My friend had a unknown deposit made to her account for $800. She thought it was just a teller error and that the bank would correct it. It has been almost three years, and the money is still there. Is there a certain time period that the bank has to catch this error. I have advised her not to spend the money, because they would find the error, but that was three years ago and they still have not. Is it okay to spend it?
Untitled
There's no limitation on a bank's ability to correct an error once detected. Your friend should contact the bank to advise it of the error. It's the right thing to do.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
There's no limitation on a bank's ability to correct an error once detected. Your friend should contact the bank to advise it of the error. It's the right thing to do.