# mystery deposit to my bank account



## llagebs (Feb 24, 2014)

I have a savings account with a big 5 bank, and July 31st there was a deposit of $1800 that I can't explain. I didn't transfer anything into it, and nobody else (besides the bank) knows the account even exists. The only explanation I can come up with is that a bank employee entered the wrong account info and I got someone else's money, and they haven't noticed yet. I haven't called the bank about it because I'm curious what happens if I don't.

I've been waiting for the money to vanish the same way it appeared, but it's still there. What if a long time goes by and it's still there, can I start to assume I can keep it? Besides the bank eventually realizing the error and asking for the money back, are there any legal issues I should be aware of before transferring it out, i.e. is this illegal in any way? I was thinking of investing it in a non-registered account until they want it back... hopefully never


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## Nemo2 (Mar 1, 2012)

If I were you I'd contact the bank immediately and advise them of the error........sooner or later it'll be traced.


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## Fraser19 (Aug 23, 2013)

llagebs said:


> I have a savings account with a big 5 bank, and July 31st there was a deposit of $1800 that I can't explain. I didn't transfer anything into it, and nobody else (besides the bank) knows the account even exists. The only explanation I can come up with is that a bank employee entered the wrong account info and I got someone else's money, and they haven't noticed yet. I haven't called the bank about it because I'm curious what happens if I don't.
> 
> I've been waiting for the money to vanish the same way it appeared, but it's still there. *What if a long time goes by and it's still there, can I start to assume I can keep it?* Besides the bank eventually realizing the error and asking for the money back, are there any legal issues I should be aware of before transferring it out, i.e. is this illegal in any way? I was thinking of investing it in a non-registered account until they want it back... hopefully never


As far as I understand they can take it back at any time. Had this happen to a friend of mine, except he was foolish enough to spend it all. Turned out at the end his father accidentally tranferd the rent money into his account. That was a embarrassing situation for him.


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## Nemo2 (Mar 1, 2012)

A quick Google found the following.....the immediate examples are from Britain, (I was too lazy to search for Canadian links), but it wouldn't surprise me if we have similar laws:

http://www.legislation.gov.uk/ukpga/1968/60/section/24A



> Dishonestly retaining a wrongful credit.
> 
> (1)A person is guilty of an offence if—
> (a)a wrongful credit has been made to an account kept by him or in respect of which he has any right or interest;
> ...



http://www.money.co.uk/article/1005...-accidentally-paid-into-your-bank-account.htm



> We all dream of receiving an unexpected windfall, but if you did receive an erroneous payment into your bank account - would you ever be able to keep it?
> 
> Pound Notes
> In a nutshell: 'No'. From a legal viewpoint, if a sum of money is accidentally paid into your bank or savings account and you know that it doesn't belong to you, then you must pay it back.
> ...


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## dubmac (Jan 9, 2011)

A close relative of ours made an error when transferring money into an account while working in Spain. He made a minor error in the account number, and then apprached the bank to help him reverse the transaction - the bank bascially shrugged their shoulders, and did nothing, and owner of the account said that they were keeping the money - despite the error. The amount was 3000.00 - not an insignificant amount of money!


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## HaroldCrump (Jun 10, 2009)

llagebs said:


> I was thinking of investing it in a non-registered account until they want it back...


No, bad idea.
As others have said, you should inform the bank immediately.
I know $1,800 may sound like a lot (esp. depending on individual financial situation), but it is not worthwhile hiding it.
If you make use of the money, not only are you guilty of not informing the bank, but you are guilty of using money you know not to be yours.

Call them and make sure you note down the name of the individual you speak to, and the date/time of the call.
Then, if the money is not removed from your account within 2 - 3 days, call back again and speak to the manager of your branch this time.


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## BoringInvestor (Sep 12, 2013)

llagebs said:


> I have a savings account with a big 5 bank, and July 31st there was a deposit of $1800 that I can't explain. I didn't transfer anything into it, and nobody else (besides the bank) knows the account even exists. The only explanation I can come up with is that a bank employee entered the wrong account info and I got someone else's money, and they haven't noticed yet. I haven't called the bank about it because I'm curious what happens if I don't.
> 
> I've been waiting for the money to vanish the same way it appeared, but it's still there. What if a long time goes by and it's still there, can I start to assume I can keep it? Besides the bank eventually realizing the error and asking for the money back, are there any legal issues I should be aware of before transferring it out, i.e. is this illegal in any way? I was thinking of investing it in a non-registered account until they want it back... hopefully never


Imagine you or a close member of your family/friend had a mistake with their deposit, and it went to the wrong account.
What would you hope the person who received the money would do, any why would you act any differently?


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## sags (May 15, 2010)

You need to inform the bank. They will investigate the origin. Perhaps it was money owed that you didn't know or forgot about.

Or it could be a mistake, in which case you will feel much better returning it.........than dreading a phone call from the bank or police.

If it was a suitcase full of $10,000 bundles of US dollars you found in the middle of the desert..............maybe keep it.

Just don't end up like that guy in the movie..........No Country for Old Men.


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## slacker (Mar 8, 2010)

Happened to me many years ago. They withdrew the money in a couple of days.


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## cainvest (May 1, 2013)

Oh they'll find it, likely on their next full balance. Calling the bank will help them to get the money back to where it was supposed to go. Could be anyones money, maybe someones rent or investment transfer, who knows ... just do the right thing and let them know.


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## fraser (May 15, 2010)

A friend of mine had an $800 dollar odd payment made to his VIsa card. He had no idea where it came from-even to this day 10 plus years later.


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## lonewolf (Jun 12, 2012)

Hi, IIagebs

In the long run you will be further ahead financially by returning the money. In this game one has to think highly of one self so they do not self sabotage. The most important value judgement a person can make is the one they make of them self for it effects all their other value judgements. The market is the most amazing game ever invented perhaps playing this game is the best way to learn about one self. When you develop the attitude that you have to cheat to be a winner you have become a loser.


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## Addy (Mar 12, 2010)

I agree, this isn't the banks money it is someone's money. Return it or at least try your best to do so.

Years ago in my teenage years I found a wallet with $300 in it. I freely admit I thought of keeping it, dreamt of what I could buy with the cash. Soon after I snapped back to reality and found the owner, an elderly lady. It was her grocery money for the month for her and her husband.

The joy I received from watching the joy she experienced from having her money returned was priceless.


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## Uranium101 (Nov 18, 2011)

My dad deposited $30k a few years ago. The bank lady deposited that money to her husband's account.

I guess she was thinking that nothing can go wrong because that 30k was in the form of cash. It is the money my dad collects from fast food restaurants that get most of their revenue in the form of 10-20 dollar bills.

Stupid, my dad didn't take further action after he got the money back. But that poor lady may just get fired, or will never move into a more important position.


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## DayTek (Sep 26, 2013)

The general consensus here is to contact the bank, and that's exactly what you should do.

I worked as a bank teller for 8 years and made 2 or 3 incorrect deposits during that time. I always felt bad about it when it would happen. It was usually fixed the same or next day, so it is unusual that the money has not be reversed if it not yours.

It is your responsibility to find out where the money came from. Deciding to be ignorant of it's origins isn't good for anyone and likely considered theft. Go with your moral compass and do the right thing.


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## Toronto.gal (Jan 8, 2010)

DayTek said:


> It is your responsibility to find out where the money came from. *Deciding to be ignorant of it's origins isn't good for anyone and likely considered theft*. Go with your moral compass and do the right thing.


+1.

OP, aren't you even a little embarrassed to even be asking on a public forum about the legality of investing money that isn't yours? Would you like someone else to invest/keep your money? Why take advantage, even temporarily, of someone else's mistake, do you not make mistakes?

The fact that you 'have been waiting for the money to vanish', suggests to me that you know that your intentions are dishonest/illegal, so why not just return the money ASAP?


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## peterk (May 16, 2010)

I would suggest wait a couple days, only for the fact that 9/10 times it's actually your money.

I have probably 5 or 6 times over the years had money appear or disappear from my accounts, or unexpected charges show up on my credit cards that I was sure was a result of theft/fraud/bank error!

In every single case it was my mistake and I just needed to think about it for a couple days to realize what I was forgetting.

I'd give it to the end of the week for you to either remember what you did that you are forgetting, or for the bank to correct the error on their own. Then I would call. No point calling and waiting on hold and frustratingly explaining the conundrum to some confused bank phone rep, wasting your own time.


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## Nemo2 (Mar 1, 2012)

peterk said:


> I would suggest wait a couple days, only for the fact that 9/10 times it's actually your money.


You must be worth a whole lot more than us then, 'cause we know whether $1,800 in an account is ours or not. :biggrin:


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## Toronto.gal (Jan 8, 2010)

^^ Mistake or not, the dishonest intention was there, which is the key point in all of this.


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## peterk (May 16, 2010)

^ Indeed.

^^Aw I wish Nemo. But I have transferred big chunks around between banks before and then forgotten that I've done so.

Perhaps it's more of an indication of my goldfish brain than my large bank account. :stupid:

Funnily, my boss came into work one day and said how he was perplexed by ~$250,000 that showed up in his bank account that he wasn't expecting. Turns out it was his money after all and he had forgotten about it....


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## ashin1 (Mar 22, 2014)

OP thanks for the heads up. i was really worried about where my $1800 went haha no srs

Peterk: some people just have it better than others hahahahaha


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## james4beach (Nov 15, 2012)

To the OP: you should inform the bank immediately, and not for the reasons you think.

There could be fraud happening against you. There are some very elaborate frauds out there, such as *fraudulent deposits that won't clear* followed by withdrawals, which leave you in a net LOSS.

If this happened to me I would be concerned that fraud is underway and I would inform the bank immediately.


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## Plugging Along (Jan 3, 2011)

Jumping in late here.


I think there are a couple considerations...

First, which is the less important is the legality. You are knowingly taking money that isn't yours for gain, and hoping they won't find out. I think it could be argued that it would be difficult to prove. I know for us, I wouldn't even notice this amounts in my account either if it was taken out or added in by mistake right away. The fact is they would have to prove that you knowingly took the money that isn't yours. 

The real issue is a question of morals and values. There was an error of someone else's money, you know about it, I feel the onus is up to you to do your best to notify the bank so they can find the rightful owner. That is just the right thing to do, and I don't think that can be questioned. 

I truly believe how one conducts themselves when they think they can 'get away' with something is the true indication off character. A strong character when no one is watching helps with success in life.

I have returned both small and large amounts. I was under changed for a store item and ran back in the rain to have them charge me for it, even though it was their error. I had my client pay me an extra $25000 on a contract because they put one too many zeros. They would have never known because they payables department enter the invoice wrong, and everything was correct on their end. I am now considered on of their top consultants because they trust whatever my estimates are, and know I am honest. 

I think calling the bank, and giving money back that was never yours is a small price to pay for your integrity.

Don't want to be peachy as I sound, but how much is your character worth?


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## carverman (Nov 8, 2010)

llagebs said:


> I have a savings account with a big 5 bank, and July 31st there was a deposit of $1800 that I can't explain. I didn't transfer anything into it, and nobody else (besides the bank) knows the account even exists. The only explanation I can come up with is* that a bank employee entered the wrong account info and I got someone else's money, and they haven't noticed yet.* I haven't called the bank about it because I'm curious what happens if I don't.
> 
> I've been waiting for the money to vanish the same way it appeared, but it's still there. What if a long time goes by and it's still there, can I start to assume I can keep it? Besides the bank eventually realizing the error and asking for the money back, are there any legal issues I should be aware of before transferring it out, i.e. is this illegal in any way? I was thinking of investing it in a non-registered account until they want it back... hopefully never


Something has already happened like this, but in reverse.
Fraud and a possible bank employee error (inside job?) allowed the fraud to take place.
This was an OUTGOING WIRE TRANSFER to someone on the outside.
by the same token,
There is no reason why it couldn't be an INGOING wire transfer from someone, who mistakenly specified
the wrong account number. Wire transfers are done computer to computer with information provided by
humans. 

In this case it was a senior having heart surgery in the US at the time.
http://www.cbc.ca/news/canada/briti...ptied-of-87k-as-bank-falls-for-scam-1.2555647



> Taylor is a Canadian engineering consultant who lives and works in Texas. When his account was emptied by BMO, he was in a Houston hospital having open heart surgery.
> _Because of his experience, he believes other customers should be warned._
> “I’m living proof that [the bank’s operations] can be compromised,” he said. “In my opinion, It just means nobody’s money is safe.”



IF it is an error on the bank's part, sooner or later they will catch it and transfer the money back to where it came
from. In this age of banking done by computer and the banks having central computers that keep track of
everything and the data is backed up, sooner or later an audit will be run and the mistake will be rectified.

The way I would see it from my perspective is ; If I didn't directly deposit it in a bank account that I created
(or had the bank create for me in my name), and did NOT directly deposit that money via a cheque or cash,
deposit slip and do not have the proof that I deposited it myself in person, any money deposited into my bank account IN THAT SPECIFIC CASE... (DISCREPANCY)... is NOT mine to keep for very long, 
and I would advise my bank to look into the error. 

Scams inside the banks are rare, but it seems that these days, they are starting to appear because of some
"clerical error", directly..or indirectly. 
However, fortunately in Canada, your life savings are protected (up to $100,000) by the CDIC.


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## carverman (Nov 8, 2010)

Plugging Along said:


> J
> I think calling the bank, and giving money back that was never yours is a *small price to pay for your integrity.*
> 
> Don't want to be peachy as I sound, but how much is your character worth?


+1^


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## carverman (Nov 8, 2010)

james4beach said:


> To the OP: you should inform the bank immediately, and not for the reasons you think.
> 
> There could be fraud happening against you. There are some very elaborate frauds out there, such as *fraudulent deposits that won't clear* followed by withdrawals, which leave you in a net LOSS.
> 
> *If this happened to me I would be concerned that fraud is underway and I would inform the bank immediately.*


+1 ^

This could also be some kind of a 'fraud attempt test" against you. 

First, they deposit some money to see if you catch it and report it to the bank...if not, 
then possibly the next step could be ..... there could be some money transferred out of your bank accounts as well.


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## james4beach (Nov 15, 2012)

Yup that could be it.

Something you must understand about bank and cheque clearing is that it's not "over" once the bank said it clears. Deposits can be reversed long after they are past the hold period. One classic scam procedure is a fraudulent deposit -- e.g. forged cheque -- followed by a withdrawal. The withdrawal succeeds, but the deposit doesn't clear... perhaps _months_ later.

The original poster could be seeing a variant of this. Perhaps the scam artist now has a route into/out of his account (forged pre-auth? intrabank transfer?). Perhaps next he sees a debit of $1800 and he thinks... ok no big deal, they balance to zero, I'm where I was before. And _then_ to his surprise, some time down the road, the original credit deposit is reversed when it's found to be invalid. Meaning he just lost $1800 of his own money.

Remember, they recently caught some guys in Mississauga with fancy equipment and millions of dollars worth of forged cheques. There are some really sophisticated criminals out there... beware of anything that looks weird. If this were me I would be on the phone with the bank TONIGHT.


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## james4beach (Nov 15, 2012)

While we're on the topic, general advice for everyone:

Don't deposit cheques on behalf of people you don't know. Fraud artists (and money launderers) may approach you and ask to deposit a cheque for them. "Wait until it clears, and then pay me 95% of the amount and keep 5% for yourself" they might say. Sounds harmless enough... you wait a few days, it clears, and you give the guy cash and make some profit.

Problem again is that in these scams, the deposit is a forgery such as a sophisticated cashiers cheque or bank draft forgery. It bounces _much later_, and the fraudster walks away with your cash and your account is in the hole. This happened to a friend of mine.


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## Nemo2 (Mar 1, 2012)

There was an old, circa 1939, W.C. Fields movie called _You Can't Cheat an Honest Man_.


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## Nemo2 (Mar 1, 2012)

http://www.bbc.com/news/uk-england-stoke-staffordshire-28787266



> Michaela Hutchings, 23, from Lichfield, received money which should have been paid to a housing association.
> 
> Within two days she spent £5,000, gave her mother £1,000, and used another £1,000 to clear a fine.
> 
> ...


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## carverman (Nov 8, 2010)

Nemo2 said:


> http://www.bbc.com/news/uk-england-stoke-staffordshire-28787266


How embarrassing to have your illegally bought belongings and Gucci bag sold by court action.

Now after being "bagged" by the police herself, and having to pay all that money back,
she will truly become a "bag lady", when she won't be able to get a decent job because of her criminal record.


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## RBull (Jan 20, 2013)

Nemo2 said:


> You must be worth a whole lot more than us then, 'cause we know whether $1,800 in an account is ours or not. :biggrin:


Lol, I was thinking the same thing. 

I don't make transactions without a printed slip no matter where I am so that accounts can be reconciled monthly. Very simple.


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## RBull (Jan 20, 2013)

james4beach said:


> While we're on the topic, general advice for everyone:
> 
> Don't deposit cheques on behalf of people you don't know. Fraud artists (and money launderers) may approach you and ask to deposit a cheque for them. "Wait until it clears, and then pay me 95% of the amount and keep 5% for yourself" they might say. Sounds harmless enough... you wait a few days, it clears, and you give the guy cash and make some profit.
> 
> Problem again is that in these scams, the deposit is a forgery such as a sophisticated cashiers cheque or bank draft forgery. It bounces _much later_, and the fraudster walks away with your cash and your account is in the hole. This happened to a friend of mine.


This just stinks so bad it's hard to believe some would fall for it.


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## itech (Aug 22, 2014)

It was like this long time back some one diposit the small amont with empty envelop in ATM so my account was showing some money is in, on the other hand he withdrawn some money too which was real. it was very confusing to understand money is gain or lost?

Then bank told me that it was a trick used by someone.


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