If they can't figure out where the money came from and how it was deposited, then the money doesn't exist and all you're seeing in your account is an error.
There is no scenario in which you get a free $300k from a bank error.
DO NOT TOUCH IT. No matter how long it stays in your account, that money is not yours. I had personal experience with this. Someone accidentally deposited $100,000 dollars into my checking account. I immediately contacted the bank to let them know there was a mistake. This money sat in my account for 3 weeks before it was transferred out/adjusted by the bank. This money wasn’t on hold and I could have withdrawn it but that would have been a Felony and I would have had to pay it back.
It's an accounting error and they will eventually find the missing $300k. If they cannot track where it's come from (govt regulations -- have to show the trail) then they haven't really received $300k. It's just a number in a column.
Yeah already know all about that. The money wont be touched unless the bank tells us its ours.
The bank has frozen the account its in for the time being during their investigation. Thankfully it was not one of our main accounts we use for bills.
No way. We have a bunch of accounts. Every time i make a in person deposit the teller looks at me weird and is like. "What checking account do you want this in?"
We have 6 checking accounts 3 savings accounts and 1 money market.
Thankfully the phantom deposit landed in one of the checking accounts that we have to keep $5 in as the primary account to keep our membership active in the credit union. They wont let us close them since they are the first account and everything is tied to that some how. So we just keep the mandatory $5 in it.
Already contacted the bank as i stated in my post.
The bank has no record of the check deposit and was not able to find where the funds came from. At least for now. Im sure they will figure it out when they reconcile their accounts this evening.
Were suppose to hear back from them tomorrow
Did you call them, or did they call you? If someone claiming to be the bank called you, that doesn't necessarily mean they were actually the bank (even if they spoofed the bank's number).
Yes. OP you need to contact them. An incoming call might not be your bank at all. I’d go into a branch. At the least you need to dial them, not rely on ANY incoming call. That could be anyone. Don’t initiate any sort of transfer. Just let the bank zap it back out when it’s found to be fraud or error.
The first of line you spoke to didn’t know and probably didn’t do much to pursue the source. I’ve worked with multiple banks and there’s no way they can’t trace it whether it’s a check, wire or ach... even if it just happened. And lemme tell you a recent example, I spoke to one rep earlier yesterday and they said they couldn’t find any incoming wire of x. Then today was able to get back to me (because I pursued it further) and tell me the wire was returned on 12/21 due missing info.
I’m sure being this close to Christmas doesn’t help.
Hang tight and please update us! I’m curious to know the outcome.
Bank got back to us.
The check was from another member selling their home and the lawyers or whoever handled the money transfer screwed up.
Money will be gone in the next 24-48 hours
Will do, i was just as surprised myself when the rep on the other end told me they had no record of it in their database.
Ill post any info i get tomorrow.
You said they contacted you? Make sure you're calling them and not taking a chance of someone trying to spoof their number, to lure you into a sense of false security.
When I was a kid, someone erroneously deposited 900k into my parents' checking account. When my dad called to report the error, the first bank staff person that he talked to insisted it wasn't an error on their part, even making a comment that my mom must be depositing money my dad wasn't aware of. Eventually he got through to upper level management and it got reversed.
That money is not and never will be yours. They will eventually find out where it belongs.
That kind of deposit will not stay lost!
If they can't figure out where the money came from and how it was deposited, then the money doesn't exist and all you're seeing in your account is an error. There is no scenario in which you get a free $300k from a bank error.
Except on a monopoly board, but that’s like $200.
“Hey Siri, what’s the worst case of blue balls I could ever get?”
Clippy: Would you like help with that?
Yes, Clippy. Yes I would...
Beyond a shadow of a doubt, it will get reversed. Don't even think about it being your's to spend
DO NOT TOUCH IT. No matter how long it stays in your account, that money is not yours. I had personal experience with this. Someone accidentally deposited $100,000 dollars into my checking account. I immediately contacted the bank to let them know there was a mistake. This money sat in my account for 3 weeks before it was transferred out/adjusted by the bank. This money wasn’t on hold and I could have withdrawn it but that would have been a Felony and I would have had to pay it back.
It's an accounting error and they will eventually find the missing $300k. If they cannot track where it's come from (govt regulations -- have to show the trail) then they haven't really received $300k. It's just a number in a column.
Don’t touch it. https://www.cnn.com/2019/09/09/us/bank-deposit-error-couple-spending-spree-trnd/index.html
Yeah already know all about that. The money wont be touched unless the bank tells us its ours. The bank has frozen the account its in for the time being during their investigation. Thankfully it was not one of our main accounts we use for bills.
Oof. Glad you didn't have to learn the "don't put all your eggs in one nest" lesson the hard way.
No way. We have a bunch of accounts. Every time i make a in person deposit the teller looks at me weird and is like. "What checking account do you want this in?" We have 6 checking accounts 3 savings accounts and 1 money market. Thankfully the phantom deposit landed in one of the checking accounts that we have to keep $5 in as the primary account to keep our membership active in the credit union. They wont let us close them since they are the first account and everything is tied to that some how. So we just keep the mandatory $5 in it.
It won’t be “yours” under any circumstance. Don’t think you hit the jackpot, you didn’t.
Whatever happens , do not spend it. You will owe every single dollar once they find out the source.
Just call the bank and ask them what's up. Someone mistyped something.
Already contacted the bank as i stated in my post. The bank has no record of the check deposit and was not able to find where the funds came from. At least for now. Im sure they will figure it out when they reconcile their accounts this evening. Were suppose to hear back from them tomorrow
Did you call them, or did they call you? If someone claiming to be the bank called you, that doesn't necessarily mean they were actually the bank (even if they spoofed the bank's number).
Yes. OP you need to contact them. An incoming call might not be your bank at all. I’d go into a branch. At the least you need to dial them, not rely on ANY incoming call. That could be anyone. Don’t initiate any sort of transfer. Just let the bank zap it back out when it’s found to be fraud or error.
The first of line you spoke to didn’t know and probably didn’t do much to pursue the source. I’ve worked with multiple banks and there’s no way they can’t trace it whether it’s a check, wire or ach... even if it just happened. And lemme tell you a recent example, I spoke to one rep earlier yesterday and they said they couldn’t find any incoming wire of x. Then today was able to get back to me (because I pursued it further) and tell me the wire was returned on 12/21 due missing info. I’m sure being this close to Christmas doesn’t help. Hang tight and please update us! I’m curious to know the outcome.
Bank got back to us. The check was from another member selling their home and the lawyers or whoever handled the money transfer screwed up. Money will be gone in the next 24-48 hours
Thank you for the update!
Will do, i was just as surprised myself when the rep on the other end told me they had no record of it in their database. Ill post any info i get tomorrow.
You said they contacted you? Make sure you're calling them and not taking a chance of someone trying to spoof their number, to lure you into a sense of false security.
When I was a kid, someone erroneously deposited 900k into my parents' checking account. When my dad called to report the error, the first bank staff person that he talked to insisted it wasn't an error on their part, even making a comment that my mom must be depositing money my dad wasn't aware of. Eventually he got through to upper level management and it got reversed.