27 Jul 2022

What if the bank makes a mistake in the deposit?

non-bank lender

Although it is a nice surprise to see thousands of dollars in your bank account that did not exist previously, you cannot keep this money. If the bank makes a mistake and deposits money into your account, that was not intended for you, it is their job to reverse and get that money back. However, sometimes consequences fall onto you, and it is necessary to address these consequences with your bank.

Mistakes happen, even if you are being as safe as possible. If you accidentally submit a deposit or repayment to the wrong person or group, you should feel comfortable that the money will reverse back into your account with the help of the bank. When the error increases funds, pick up the phone and call your bank’s customer service line. They may not know that the money is not yours, but if they find out without you, this can spell trouble.

Thankfully, if you are charged for the deposit, the bank will refund you the money and fees, since it was not your money or mistake in the first place. However, the reversal of the fees, as well as the deposit, can take up to ten business days. Don’t spend the money in the meantime.

Bank Mistakes Conclusion

Banks mistakenly depositing money into your account that is not yours, can be more of a curse than a blessing. The money is not yours, so it will be reversed back to its rightful owner within ten business days. Always contact your bank when you notice strange deposits in your account.

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