So I did. And then I noticed a $300 deposit for "Health/Dental Claim" from a company that doesn't insure us. Hmmm......I wonder what that is?
So I telephone the call center of the bank I deal with.
Here's what I'm told.
The deposit was made by the insurance company into my account through automatic deposit. Obviously an error since the name of the insured isn't me. The call center can't do anything to correct the error or even note it. I have to do everything in person at my branch. Fill out forms confirming an "unauthorized deposit" and give permission to the bank to remove it.
Here's where it gets tricky.
The call center tells me there's a good chance the error will never be detected if it was an input error and not a paper error. But what if the insurance company or the bank discovers it and requests it be removed from my account? That's fine as long as I haven't already had the amount reversed and it's stuck in limbo somewhere in the bank's computer system. If that happens, the $300 will be removed from my account twice.
So here's what I've decided to do.
I'm going to leave the money in my account for a month or two and see if the bank corrects it. If the $300 is still in my account after two months, I will go to my branch and fill out the paperwork to have it reversed.
Either way, you can bet I won't spend it!
So tell me, what would you do if this happened to you?