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Bank error in my favor?

B

BUTCH1

Lifer
So I pay my Mtg. online with Chase on the 3rd June but they have yet to debit my checking acct. I log in to my accounts and it says "payment received 6/3" and I only owe July's mtg. payment. I haven't spent any of the amount allotted to cover it, (well, not YET anyway), tell me ATOT, what should I do???
 
In my experience, they alway catch that stuff later. Consider it an outstanding debit that will hit latter. I doubt you will be lucky enough for this to go unnoticed. If you are don't say anything, but it could take as much as a year for them to notice.

I had that with a computer error with direct deposit once, and they took back the money 6 months latter.
 
mattpegher said:
In my experience, they alway catch that stuff later. Consider it an outstanding debit that will hit latter. I doubt you will be lucky enough for this to go unnoticed. If you are don't say anything, but it could take as much as a year for them to notice.

I had that with a computer error with direct deposit once, and they took back the money 6 months latter.
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It's only $520 but damm, it's tempting!, I do need a new fridge, old one works fine but sucks juice like a wino..
 
mattpegher said:
Unless you want to wait 3 months then close the account and get a new bank, they will take that money back.
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Trust me, this +100000. Plus, if you go overdrawn in 10 months when they decide to pull it out, bet your ass they'll fine you for it.
 
Chapbass said:
Trust me, this +100000. Plus, if you go overdrawn in 10 months when they decide to pull it out, bet your ass they'll fine you for it.
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I dunno, after all I completed my part, went to their site and authorized them to debit me for the mtg. payment, do I have any further responsibility to make sure the transaction gets completed??. My worry would be I blew the $$ on a new tablet or something and not have it available for the delayed debit..
 
don't touch the money. once they catch the error they will come for the money. there is no getting away with it.

BUTCH1 said:
I dunno, after all I completed my part, went to their site and authorized them to debit me for the mtg. payment, do I have any further responsibility to make sure the transaction gets completed??. My worry would be I blew the $$ on a new tablet or something and not have it available for the delayed debit..
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you authorized the payment, meaning they can take the payment whenever they want. the authorization doesn't go away just because some time has passed.
 
Don't be an idiot and get in touch with them. Sooner or later they will find the mistake and take the money.

My bank normally takes a loan payment out on the 30th. This month they only took it out on the 3rd. I would have look pretty stupid had I gone ahead and spent the money.
 
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hdeck said:
don't touch the money. once they catch the error they will come for the money. there is no getting away with it.



you authorized the payment, meaning they can take the payment whenever they want. the authorization doesn't go away just because some time has passed.
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So no "statue of limitations" would apply?..living with a single-core tablet that's 10 months old, it's a fossil I tell 'ya!...
 
BUTCH1 said:
So no "statue of limitations" would apply?..living with a single-core tablet that's 10 months old, it's a fossil I tell 'ya!...
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Statue_of_Limitations.jpg
 
it's definitely tempting... but they will catch it eventually; if you spend it now, it's like stealing from yourself.
 
BUTCH1 said:
So I pay my Mtg. online with Chase on the 3rd June but they have yet to debit my checking acct. I log in to my accounts and it says "payment received 6/3" and I only owe July's mtg. payment. I haven't spent any of the amount allotted to cover it, (well, not YET anyway), tell me ATOT, what should I do???
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Dood...fuck all these naysayers and "downer Debbies." Spend it...Go party like a rock star for a night, Buy lots of hookers and blow, drink expensive champagne, LIVE IT UP!

After all...you authorized the withdrawal...you have a receipt for it...take the attitude of "It's MY money, and I want it NOW!"
 
I'd imagine that when they find the error, they'll just deduct the amount from your account -- whether you have it available or not (and likewise charge you any relevant overdraft fees)

edit: I feel like the only way to play this is if it's so much money that you can withdraw it in cash and move to a country where the IRS can't reach you.
 
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loki8481 said:
I'd imagine that when they find the error, they'll just deduct the amount from your account -- whether you have it available or not (and likewise charge you any relevant overdraft fees)

edit: I feel like the only way to play this is if it's so much money that you can withdraw it in cash and move to a country where the IRS can't reach you.
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My credit union could charge me a fee of course if any check, debit comes along and there is not enough $$ to cover it. Chase, on the other hand would not be entitled to any extra fines or fee's since they were at fault for not debiting my account when they were authorized to do so..
 
BUTCH1 said:
My credit union could charge me a fee of course if any check, debit comes along and there is not enough $$ to cover it. Chase, on the other hand would not be entitled to any extra fines or fee's since they were at fault for not debiting my account when they were authorized to do so..
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I like your take on this...go spend the money. You KNOW you want to...

Why the hell should you be penalized for THEIR mistake?
 
BUTCH1 said:
My credit union could charge me a fee of course if any check, debit comes along and there is not enough $$ to cover it. Chase, on the other hand would not be entitled to any extra fines or fee's since they were at fault for not debiting my account when they were authorized to do so..
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You're looking at it through the reasonable, hopeful ok, fantasy eyeglasses of a consumer. Banks can and will make your life miserable and screw your credit rating for $5, it's what they do. You MAY prevail after YEARS of court cases and fees 10x what they originally bled you for.
 
BoomerD said:
I like your take on this...go spend the money. You KNOW you want to...

Why the hell should you be penalized for THEIR mistake?
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First is today I'm gonna pay July's Mgt. payment (the bank gives to the 16th of month before a $39 late fee is added) then wait awhile longer and see what happens. Legally I still owe them $520 for June's payment..
 
MagnusTheBrewer said:
You're looking at it through the reasonable, hopeful ok, fantasy eyeglasses of a consumer. Banks can and will make your life miserable and screw your credit rating for $5, it's what they do. You MAY prevail after YEARS of court cases and fees 10x what they originally bled you for.
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Well it's kinda non-debatable since they made the mistake but in general your right, late fees and overdraft fees are like bread and butter for the banking industry..
 
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