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bank error my favor

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Money Talk > Retirement Planning

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Junksta
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bank error my favor  Reply with quote  

Two years ago, when I closed an IRA, the bank issued my check for $5000. too much. So far this error has not been caught. Will it ever be safe to use this money, just wondering how do banks audit transaction s?
Post Mon Jan 30, 2017 3:14 am
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oldguy
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quote:
safe to use this money


No, you can't use it, it is not yours!! You are supposed to return it, banks can make mistakes, that doesn't mean that you have no responsibility.
Post Mon Jan 30, 2017 1:35 pm
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Chavak
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quote:
Originally posted by oldguy
quote:
safe to use this money


No, you can't use it, it is not yours!! You are supposed to return it, banks can make mistakes, that doesn't mean that you have no responsibility.


I agree, the money is not yours and you need to return it. If the bank made a $5000 error to your detriment, you would be demanding that they fix the problem and give you your $5000. It works both ways.
Post Fri Mar 31, 2017 12:13 am
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