Tuesday, August 2, 2011

PLUS $300 Bank Error....Oh What To Do!

What do you do when you check your online bank account and see the balance looks higher than you thought?  You take a closer look..... right?


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?

post signature

17 comments:

Simply Suthern said...

You are right. The worst thing you can do is spend it.

They usually find it eventually and they WILL want it back.

You did all you can do. There should be a waiting period if nothing is done you could keep it but not sure that is treated like found money.

I've never had the bank err in my favor but have had lots of money withdrawn due to input errors and then they told me I needed to change my account number. Me? Why dont they just be more careful?

edshunnybunny said...

At least your problem is too much money!

We have two checking accounts, one for daily expenses, one for emergencies.

Last month I accidentally made two deposits to the emergency account, and none to the daily expense account.

Guess who got overdrawn, before the error was caught? I was not happy with my error. It cost me 120 dollars in overdraft fees :(

Plum said...

I know the "right" thing to do is return it, so I agree with you. Wit a bit, just to make sure it doesn't go into limbo, then return it.
Now, the other part of me says "Hey, they should have paid attention and not given it to the wrong person!" But, I'll ignore that part of me!

AdventuresFrugalMom said...

new follower from blog hop would love a follow back http://adventuresfrugalmom.blogspot.com

JENNi said...

NEW FOLLOWER GFC (SEXY_BABYMOMMA), iM NEW TO BLOGGiNG, WOULD LOVE FOR YOU TO FOLLOW BACK :) THANKS!!

JENNi-REVIEWS.BLOGSPOT.COM

Jenn Marie said...

wow -that's nuts! you know how many people would go and spend it?! i would definitely leave it ... as tempting as it would be to spend it, the risk of fees and having to give it back would be waay too high!

new follower and stopping by from today's blog hop! hope you stop by - www.blenifer.com

Kindertravels said...

Agreed with other commenters...save save save.

New follower from the Tuesday hop; would love a follow back at www.kindertravels.net!

Shana said...

I wouldn't spend it either. I can't afford the bad karma! Hi! Just stopping by. Following you from Follow Me Back Tuesday Blog Hop. Would love a visit and a follow back on my blog: http://blog.writerslairbooks.com. Thanks! By the way, we have a current giveaway for an IPAD 2 and a Kindle 3G. I would love for you to enter if you haven’t already!

Karen said...

Definitely leave it! I used to be an Operations Director, and 9 times out of 10, they will take it out and THEN send you a notice. When the person expecting the money doesn't get it, they will start investigating to see where it went. It may take some time, but they almost always track it down.

Tammy said...

I'd do the same thing...you're such a honest girl! ;)

Meredith said...

After a month or two, it will be up to the insurance company to contact you. I worked for a payroll company for 10 years, and there's a direct deposit rule (federal law type) that after a week, the company depositing can't reverse it. I'm sure you can still give it back to the back for them to wire transfer back to the company though. Unfortunately, the insurance company probably has no way to search by account number either to find out where it was supposed to go. If you get to keep it, enjoy the extra! Lucky day!

gayle said...

I would do exactely what you are doing. They will find it unfortunetly:)

Dee said...

Tempting to spend (VERY tempting), but you're doing the right thing. It will be found and then you'll have more trouble than you need, I'm sure. I'm a new followed-I like your blog! Will definitely follow. Come visit-
http://beforeandafter50.blogspot.com

lyndseyluvsjj said...

Definatly think you did the right thing:)

The Rheinlander's said...

We actually have had it happen and did the same thing that you did called and called but both parties said that there was nothing really to do about it... weird!!

Luana said...

I wouldn't spend it either, would be my luck that they would see the error and reverse the transaction and I would be in a pickle of a situation! lol

Hope you're having a great week! I'm a new follower.

Aloha
http://www.mauimompreneur.com/

The Jacobsen Family! said...

Wow, that doesn't happen often, does it?! I think what you are doing sounds about right. It would be horrible to be deducted twice for that!
New follower from the hop! Would love a follow back! Thanks!
http://ourjacobsenfamily.blogspot.com