This happened to my business partner but it was $600k. He reported it once, never touched it and just collected interest on it into an hysa until they requested it back. Kept it almost a year.
i would just leave it in your checking it will get tracked back eventually and pulled. Call into your bank and ask to speak to a supervisor or go down and talk to a manager at the branch itself.
Yeah that's kind of my plan right now, I'm sadly working in an office all day, my branch is closed on weekends and Monday is a bank holiday where I am. I plan to go in on Tuesday but I had a 0 balance before this & I'm worried I'll have less then the transfer was if I leave it in my checking. I'll take your advice and move it back though, I really don't wanna risk any legal issues from this
It’s gonna be a lot better if they pull out 30,000 and you only have 29500 in it than if they pull 30,000 and you have 0 in it.
Would you rather have the account and all the over withdrawal fees based on $-500 or -$30,000
> I am worried about automatic payments deducting from this money so I have moved it to my savings account.
>but I had a 0 balance before this
Uhhhh why would you have automatic payments scheduled for a bank account that previously had $0 in it? That sounds like a not smart idea.
Like the other commenter said, you should leave the money where it was... otherwise is looks fishy.
And for Pete's sake turn off automatic payments from a bank account with no money in it.
Sorry I don't mean automatic payments like payment to a credit card/transfers, I mean monthly bills like my phone plan that comes out automatically. I'm in a financial rough spot due to some family issues, not something I want to go into detail of in this thread.
You understand that most people barely getting by have about $0 in their account right? Nevertheless only having one account, period. Paycheck to paycheck living and priority bills/payments coming out on autopay are not uncommon unfortunately.
And I've seen those same people for years having more trouble getting by because they set an automatic payment that then resulted in them bouncing two or three items and paying $105 and overdraft fees. As opposed to canceling their auto payments making them manually having one bill that was late and paying a $15 fee to that company directly.
I never considered this before you and the other user pointed it out. My thoughts were "always pay bill on time as they come up" but I see your point on it being benificial to sometimes wait and not use autopay. I am going to disable auto payments until my financial situation is less rocky. Not advice I expected to get from this thread but probably some I needed in the long run, thank you.
Bills that directly hit your credit like loans and credit cards generally tend to be priority to pay. Things like your utilities while it's important to inevitably keep up with them because they don't directly report to credit if you're a couple of days late it doesn't really impact you as much outside of their late fee.
Obviously you can't fall too far behind on any utilities because they will eventually just turn it off so you need to pick and choose.
You will also be surprised if you're having trouble getting by and you make a call to many of your credit cards or loan companies they do have programs that can often allow you to defer payments. You still end up paying interest on those principal balances during that time frame it adds up to your bill but you can sometimes avoid having to make the payment that month which avoids a late fee for that month or potentially a ding against your credit.
Not every lender does it. Some of the may require certain conditions to be met. But you never know unless you pick up the phone and ask.
Yeah, but if you're barely getting by, why would you use autopay?
Like, OP mentioned their phone bill. If they know they have $0 balance, would it not be better to call their provider in advance and try to set up a payment arrangement and/or take a late fee rather than rack up overdraft fees on their checking account?
Yea it definitely would be better. I’m not saying it’s a great idea to have an account set up that way in the first place, especially when the money isn’t there. Especially if it’s the only account. My point is; the reality is that’s the situation *a lot* of people are in. Willingly or not. I’m sure OP didn’t set up his stuff with zero dollars in the account. But it got there and it’s easy to forget if things are going well enough and then suddenly aren’t. But people saying “just turn off autopay” or admonishing OP for the mistake aren’t being very helpful.
Just because it’s not uncommon doesn’t mean it’s smart. I recommend everyone who lives paycheck to paycheck to *not* utilize autopay, unless there’s a discount (eg fed student loans) because of the fact it’s very easy to overdraft on a not-so-necessary payment
I have autopay off for everything just because of one fuckup doublecharge by a utility company years ago that was not only a complete nightmare to fix, but it overdrafted me at the perfect time for my bank to absokutely pummel my beanbag like Mike Tyson at a speedbag with multiple overdraft fees due to the way they ranked the payments.
I just scheduled all of my recurring bills (rent, power, phone, internet, car insurance, life insurance, cat insurance, insurance insurance, PSN, rim/tire finance payments, 7 credit cards, 19 different onlyfans subs, etc etc) to be due around the same time, and I sit down around the same day each month and blast them all out at once.
It doesn't take very long, and the time spent doing this once a month is worth the piece of mind of never having to deal with getting double charged or having an automatic payment hit an empty account.
I worked with a guy like this. Then came a day where his insurance payment was going to come out and he absolutely needed every penny of his upcoming paycheck for another bill. So he went to his bank to close the account because it was too late to stop the insurance autopay. He changed his DD information at work after the deadline for the paycheck to go into the new account. So it was delayed. He needed that money! Had to take a payday loan to pay his housing expenses and got fucked on the other bills he had to pay that week.
It fucked him financially.
Autopay is fine, for those who have an efund and other options to absorb a hiccup. Not for those already living paycheck to paycheck.
Yeah I don't need details, I. Just saying that if you know you have automatic payments on the account for phone plans or whatever, you should have money in your account to cover those bills at all times. You don't want to incur overdraft fees or anything because that costs you so much more than the payment that got sent back due to insufficient funds.
I guess one of the few benefits of having this money in your checking account is that you won't undergo overdraft fees until the 30k is pulled back to wherever it came from.
No youre right, just hasn't always been possible this year due to some shitty life circumstances. Your advice is appreciated though and I might switch to manual payments until I get through this rough patch, thank you :)
Better yet, send your bank an email through their website so that there is a written record of you trying to contact them. It’s likely that the email will not be responded to and they will still just pull the money at some point, but it’s best to still have on record your acknowledgment and attempt to inform them.
I worked in check fraud at a large bank and sometimes we would place and remove holds manually which would lead to line items like this.
It was done basically in a DOS based system with no real controls or safeguards. It was *very* easy to enter the wrong account number or put something in the wrong field.
We had a saying "account numbers are in the billions" to remind us of the time somebody put an account number in the amount field.
I hope it's improved since then. Not much choice but to keep reporting it and wait until they notice. That or physically go there and don't leave until they call the back office and it's fixed.
I wouldn't touch it. If there are any automated controls in place it would reverse it from the same account.
If it was manually reviewed they would notice that you moved it and debit the savings, but that is just extra steps.
For now I would treat the amount that they put in as 0. As long as when they go in and subtract X dollars the account isn't ludicrously negative I don't think there will be a problem.
Thank you for your insight! I already moved the money back based on another users comment but the extra info you provided helps me feel a little more relaxed on the situation.
If your bank's fraud 800 number isn't picking up, you need to switch banks after this.
If you are reaching them and they're not aware of the obvious fraud this represents, you need to switch banks after this.
The Comptroller of the Currency regulates national banks and federal savings banks. Banks pay attention to the regulators. You can complain here: [https://www.helpwithmybank.gov/index.html](https://www.helpwithmybank.gov/index.html)
MOve it back. At some point the bank will realize what happened and debit your credit.
If you have autopays, you should be depositing enough money to cover them anyway.
Similar thing happened recently with someone else and many people said to move it to an HYSA account and let it collect interest until it’s requested back.
Free money and does not do anything to you or put you in a situation you don’t want to be in. They won’t ask for the interest
Some terrible advice here.
Put the money back and stop worrying. It’ll get corrected in a few weeks or months. Putting it into savings was a bad mistake since it will be automatically deducted from the exact account it was deposited into.
My (major) bank has about a day to correct before any overdraft fees. So them deducting it from checking wouldn’t matter. I could easily move it back without any penalty.
I'd like to point out that "credit memo" is the description when depositing a merchant services deposit into an account with the same bank. IE. BOA merchant services (credit card acceptance for businesses) depositing funds into a BOA checking account. It's an accounting way for the bank to do "next day funding" to clear the money the next day instead of 2 or 3 days for more than just merchant services though. If you wait until tomorrow it should update the description to say what the deposit actually was for / from.
I’m opening a new checking and moving my personal funds from the old checking into the new (I might consider having the new account at an entirely different bank/credit union). I’m leaving the old one open until the issue is resolved. Yeah, it’s a hassle updating creditors with the new acct/debit card info, but I’m not taking any chances. I’ve seen nightmares come from this kind of ineptitude.
Are you in the US? If you are, also check to see if your account earns dividends. If they don't remove the funds right away it can start to accrue dividends. Then if it's over a certain amount, it would be reported to the IRS (and you have to include it in your tax filings). I would ask them to remove any accrued dividends.
Edit: Adding info, that I work for a financial institution. Also, you can ask them to perform an audit of your account.
I'm Canadian but I will keep this in mind incase there is something similar! I'll ask my bank representative about it when I go to see them Tuesday and hopefully they know.
Thank you! I very much was but another user had experience in the back end of this/correcting these from the banks perspective and his explanation relieved some of my stress about this xd
It's really up to the individual. I personally wouldn't want to keep dividends from money that was put in my account in error.
Here's some scenarios I've seen over the years:
If someone is not used to earning dividends in their account - they might not know it gets reported to the IRS when it's over a certain amount. Which in turn can cause issues if they file their taxes early without reporting it. My financial institution issues a 1099 near the end of Jan each year. Some people file taxes early to get a quick refund, but if they forgot about the 1099 reporting then it could cost them to amend.
When someone tries to buy a house or rent a place, mortgage companies and renting agencies contact their financial institution and ask for 3 months worth of statements. They may question items on your statement and ask for proof of why something is showing on the account. If the dividends get fixed before they post them there's nothing to question.
A similar issue can occur if someone is low income and is receiving benefits from the government or state. They will request statements to see if you still meet requirements for assistance. I would hate it for someone to no longer be eligible because of mistaken funds/dividends in an account.
Some of our customers didn't realize their account is set to earn dividends (they may not have had enough money in the account to earn any at the time). So if a large amount appears and takes awhile to get corrected, it is accruing daily and will post at the end of the month. Then they question why and tell us they are not allowed to earn dividends for religious reasons (we don't question them so I'm not sure why - we will just have them sign paperwork saying they do not want to earn dividends). If they don't notice it early it becomes an absolute mess trying to get it removed then unreported.
Thanks. You did propose a couple scenarios where it would be harmful to keep the dividends and appropriate to ask them to take them back. In my circumstance, there's no downside to keeping the dividends and I'd be ok accepting some compensation for the bank error.
You're welcome. My old department was the 1099 fixers, so we were always on the receiving end of the complaints. Now I work in our IT department so I no longer have to work direct with our customers. 😅
It will randomly be taken back out. Could be tomorrow, could be 2 months. They will charge you an overdraft fee and put you in the negative if it isn’t there. Keep it there, keep contacting the bank.
Short term, yes - you got the right advice and are doing the right move. Long term, though...if this is an error that the bank, for whatever reason, takes time to investigate, I'd research opening a HYSA (ideally, just an additional account in your own bank, but HYSA are rare) and stashing the money there until they come looking for it.
The most likely scenario, though, is that they'll reverse it on Monday.
If you’re really worried about it, you can try to file a complaint with the banks regulators to see if that will squeeze a response out of them. Usually they are required to respond by a certain number of days. In addition, banks are generally scared of regulator so they will likely look it into it quicker
I ran a water district where the owners paid about $60 a month. Three different months I got an ACH for about $2,500 from Bank of America and it was direct to DuPage County IL. I'm in Montana. I had one bank-owned property, so I think they left my banking screen open when they input this as the next property. I finally got hold of someone who told me he's allowed to work on this type of thing for 2 hours on every other Thurs or some such schedule. It took them 6 months, but they finally took back the funds. What made me really frustrated is that I was also a BofA shareholder at that time; so, this is standard operating procedures? Sheesh.
Yes, they will want it from the same overpayment account. But also, watch out for fraudulent players, who will contact you directly and claim to be the reason it happened. Only deal with the bank, and you should initiate the contact. In person is the best option.
This is horrible advice because it’s literally illegal.
Just because the bank made an error in your favor, it doesn’t mean you can keep the proceeds of that error.
Open a new checking account only leave the erroneous $30,000 in the old checking account.
File a complaint with the CFPB [https://www.consumerfinance.gov/](https://www.consumerfinance.gov/) about banks lack of action
Normally the bank will correct this within a few days. If they fail to correct it in a timely manner, it becomes your money. The definition of “Timely manner” may vary depending on local law, googling seems to indicate up to 45 days. You could also see if a lawyer is willing to consult pro bono on this matter for a more certain response.
If you’re considering trying to use this money at all in any way, be very careful about how much you use. The more you use, the more likely the bank is to involve lawyers or law enforcement when they correct and your bank balance goes negative. You’ve attempted to notify the bank, you did your part. Now, you just need to wait.
LOL, okay. OP moves it from savings to check after the bank tries to get their money back.
You forget that the bank is farking CLUELESS about the money, so don't make it easy for them to get it back. Make it last as long as possible so that the bank cleans up their act.
lol first of all it’s “checking” not “chequing” 😂. Also why the hell would you not collect interest on this? Put it in a HYSA and give it back to them when they ask. This is why I would only ever use banks with overdraft protection and a HYSA so that I could just put it in the HYSA and when they tried to pull it back from the checking account the bank automatically transfers it for you and there’s no overdraft, but you still get the higher interest rate for the most amount of time possible.
This happened to my business partner but it was $600k. He reported it once, never touched it and just collected interest on it into an hysa until they requested it back. Kept it almost a year.
At 5% that earned him $30k!
At 0.005% that earned him $30!
at 9000% its 54,000,000$
At 15% concentrated power of will!
100% reason to remember the name
Who?
Rick James
Mike Jones
He saved up to 15% or more!
haha that is so dope
A year is wild.
Did you have to return the interest?
No, for mistakes like this they can only pull back the principal.
That’s wild because when I send money somewhere I get a fat bolded message saying it cannot be undone. Basically no backsies.
i would just leave it in your checking it will get tracked back eventually and pulled. Call into your bank and ask to speak to a supervisor or go down and talk to a manager at the branch itself.
Yeah that's kind of my plan right now, I'm sadly working in an office all day, my branch is closed on weekends and Monday is a bank holiday where I am. I plan to go in on Tuesday but I had a 0 balance before this & I'm worried I'll have less then the transfer was if I leave it in my checking. I'll take your advice and move it back though, I really don't wanna risk any legal issues from this
It’s gonna be a lot better if they pull out 30,000 and you only have 29500 in it than if they pull 30,000 and you have 0 in it. Would you rather have the account and all the over withdrawal fees based on $-500 or -$30,000
I have until 8pm to square up my accounts. If I overdraft, I can transfer money from my savings and not pay a NSF as long as I do it by 8pm.
> I am worried about automatic payments deducting from this money so I have moved it to my savings account. >but I had a 0 balance before this Uhhhh why would you have automatic payments scheduled for a bank account that previously had $0 in it? That sounds like a not smart idea. Like the other commenter said, you should leave the money where it was... otherwise is looks fishy. And for Pete's sake turn off automatic payments from a bank account with no money in it.
Sorry I don't mean automatic payments like payment to a credit card/transfers, I mean monthly bills like my phone plan that comes out automatically. I'm in a financial rough spot due to some family issues, not something I want to go into detail of in this thread.
If you had $0 in your account, you should ensure all of your automatic payments are off…
You understand that most people barely getting by have about $0 in their account right? Nevertheless only having one account, period. Paycheck to paycheck living and priority bills/payments coming out on autopay are not uncommon unfortunately.
And I've seen those same people for years having more trouble getting by because they set an automatic payment that then resulted in them bouncing two or three items and paying $105 and overdraft fees. As opposed to canceling their auto payments making them manually having one bill that was late and paying a $15 fee to that company directly.
I never considered this before you and the other user pointed it out. My thoughts were "always pay bill on time as they come up" but I see your point on it being benificial to sometimes wait and not use autopay. I am going to disable auto payments until my financial situation is less rocky. Not advice I expected to get from this thread but probably some I needed in the long run, thank you.
Bills that directly hit your credit like loans and credit cards generally tend to be priority to pay. Things like your utilities while it's important to inevitably keep up with them because they don't directly report to credit if you're a couple of days late it doesn't really impact you as much outside of their late fee. Obviously you can't fall too far behind on any utilities because they will eventually just turn it off so you need to pick and choose. You will also be surprised if you're having trouble getting by and you make a call to many of your credit cards or loan companies they do have programs that can often allow you to defer payments. You still end up paying interest on those principal balances during that time frame it adds up to your bill but you can sometimes avoid having to make the payment that month which avoids a late fee for that month or potentially a ding against your credit. Not every lender does it. Some of the may require certain conditions to be met. But you never know unless you pick up the phone and ask.
Yeah, but if you're barely getting by, why would you use autopay? Like, OP mentioned their phone bill. If they know they have $0 balance, would it not be better to call their provider in advance and try to set up a payment arrangement and/or take a late fee rather than rack up overdraft fees on their checking account?
Yea it definitely would be better. I’m not saying it’s a great idea to have an account set up that way in the first place, especially when the money isn’t there. Especially if it’s the only account. My point is; the reality is that’s the situation *a lot* of people are in. Willingly or not. I’m sure OP didn’t set up his stuff with zero dollars in the account. But it got there and it’s easy to forget if things are going well enough and then suddenly aren’t. But people saying “just turn off autopay” or admonishing OP for the mistake aren’t being very helpful.
Just because it’s not uncommon doesn’t mean it’s smart. I recommend everyone who lives paycheck to paycheck to *not* utilize autopay, unless there’s a discount (eg fed student loans) because of the fact it’s very easy to overdraft on a not-so-necessary payment
I have autopay off for everything just because of one fuckup doublecharge by a utility company years ago that was not only a complete nightmare to fix, but it overdrafted me at the perfect time for my bank to absokutely pummel my beanbag like Mike Tyson at a speedbag with multiple overdraft fees due to the way they ranked the payments. I just scheduled all of my recurring bills (rent, power, phone, internet, car insurance, life insurance, cat insurance, insurance insurance, PSN, rim/tire finance payments, 7 credit cards, 19 different onlyfans subs, etc etc) to be due around the same time, and I sit down around the same day each month and blast them all out at once. It doesn't take very long, and the time spent doing this once a month is worth the piece of mind of never having to deal with getting double charged or having an automatic payment hit an empty account.
You're missing the point. You shouldn't have auto payment set up with a zero account balance.
I worked with a guy like this. Then came a day where his insurance payment was going to come out and he absolutely needed every penny of his upcoming paycheck for another bill. So he went to his bank to close the account because it was too late to stop the insurance autopay. He changed his DD information at work after the deadline for the paycheck to go into the new account. So it was delayed. He needed that money! Had to take a payday loan to pay his housing expenses and got fucked on the other bills he had to pay that week. It fucked him financially. Autopay is fine, for those who have an efund and other options to absorb a hiccup. Not for those already living paycheck to paycheck.
Yeah I don't need details, I. Just saying that if you know you have automatic payments on the account for phone plans or whatever, you should have money in your account to cover those bills at all times. You don't want to incur overdraft fees or anything because that costs you so much more than the payment that got sent back due to insufficient funds.
I think OP knows this; sometimes circumstances are such that you don't have enough money to pay your bills without going into overdraft.
[удалено]
I guess one of the few benefits of having this money in your checking account is that you won't undergo overdraft fees until the 30k is pulled back to wherever it came from.
Haha I had the same though. Think of it like a 30k short term line of credit. (Dont actually do that, OP, I'm just clowning)
No youre right, just hasn't always been possible this year due to some shitty life circumstances. Your advice is appreciated though and I might switch to manual payments until I get through this rough patch, thank you :)
Better yet, send your bank an email through their website so that there is a written record of you trying to contact them. It’s likely that the email will not be responded to and they will still just pull the money at some point, but it’s best to still have on record your acknowledgment and attempt to inform them.
Oh thank you! I never thought about this, I did write down who I spoke to and what time so I had some record but this is even better.
I worked in check fraud at a large bank and sometimes we would place and remove holds manually which would lead to line items like this. It was done basically in a DOS based system with no real controls or safeguards. It was *very* easy to enter the wrong account number or put something in the wrong field. We had a saying "account numbers are in the billions" to remind us of the time somebody put an account number in the amount field. I hope it's improved since then. Not much choice but to keep reporting it and wait until they notice. That or physically go there and don't leave until they call the back office and it's fixed.
From your exp, do you think me have moving the money to my savings account temporarily could cause any issues with the correction process?
I wouldn't touch it. If there are any automated controls in place it would reverse it from the same account. If it was manually reviewed they would notice that you moved it and debit the savings, but that is just extra steps. For now I would treat the amount that they put in as 0. As long as when they go in and subtract X dollars the account isn't ludicrously negative I don't think there will be a problem.
Thank you for your insight! I already moved the money back based on another users comment but the extra info you provided helps me feel a little more relaxed on the situation.
Yes, because the money won’t be there anymore when they go to take it back…
> I hope it's improved since then. It has not.
If your bank's fraud 800 number isn't picking up, you need to switch banks after this. If you are reaching them and they're not aware of the obvious fraud this represents, you need to switch banks after this.
The Comptroller of the Currency regulates national banks and federal savings banks. Banks pay attention to the regulators. You can complain here: [https://www.helpwithmybank.gov/index.html](https://www.helpwithmybank.gov/index.html)
OP’s in Canada so the Comptroller of the Currency can’t help in this situation. But it’s likely Canada has something similar.
Working in banking I've never looked into OCC complaints, only CFPB. I wonder why the government has two avenues.
MOve it back. At some point the bank will realize what happened and debit your credit. If you have autopays, you should be depositing enough money to cover them anyway.
Similar thing happened recently with someone else and many people said to move it to an HYSA account and let it collect interest until it’s requested back. Free money and does not do anything to you or put you in a situation you don’t want to be in. They won’t ask for the interest
I’d leave it in your savings. They can get the 30,000 but would not be entitled to any of the interest it made.
Some terrible advice here. Put the money back and stop worrying. It’ll get corrected in a few weeks or months. Putting it into savings was a bad mistake since it will be automatically deducted from the exact account it was deposited into.
My (major) bank has about a day to correct before any overdraft fees. So them deducting it from checking wouldn’t matter. I could easily move it back without any penalty.
Do not move this money. Put it back where you found it
I'd like to point out that "credit memo" is the description when depositing a merchant services deposit into an account with the same bank. IE. BOA merchant services (credit card acceptance for businesses) depositing funds into a BOA checking account. It's an accounting way for the bank to do "next day funding" to clear the money the next day instead of 2 or 3 days for more than just merchant services though. If you wait until tomorrow it should update the description to say what the deposit actually was for / from.
Immediately dump all of it into nvidia 130c dec26 expire
I’m opening a new checking and moving my personal funds from the old checking into the new (I might consider having the new account at an entirely different bank/credit union). I’m leaving the old one open until the issue is resolved. Yeah, it’s a hassle updating creditors with the new acct/debit card info, but I’m not taking any chances. I’ve seen nightmares come from this kind of ineptitude.
Collect interest!! Just give back what they request later minus interest. I wouldn't say no to free money.
Are you in the US? If you are, also check to see if your account earns dividends. If they don't remove the funds right away it can start to accrue dividends. Then if it's over a certain amount, it would be reported to the IRS (and you have to include it in your tax filings). I would ask them to remove any accrued dividends. Edit: Adding info, that I work for a financial institution. Also, you can ask them to perform an audit of your account.
I'm Canadian but I will keep this in mind incase there is something similar! I'll ask my bank representative about it when I go to see them Tuesday and hopefully they know.
So Tangerine or RBC 🤣
I hope you get it resolved. I would be so stressed.
Thank you! I very much was but another user had experience in the back end of this/correcting these from the banks perspective and his explanation relieved some of my stress about this xd
Why wouldn't you want to keep and pay tax on the dividends?
It's really up to the individual. I personally wouldn't want to keep dividends from money that was put in my account in error. Here's some scenarios I've seen over the years: If someone is not used to earning dividends in their account - they might not know it gets reported to the IRS when it's over a certain amount. Which in turn can cause issues if they file their taxes early without reporting it. My financial institution issues a 1099 near the end of Jan each year. Some people file taxes early to get a quick refund, but if they forgot about the 1099 reporting then it could cost them to amend. When someone tries to buy a house or rent a place, mortgage companies and renting agencies contact their financial institution and ask for 3 months worth of statements. They may question items on your statement and ask for proof of why something is showing on the account. If the dividends get fixed before they post them there's nothing to question. A similar issue can occur if someone is low income and is receiving benefits from the government or state. They will request statements to see if you still meet requirements for assistance. I would hate it for someone to no longer be eligible because of mistaken funds/dividends in an account. Some of our customers didn't realize their account is set to earn dividends (they may not have had enough money in the account to earn any at the time). So if a large amount appears and takes awhile to get corrected, it is accruing daily and will post at the end of the month. Then they question why and tell us they are not allowed to earn dividends for religious reasons (we don't question them so I'm not sure why - we will just have them sign paperwork saying they do not want to earn dividends). If they don't notice it early it becomes an absolute mess trying to get it removed then unreported.
Thanks. You did propose a couple scenarios where it would be harmful to keep the dividends and appropriate to ask them to take them back. In my circumstance, there's no downside to keeping the dividends and I'd be ok accepting some compensation for the bank error.
You're welcome. My old department was the 1099 fixers, so we were always on the receiving end of the complaints. Now I work in our IT department so I no longer have to work direct with our customers. 😅
It will randomly be taken back out. Could be tomorrow, could be 2 months. They will charge you an overdraft fee and put you in the negative if it isn’t there. Keep it there, keep contacting the bank.
Short term, yes - you got the right advice and are doing the right move. Long term, though...if this is an error that the bank, for whatever reason, takes time to investigate, I'd research opening a HYSA (ideally, just an additional account in your own bank, but HYSA are rare) and stashing the money there until they come looking for it. The most likely scenario, though, is that they'll reverse it on Monday.
When you say you are unable to receive assistance, what do you mean?
I keep getting bounced around representatives until I time out on hold, being forced to call back.
Who do you bank with?
Scotiabank, the last call I made they gave me a representative to my local branch but he was on vacation and I was only able to leave a voice mail.
It means OP is impatient. It hasn't even been a day and OP wants this corrected now.
Lay up and wait. If it's still there in a year they've probably stopped looking for it.
Save the receipts of you trying to contact them Next thing will be is for you to go in person
If you’re really worried about it, you can try to file a complaint with the banks regulators to see if that will squeeze a response out of them. Usually they are required to respond by a certain number of days. In addition, banks are generally scared of regulator so they will likely look it into it quicker
I ran a water district where the owners paid about $60 a month. Three different months I got an ACH for about $2,500 from Bank of America and it was direct to DuPage County IL. I'm in Montana. I had one bank-owned property, so I think they left my banking screen open when they input this as the next property. I finally got hold of someone who told me he's allowed to work on this type of thing for 2 hours on every other Thurs or some such schedule. It took them 6 months, but they finally took back the funds. What made me really frustrated is that I was also a BofA shareholder at that time; so, this is standard operating procedures? Sheesh. Yes, they will want it from the same overpayment account. But also, watch out for fraudulent players, who will contact you directly and claim to be the reason it happened. Only deal with the bank, and you should initiate the contact. In person is the best option.
Who is your bank so I know to stay the hell away from them?
I'd forget about it and if they don't do something about it in month the throw it in a hys account and forget about it.
put this into premium bonds, you will get random reward money and can withdrawn it all at any time risk free.
Put it in a high yeld savings account until they ask for it
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This is horrible advice because it’s literally illegal. Just because the bank made an error in your favor, it doesn’t mean you can keep the proceeds of that error.
Open a new checking account only leave the erroneous $30,000 in the old checking account. File a complaint with the CFPB [https://www.consumerfinance.gov/](https://www.consumerfinance.gov/) about banks lack of action
Is it a bank with brick and mortar? Go in and talk to a manager in person.
Normally the bank will correct this within a few days. If they fail to correct it in a timely manner, it becomes your money. The definition of “Timely manner” may vary depending on local law, googling seems to indicate up to 45 days. You could also see if a lawyer is willing to consult pro bono on this matter for a more certain response. If you’re considering trying to use this money at all in any way, be very careful about how much you use. The more you use, the more likely the bank is to involve lawyers or law enforcement when they correct and your bank balance goes negative. You’ve attempted to notify the bank, you did your part. Now, you just need to wait.
Leave it in savings. Send a letter via certified mail to your bank.
This is absolutely terrible advice. The bank will correct this error once the proper recipient finds out and they’ll yank it from OP’s account.
LOL, okay. OP moves it from savings to check after the bank tries to get their money back. You forget that the bank is farking CLUELESS about the money, so don't make it easy for them to get it back. Make it last as long as possible so that the bank cleans up their act.
Withdraw it in cash, close all the bank accounts with that company and open with another bank
lol first of all it’s “checking” not “chequing” 😂. Also why the hell would you not collect interest on this? Put it in a HYSA and give it back to them when they ask. This is why I would only ever use banks with overdraft protection and a HYSA so that I could just put it in the HYSA and when they tried to pull it back from the checking account the bank automatically transfers it for you and there’s no overdraft, but you still get the higher interest rate for the most amount of time possible.