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  #1  
Old 01-29-2014, 01:52 PM
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bank error in my favor. what would you do?

checked my brokerage account this morning. someone transferred over $60,000 into it.

i'm 99.99% sure they will notice it and make an adjusting entry ( probably tomorrow because tonight's books won't balance ) but dang...what would you do if they don't?

I feel like I am playing that game where you are asked moral questions...what would you do? hahahha

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  #2  
Old 01-29-2014, 01:55 PM
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I had this happen with $10k extra in my brokerage -- reported it, someone made a wire transfer into an incorrect account. They'll catch on eventually, better to alert them of the problem and give them the correct info than have them stuff things up further by fixing it without your input.
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Old 01-29-2014, 01:56 PM
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I wouldn't worry about it since they will notice. OTOH, if you don't want further issues, I would certainly tell them about it ASAP.

If they never notice it then the question is valid. Till then, the question is moot. Assuming they never notice it, as the 98th Rule of Acquisition goes: Every man has his price. My price might be different than yours. What is YOUR price?
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  #4  
Old 01-29-2014, 01:56 PM
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  #5  
Old 01-29-2014, 02:01 PM
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I'd call and report it.
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  #6  
Old 01-29-2014, 02:12 PM
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Quote:
Originally Posted by aklim View Post
I wouldn't worry about it since they will notice. ?
"they" including the owner of the intended destination account!

i'm going to give it a couple of days before I report it just to see if they notice.
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Old 01-29-2014, 02:18 PM
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Old 01-29-2014, 03:05 PM
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Let them correct it in their timely manner....
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Old 01-29-2014, 03:10 PM
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Originally Posted by unkl300d View Post
Let them correct it in their timely manner....
Thing is, knowing banks/brokers and the amount of errors they make, they'll probably mess up fixing it and leave you with $60k less than you started with. Which is why it pays to report it AND watch the account for a while till the problem is fixed.
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Old 01-29-2014, 03:17 PM
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Originally Posted by benhogan View Post
"they" including the owner of the intended destination account!

i'm going to give it a couple of days before I report it just to see if they notice.
Either clear the account, cash the check and run like hell or turn it in. Reason being that who knows what they will do time wise to resolve the issue. I wouldn't want it hanging over my head. Better I get you to fix it today than to hope you fix it right when you discover it. For all you know, there might be yet another mistake during correction and this time, NOT in your favor.
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Old 01-29-2014, 03:17 PM
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Yes, but let 'them' determine that it is a "mistake". That is their job etc.
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  #12  
Old 01-29-2014, 03:22 PM
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Originally Posted by unkl300d View Post
Yes, but let 'them' determine that it is a "mistake". That is their job etc.
I agree in principle. However, the question is whether you want them to discover it and in the process have it hanging over your head and risk another "oopsie" or not.
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  #13  
Old 01-29-2014, 04:49 PM
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I had this happen with $10k extra in my brokerage -- reported it, someone made a wire transfer into an incorrect account. They'll catch on eventually, better to alert them of the problem and give them the correct info than have them stuff things up further by fixing it without your input.
Yes report ASAP. Otherwise they might claim you borrowed the money and charge you interest for having the 60K. Banks are very creative.
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Old 01-29-2014, 05:08 PM
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Yes report ASAP. Otherwise they might claim you borrowed the money and charge you interest for having the 60K. Banks are very creative.
Not sure they can do it without the proper paperwork.
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  #15  
Old 01-29-2014, 05:54 PM
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I've had that issue before. The bank credited a deposit I made twice. I told them about it and they fixed it properly.

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