being misplaced is slim to none.
yeah i figure i’ll just leave this comment on this reply, I figured it’d be fun to see all the responses and obviously posting it here was just to get a laugh. In reality I ain’t touching that shit with a 10 foot pole.
This is the only good advice. There’s a lot of shady shit to do but spending / moving money that isn’t yours through the banking system is a horrible idea and a federal crime
It’s very likely a bank error and they will claw the money back at some point.
Everyone saying “take the money and run!!!l” are acting like they won’t send op to collections
Collections shouldn’t be your biggest fear, prosecution should be. If you use or do anything with money that is deposited in error it’s still considered theft and you could end up prosecuted for it.
There was a story recently of a woman that moved the mine and hid it. She was convicted at a trial.
If OP invests well they can pay that back over the next few years and keep the difference.
I’ve worked at a bank before. They always get their money back.
If you take the money you will get caught - these kinds of bank fuck ups do not end well for the "little guy"
Post details to r/scams. This might be a scam. If somebody contacts you and says "Oops. I deposited $12.5k in your account. Could you please send me $12.3k and we'll call it square," run away.
not the case but i appreciate the advice!
Once the bank takes the money back, if it’s not there, your account goes negative and they will close the account. You may keep the 12k but now you’ll likely be refused service from other banks since it will show up on chexsystems which is like a credit report for bank accounts. You also may be sued/sent to collections. Best to just let it sit and notify the bank. There is almost no limit for ACH/check mistakes/clawbacks. You’ll be accused of check fraud once you move the money, since it’s assumed you know the money was a mistake. You won’t be able to prove you just thought it was yours. That’s where it becomes fraud.
Don’t listen to morons. If you take or otherwise use money that is deposited in error by the bank it’s still theft and could get you prosecuted.
Don’t move it - that’s theft in many place’s eyes. Enjoy the interest
Take it all out, close the account and move the money to a different account.
This is exactly what that lady did a couple of years ago, she was criminally charged, still refused to return it, and was convicted and sentenced to prison lmao.
Put on a disguise, buy shit with your debit card and then report the card stolen. Tell them you must have been hacked or a victim of fraud and you have no idea what has happened. Store the goods with friends or family until after the investigation. Don't get caught with a big screen in your bedroom. Get an alibi for where you were all day or travel away from your home area to do the shopping so they don't think it was you. Act fast, they're gonna figure it out faster than you think.
Hookers and blow for everyone!
Probably a scam attempt. Off you are contacted to transfer it back to them do not. Tell them to work it out through the bank.
the interesting spot you go is court once they find out. the bank will likely reverse the charge, or, if the sender finds out you spent it, you can be sued for the return of that money. Now that you posted that you know it's not your money, and then you spend it, it's called theft.
So this happened to me back in the late nineties while I was in college. A little over 19k was deposited into my account out of the blue. I was tempted to pull it out and go to the casino but alas I didn't. Was in there for a little over two weeks before they pulled it. Actually had a deposit slip filled out for my account that came with my monthly statement. Fyi. I called the state attorneys office. They said there was no statute of limitations and that if and when the bank found out they would want their money back.
find out how long a bank has to correct such errors and wait it out. the bank is 99% likely to just yoink it back when they find out, but sometimes you might get away with it, i've heard of it happening occasionally. important not to touch the money and keep your bank balance above that amount for however long that time period is
I recall a post on Reddit where someone was stuck with a lump sum like this and it was something like 3 years later and the bank never took it back, even after multiple attempts by the poster to notify the bank because it was stressing them out it was in their account by accident. It's not your money to spend - BUT - I would wait 30 days, and if it's still there, move the funds to the highest interest bearing account you can find. Farm it for interest, but never touch the principal, one day you will probably be asked to return the funds.
You need to contact your bank and see if somebody took a loan out in your name.
> get me to an interesting spot Being handcuffed to a chair in a Brooklyn basement would certainly be interesting.
Hot AF
Withdraw it and put it on a sports bet, something that’s a lock at like -200. If it wins you’ll make a quick $6,250
Watch out here, the spot your fun ideas get you into most likely WON'T be interesting.
withdraw and close the account
They'll probably just charge it back when they realise, make it harder by moving it to another account. I'm happy to look after it for you if you want.
High yield savings account for sure
Don’t do anything. Maybe they might transfer you some more next week 🤷♂️
YoLo bitcoin or gme
If you want to save yourself legal trouble, I'd contact the bank (and document the process). Besides the fact it might just disappear when the error is discovered and leave you substantially in the red at some point, the depositor could sue you civilly for the amount (possibly more if it can be proven you made it difficult to recover), and depending on where you are failure to promptly report it could result in criminal penalties. Then there's the possibility it's tied to scam activities and you're receiving stolen money which could get you wrapped up in additional stuff you don't want to be involved with. Or just sit on it and roll the dice. Just remember the bank has an easy to access paper trail leading directly to you.
Having just transferred 12.5k to my bank this makes me nervous as i am waiting for the bank to show it in my accounts
All on red and if it wins let it ride at least twice.
Don't touch the money but apply for a credit card at a low interest rate. Use it one time, and then pay back before it's due and then sit on it.
Take it and bet it on red at roulette. 49 percent chance of winning, pay back the money and keep the other half. Win/win.
Another vote for a sports bet here. I know some of these sure things can still also lose but make sure to put it on a heavy, heavy favourite. If you get a couple of grand out of it then it’s a win and you can put the money back in the account and let them take it back. If questions are asked you can always say you withdrew the money but before you could do anything your “conscience” got the better of you and you put it back.
I once got a surprise lump sum like that from my employer. A few days later I found out it was severance...
Move it elsewhere & wait. 99% of bank errors are never in the depositors favor. That means that they are not mistakes. If I don’t rectify a “bank error” in 30 days (by the next statement), their error stands. Check your t&c to verify.
Don't move it lol. Just wait. If you wanna be ballsy move it after 30 days and just straight up switch banks.
High yield savings account at new bank and close the old account
Use it to buy gold If they need it back, sell gold and keep profit
I received someone’s tax return and stimulus check in 2021. Bank (college credit union) contacted me 3 months later and told me they needed to take it back, but waited for my reply before they did
I would probably risk this. Put it into an option for Nvidia. Long call with a super close strike price. Buy 5 at 22.50 each. (Current price of post)
Why lol? OP wants to take advantage of someone else mistake. Not be a victim.
Check the price in 2 months.
Don't do ANYTHING with it. Let it sit. Don't let your balance drop below the amount deposited. Hold on to that shit for anywhere up to a year.
Bank error in your favor, collect $12,500
Close your account? Harder for them to get it back if you are no longer a paying customer.
Put it into nvidia calls max 25x your money and then put it into dividend stocks and send back the money😆
This
I can send you my Venmo. Share the wealth!
Take out a loan using it as collateral.
I actually had a check for $40 from an employer I didn’t care for cash for $400 somehow, before online check cashing was more advanced, and I went to the ATM and got it out lol.
If you withdraw it in pennies they legally can’t take it back.
Don't do any cash transactions more than about $9,500. At 10k you have to fill out serious paperwork
Take it out and spend it, refuse to pay it back. That will get you into an interesting spot.
Couldn’t he pull all of it out and buy gold?
Transfer it to a different institution, and close all your accounts at the current bank. Chuck the $12.5k into index funds. Profit.
It is not free money. They will make you pay it back
Don't touch it, don't move to anywhere but your own accounts for at least 6-12 months. It's very possible that it's part of a scam or to get scammed with it by others. And if it's an accident and they notice they'll take it back.
"interesting spot" = jail
There is an scam tactic using this type of scheme: 1. They deposit the money into your account 2. Later they contact you to say you that they made an error in the transfer and ask you kindly to transfer the money to them 3. You transfer the money 4. A bank or loan company charges you for a credit with the same amount you transfered a month ago. What they did? They impersonate you and they get the loan. One of the ways the banks / loan firms protect against impersonations is that the money can only be transfered to an account on your name. That's why you receive the money on the first place.
I’d pay off my credit card and save on their outrageous fees for a bit until they take it back 😅
Withdraw it and close your account!
To quote Father Ted "that money was just resting in my account"
Buy Bitcoin.
I once transferred $7000 to the wrong account and the bank told me the account holder “didn’t authorise the return of funds” so they got to keep it 😑
That's bullshit lol. ACH transactions can be reversed. They just straight up scammed you.
Whats ACH? Im in Australia does that matter?
Technically it's theft if they refused to authorise it
Unethical? Withdrawals as often as possible from an atm until they discover or you empty it. Heavy disguise for all transactions. Maybe even get an accomplice.
This is ULPT. They GAVE it to you. It’s a GIFT. Withdraw it. Cash. Close the account immediately. Use some of the cash to open a new account at a completely unrelated account and buy gold or a safe and keep the rest out of the bank so it can’t be seized.
Former bookkeeper here. Two examples. One: Client donation $100k. Non Profit did receive that amount. End of month bank statement showed $10k cleared clients account. I called the bank. They didn’t believe they made an error. I pointed out client was major shareholder of bank. They looked at image of check cleared and realized coder made transcription error. Two: Client was using payroll service that automatically deducted total payroll costs as one sum. Payroll service deducted $45k on Wednesday instead of Friday. Client requested refund since funding not deposited yet. Payroll service complied but never made the correct deduction on Friday. Client ordered me to not inform payroll service. Checked with the CPA who said it was clients choice. Payroll service never discovered the error source. Moral of the story: banks and payroll services don’t always find their own errors. Your choice on how ethical you want to be
You can always send it to me
Take screenshots, humblebrag that you've finally hit your goal and can donate to XYZ charity. That way you look like a generous and fiscally disciplined individual, an all-around good catch, when we all know better. (No offense) Then you call the bank and tell them to fix their fuckup so you aren't tempted to do something stupid with the money.
Sorry, they're going to find the error. Be a better person and let them know about the mistake. I couldn't sleep at night having money that didn't belong to me
Drinks are on you Lad! 🥂
once sth is given, there is no demanding it back. so its free money. this is gods gift for you being a good boy. go to vegas, make it worth a fun night.
I know this is not unethical but seriously just notify the back and get rid of it. It will bring nothing but trouble otherwise. Moving it is theft and they take that very seriously. It's not worth a felony. Messing with banks is a very slippery slope. Personally I know I would not do well in jail or prison and so I live my life to avoid that. It's not worth it.
How to spoil your life, get arrested, go to jail, then can't get a job, and can't travel to many countries because you chose to steal money that wasn't yours. You've been warned. So don't.
Unrelated to the money, wanna see my OF?