# Bank error - WWYD?



## Addy (Mar 12, 2010)

We recently had a bank error where we have had a pre-authorized payment come out which paid off our credit card's monthly statement amount in full. We have arranged for this, so that's not the issue... the issue is the amount was not taken out of our account, but the credit card has been paid.

This is only the second month of ever having a balance on this card, the first month the payment came out of the account but this past month there's nothing to show where the money came from.

Part of me is curious to leave it as is and see what pans out, but part of me feels guilty in case it's come out of someone else's account. The amount is fairly small (ie around $1500, not small but not huge either).

I will take the holidays to decide, and most likely will call and see what's up, as I'd rather get it straight now than find out in six months they want me to pay up. (Or worse, it keeps happening and spirals out of control).

I'm curious, what would you do if you had this happen to you?


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## the-royal-mail (Dec 11, 2009)

You mean a bank error in your favour?

Collect $10


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## Dana (Nov 17, 2009)

the-royal-mail said:


> You mean a bank error in your favour?
> 
> Collect $10


 LOL!


What time frame are we talking about? When was the credit made to the credit card? If this has occured in just the past few days, it could just be delayed processing - check again after the holidays. 

Banks are pretty adept at catching and correcting errors in the client's favour  This will probably work itself out in the coming days/weeks. If it was debited from the wrong account, the wronged party will definitely come forward and bring it to everybody's attention. Keep your paperwork in case you need to provide a papertrail for either the bank or the c/c company.

If you decide to pursue it, you would probably have to contact the c/c company to sort this out from their end since the bank can't trace a debit for which you don't have documentation/entries.


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## humble_pie (Jun 7, 2009)

dana's right of course & odds are near-perfect that the bank will debit your account sooner or later.

but in the remote chance it's an angel bestowing a christmas blessing, can anyone think of a nicer girl to be the recipient ?


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## andrewf (Mar 1, 2010)

You should probably report it. Legally and ethically, not doing so is indeed wrong.


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## marina628 (Dec 14, 2010)

Years ago where I worked our money could come off our paycheck to a savings in our credit union.I opted to take out $100 a week and one day when i went to lunch with my co-worker she told me she went to credit union and she found extra $400 in her acct.I told her she should report it.
She withdrew the money and spent it and following week our payroll girl called me in her office and said we have a problem ,my savings went into Nancy's account and the credit union called because there was no money there to reverse it.
They wanted me to ask her for the money!I told them no they need to handle it so the payroll person called her in and said they are deducting the $400 from her pay and explained what happened and why the $400 was there.She was pissed at me because it made her short on rent to pay back the $400,like i gave her a loan and now wanted it back lol.So I would say GIVE IT BACK!


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## kcowan (Jul 1, 2010)

I would leave the money to pay it in your account and let them work it out. Like in Marina's case, they will just correct it as long as the money is there to cover it.

I am surprised in her case that the company let the receiving person know whose account the money came from. This is a serious violation of confidentiality. But as in her case, you can see who has to do the work.


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## marina628 (Dec 14, 2010)

This happened to me in 1992 not sure what the laws were like then


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## Sustainable PF (Nov 5, 2010)

andrewf said:


> You should probably report it. Legally and ethically, not doing so is indeed wrong.


Agreed. Why risk making some sort of error and accessing that money when it is not yours, then have to deal with the hassle after the fact.


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## Addy (Mar 12, 2010)

Thanks for the replies. I am asking what would YOU do.... not what you think I should do. I appreciate the replies, just wanted to stress the intent of my question.


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## the-royal-mail (Dec 11, 2009)

What would I do? On my break at work, I would call the 1-800 number and explain what I think happened. Yes, it's a hassle but I think it would be a bigger hassle if they debited my account at some unknown point in the future when I've long since forgotten about it.


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## clark_danger (Jul 14, 2010)

oh I'd keep it and see what happens. I would not tie that money up for a couple months in case something ever comes of it.

one time when I was about 18 there was a bank machine that spit out an extra $20 with each withdrawl, so I emptied my account $20 at a time and nothing ever came of it.


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## Sustainable PF (Nov 5, 2010)

Addy said:


> Thanks for the replies. I am asking what would YOU do.... not what you think I should do. I appreciate the replies, just wanted to stress the intent of my question.


I would REPORT it and AVOID potential hassle down the road.
Any action of keeping or profiting from money that is not yours could turn ugly, fast.


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## Berubeland (Sep 6, 2009)

Merry Christmas is what I'd say to myself....

I'll never forget the time someone turned in $50,000 the bank lost and they gave them a $100 gift certificate to the Keg. That happened at a branch I used to go to all the time.


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## Lephturn (Aug 31, 2009)

Sustainable PF said:


> I would REPORT it and AVOID potential hassle down the road.
> Any action of keeping or profiting from money that is not yours could turn ugly, fast.


Unless of course you are talking about the banks.... they would keep it.

I would leave the money in my account and wait. It's their issue to work out. I have caught enough errors that were not in my favor that I am sure there are some that I did not catch. I have never had the bank find an error that was in their favor and reverse it. Not once. I'll treat them just like they treat me. I won't be surprised when they catch it and correct it - and they money will be sitting there assuming they do.


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## Racer (Feb 3, 2010)

Interesting hypothetical! 

For me, it would depend when I noticed the extra money (or rather, the error resulting in the failure to debit my account). 

If I had already spent the extra money in good faith, and I couldn't afford to repay the money, I wouldn't take steps to repay it. If I were really in a tight spot, I may well change financial institutions to ensure that the bank didn't make the repayment decision unilaterally. 

If I hadn't already spent the extra money, I'd draw the bank's attention to the error and allow them a reasonable time to correct. 

Something about this approach feels counter-intuitive - it's kind of hard to take the side of the big baddies - financial institutions and credit card companies - knowing that some elements of their respective business plans are designed to make hefty profits on the backs of unwary/unsophisticated consumers and small business owners. 

Still, I am comfortable enough that I don't need to knowingly take an unfair advantage of my own.


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## ashby corner (Jun 15, 2009)

*I would report it, but not immediately.*

know why?

you tell them to fix it now, they will. THEN, in two weeks, they'll catch it again. THEN, you'll have to fight with them to get them to unfix it one time.

Then, you'll start getting all kinds of calls all the time.

In the case of bank errors in your favor, "SLOW honesty is the best policy".


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## kcowan (Jul 1, 2010)

ashby corner said:


> In the case of bank errors in your favor, "SLOW honesty is the best policy".


Been there. They did that. Never again.


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## DavidJD (Sep 27, 2009)

Get busy with that credit card and see if it will happen again.


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## lister (Apr 3, 2009)

If I was in that situation I'd call the bank and report the error. It's not my money. This isn't like finding $10 on the ground, "Hey happy days!" It's more like finding a wallet with ID in it and a whack of cash. You'd return that right? I have, didn't get a thank you or anything but it was still the right thing to do.


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## ShowMeTheMoney (Apr 12, 2009)

Just recently happened to me. I made a transfer ($2000) from one bank to another, got the credit, but 2 weeks later, still no debit. I called the bank that initiated the transfer (the credited one), they said no problem on their end. I called the bank that was supposed to be debited, they said no problem these things take time. Another month after I got a call from the first bank, they didn't get the money (even though they had told me they had), anyway, the banks figured it all out in the end. I just made sure the whole time the debited account had enough cash to cover it whenever they got their act together, which they did.


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## el oro (Jun 16, 2009)

I would report it. I recently made a bank to bank transfer for a similar amount and the money was debited from one account but not credited to the other. I called to have them investigate and it's been 2-3 weeks now! You have my money, don't you?!


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## peterk (May 16, 2010)

Probably a delay. I just last week saw a suspicious charge on my mastercard. Went digging through receipts only to find it was gas I had purchased 6 weeks earlier that never went through.


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## m3s (Apr 3, 2010)

One time I was waiting for a reimbursement for a work trip. When I asked they made me sign a declaration and print my bank statements to prove I never received it. I had never been to the branch they deposited it to, and they said they couldn't reverse it, so somebody made an easy few grand


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## olivaw (Nov 21, 2010)

I'd call the bank and ask about it. I'd rather be honest than $1500 richer. (Sounds corny but I don't want to add dishonesty to my list of personal shortcomings).


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## Plugging Along (Jan 3, 2011)

*Definately call*

I would definately call the bank and tell them. Usually they will catch the error sooner or later, and I would rather have them do it while it was fresh.

I think it's bad karma one way or another to have money that is knowingly not yours without telling anyone.


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## Addy (Mar 12, 2010)

It's not corny at all Olivia. I am curious to see what happens, but only to a point. I don't want it snowballing into a bigger issue, which may happen if I don't inquire about it. My bank is open tomorrow. If the money isn't taken out by Wednesday morning I plan to call and see what's up. 

I had imagined, like others have mentioned, it was a delay due to the holidays, but it seems to be taking too long to come out for a simple holiday-delay. My fear is some poor fellow has unknowingly paid my Visa bill!


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