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Banking Q - Anonymous deposit

Discussion in 'The Pub' at netrider.net.au started by Justus, Aug 14, 2007.

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  1. Need help/advice etc

    A deposit of $1900 has been made into my account. Either my bank has
    transferred money into my account by mistake or someone has transferred
    their money into an incorrect account.

    Do I contact my bank, leave the money in there for X period of time then
    spend it or what?

    Is the money now mine because its in my account?

    I don't know what the go is these days. I remember when I came to Aust
    16yrs ago $800 was put into my account. I spent the money.

    Months later I received a letter from the bank demanding I repay it back
    but because I had no way of paying it back my mother had to pay the

    Money couldnt have come at a better time because this years tax return
    I gotta pay the 1censored. tax office $8k.
  2. keep it for like a year or so
  3. Mate, if you don't want it, I'll hold it in escrow for you.

  4. If you have to ask, you already know the answer.

    What would you do if $1,900 of YOUR money was deposited into someone else's account???
  5. Hi MG, I'm not 100% sure but my understanding is that the bank can't withdraw the money from your account without consent from you to perform the reversal and, even if someone approached them claiming that they had incorrectly deposited money into your account, there would be little that could be done unless you consented to return the money. Not certain, as I said, so don't take my word for it.

    It's an ethical / moral issue, you need to do what you feel is right. I would contact the bank and see if they can nominate where the funds came from and take it from there. I definitely wouldn't spend it at this stage, the last thing you want to do is add to your $8k debt.

    Best case scenario: a (correctly deposited) generous gift from an anonymous benefactor.... yeah baby woo hoo :grin: :grin:
  6. I would imagine the right thing to do would be to at least ring your bank and ask where that money has come from because they should at least have a transaction record, but if you have internet banking you can check yourself as it should list where it is from. That is just my opinion as I am an honest person and know I would be worried if I spent it that one day the bank would say oh oops sorry it was an error and like governments they seem to be able to reverse anything when it is gunna be to their advantage. Good luck anyway.
  7. cmon its that nigerian scam, when is the million bucks coming ;)

    dont worry about it, bank will sort it out in due time
  8. Nope -
    they just take the money. if you spend it and the reversal turns your account in the negative, they will charge you the usual fee too!
    Ive once had $1800 put in my account and i spent $10 before i realised... had to pay $35 fee for having a negative balance when it was reversed :(
  9. Not possible Rev.

    I'm too careful with my money.

    Now that would be good. :grin:

    Earn the extra dollar in interest eh :LOL:

    So hang on, next month I'll earn $306 interest instead of $305?

    Thats how I found out & it dosent tell me shit. It just says:

    13 August 2007 DEPOSIT MULGRAVE VIC $1892.02

    Thats it.

    So to me thats telling me that someone has gone into a bank in
    Mulgrave & deposited the money from that location? :?

    Probably give it sometime & if its still there contact the bank.
  10. Stick it in a term deposit. Or park it in an 6.5% ING account.

    Last I heard, the money is not yours, but the bank can't do shit about the interest you earn from it.

    DON'T SPEND IT! If the bank wants to get nasty, they can claim you stole it!

    I think you need a Tramp64 or Clairebear to comment on the legalities.
  11. Sounds like the plan Rob

    Even those who havent checked their account & simply have spent what
    was in there? 017.

    That cant be right.

  12. give it to me so i can get some nice akrapovics for the MT01....
    or am i being greedy?? :roll:

    had to try :LOL: :LOL:
  13. Asked a friend at work whos wife works in a bank, and he is of the belief that if the bank has made an error, and you spend it not realising it wasn't yours, then it is the banks problem, not yours.

    They make a billion dollars a year in pure profits. Like they can't afford to lose a bit by accident now and again.
  14. From my experiance the bank cant do shit,a while ago some bank dude deposited a sum of $$$,when they rang me i said i would pay it back in instalments.They agreed then they got pushy so i said shove off and get stuffed.That was the last i heard of it.So if the bank did it screw them if it was a direct deposit from another party well that i am not so sure
  15. Wrong way around there VTR. They make a billion in profit because they don't let little accidents like this get by.

    Sorry MG, it's not your money, the bank can take it back whenever they like. If you want to make it harder for them, close all your accounts with that bank so they have to do it by letter of demand, lawyers and the like.

    Likely it's not the banks fault anyway, more likely a customer has put the wrong number on a written deposit slip, and will miss it shortly anyway.
  16. The error will be noted at some point and the bank WILL take the money back, and yes you'd have to repay it if you've spent it :(

    I had a situation once where someone in the bank got a little happy with the "0" key when someone deposited money into my account. Instead of a deposit of $800 I ended up with $80,000 in my account :shock: Was I tempted to spend it? Hell yeah! Immediate reaction was that I ought to withdraw the money and say "what 80 grand??" :wink: when they asked for it back. But of course my better judgement won out and I did nothing *sigh* 2 days later the money was gone. Ah well
  17. I'd consider giving it to the tax department (if i owed them money anyway).

    When the bank asks for the money back (or just takes as the case may be) you can say you paid YOUR money to the tax department and what they did with THEIR money is not your problem, and if they do just take it back you can try contesting it or let it go and you're no worse off cos you would've had to pay your own $1900 the ATO anyway.

    Maybe you cop a $35 fee (you could argue that too) but its a fair gamble considering you might get $1900.

    I transferred $200 into the wrong account once and they said they MIGHT get the money back. They may just take it back automatically and then hope that i'd be convinded they couldn't get it :mad:

  18. Sorry mate.

    The bank can reverse the transaction easily. As a matter of fact, if you spend money that has been incorrectly placed in your account, criminal charges can be laid on you.

    There is specific legislation on this matter, also as part of the term and conditions of accounts that you open with a financial institution.
  19. I'm with Paul.

    I think that if you have to think twice about returning the money, your moral compass is a little skewed. Please do the right thing.
  20. Aaaah, so that's where it went. Mate, can I have that back?

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