My bank screwed up. (NOW WITH UPDATE!!!)

[Andrew1990]

So my dad as well as myself bank at X Company. Well I have direct deposit on an e-checking account and my dad has a normal checking account.

Well it seems that the bank screwed up and deposited my dad's money into my account even though his account number and name is clearly written on his deposit slip. I can actually view this in my account management.

Now he is bouncing checks while I have an extra $275 in my account just sitting there.



So what should I do and what should the bank do at this point as they are closed till Saturday?



UPDATE:

Seems they fixed my dads account but they have yet to take the money out of my account and it has been about 2 weeks now. I am going to take that money and use it now, hahahahaha.

Time for payback against the banking system.

 

[UberNeuman]

Can you transfer the money into his account?

 

[Andrew1990]

He has a regular non e-checking account, I do not know if that would be possible? Also he has already made $350 in overdraft charges due to bounced checks.

 

[theflyingpig]

So what should I do and what should the bank do at this point as they are closed till Saturday?

You really don't have any common sense do you?

 

[Andrew1990]

You really don't have any common sense do you?

Well I tried calling them but they are closed. So I should just wait till Saturday?

 

[UberNeuman]

Well I tried calling them but they are closed. So I should just wait till Saturday?

Sorry to say, there's not much more you can do at this point - but don't work yourself up any further...

It's their mistake, they have no choice but to waive the cost....

 

[dbk]

 

[dsity]

I had a similar thing happen, talked to the bank and they refunded the money eventually

 

[Andrew1990]

Sorry to say, there's not much more you can do at this point - but don't work yourself up any further...

It's their mistake, they have no choice but to waive the cost....

Ok, I mean it wont affect me but it does affect my father quite a bit. I guess everything will be solved on Saturday then.

Thanks

 

[BoomerD]

As long as it can be proven that it's the bank's mistake, it really won't affect your father either. The bank will wipe out all the overdraft fees...and USUALLY, they'll even pay any overdraft fees at merchants where one of his checks bounced due to their error.

 

[Andrew1990]

Sweet, I have an extra $275 now!

 

[Ns1]

Sweet, I have an extra $275 now!

yeah no

 

[guyver01]

Sweet, I have an extra $275 now!

until the bank traces where the deposit originally went.. and reverse it.

Could be a day.. a week.. a month.

You will still be responsible for it.
Go ahead and spend it.. they'll still take $275 out of your account, even if you're at zero.

They'll remove $275.. then start charging you negative balance fees.

 

[Andrew1990]

until the bank traces where the deposit originally went.. and reverse it.

Could be a day.. a week.. a month.

You will still be responsible for it.
Go ahead and spend it.. they'll still take $275 out of your account, even if you're at zero.

They'll remove $275.. then start charging you negative balance fees.

Well I will be using it kind of like a loan until they fix it. Then when they do fix it I will complain and have the overdraft charges taken off and then just pay back what I "borrowed".

If the bank can charge an overdraft fee, I sure as hell can charge them a underdraft fee. Or I can try and fail at least.

 

[MagnusTheBrewer]

Well I will be using it kind of like a loan until they fix it. Then when they do fix it I will complain and have the overdraft charges taken off and then just pay back what I "borrowed".

If the bank can charge an overdraft fee, I sure as hell can charge them a underdraft fee. Or I can try and fail at least.

Hence the saying, "you can't fight city hall."

 

[lxskllr]

Well I will be using it kind of like a loan until they fix it. Then when they do fix it I will complain and have the overdraft charges taken off and then just pay back what I "borrowed".

If the bank can charge an overdraft fee, I sure as hell can charge them a underdraft fee. Or I can try and fail at least.

I'd only try that if I were VERY desperate for immediate cash. There's a better chance than not it'll bite you in the ass if you use that money.

 

[Mike Gayner]

1) LOL that American banks still use paper deposit slips. WTF?

2) LOL that your dad bounces cheques for the sake of $275. You must be from a poor family.

 

[Andrew1990]

I'd only try that if I were VERY desperate for immediate cash. There's a better chance than not it'll bite you in the ass if you use that money.

Exactly. I have plenty of cash in the bank right now so I probably wont even come close to using that money but if I can I will. That just means I have to blow my money before blowing theirs.

H & B Anyone?

 

[guyver01]

Then when they do fix it I will complain and have the overdraft charges taken off and then just pay back what I "borrowed".

good luck with that.. let us know how it works out.

 

[rockyct]

Dude, just don't touch the money. There is no such thing as a "bank error in your favor: collect $200" card in real life. They will get that money back eventually.

 

[moshquerade]

So my dad as well as myself bank at X Company. Well I have direct deposit on an e-checking account and my dad has a normal checking account.

Well it seems that the bank screwed up and deposited my dad's money into my account even though his account number and name is clearly written on his deposit slip. I can actually view this in my account management.

Now he is bouncing checks while I have an extra $275 in my account just sitting there.



So what should I do and what should the bank do at this point as they are closed till Saturday?



UPDATE:

Seems they fixed my dads account but they have yet to take the money out of my account and it has been about 2 weeks now. I am going to take that money and use it now, hahahahaha.

Time for payback against the banking system.

are you really 19 y/o?

 

[damocles]

Dude, just don't touch the money. There is no such thing as a "bank error in your favor: collect $200" card in real life. They will get that money back eventually.

It isnt clear if the bank will ever get this money back

http://nz.news.yahoo.com/a/-/archive/5802093/nz-bank-confirms-chasing-overpaid-millions/

The Westpac bank in New Zealand says it is "vigorously" attempting to get back $3.8 million taken from an account it mistakenly credited.

A Rotorua service station owner and his girlfriend are believed to have skipped the country following the unexpected windfall.

Westpac, who have not publicly identified the account holder, said today the customer in question had in place a temporary overdraft facility with a limit up to $100,000.
"It sought to formalise that limit, at which stage an error occurred, the consequence of which was opening up that limit to $10 million."

 

[eakers]

banks never forget, they will take that money back

 

[MotionMan]

It isnt clear if the bank will ever get this money back

http://nz.news.yahoo.com/a/-/archive/5802093/nz-bank-confirms-chasing-overpaid-millions/

The Westpac bank in New Zealand says it is "vigorously" attempting to get back $3.8 million taken from an account it mistakenly credited.

A Rotorua service station owner and his girlfriend are believed to have skipped the country following the unexpected windfall.

OP, good luck skipping town with your $275.00 windfall

MotionMan

 

[LittleNemoNES]

They'll get their money back in the end but you can use it as a loan.

WaMu onced accidentally deposited $3,000 in my fathers account. Because we were poor as hell he used it as a loan. The bank gave him a slap on the wrist because he said he was expecting a check of that sum so it is not his fault he used it
Interestest free loan.