Ok, this is the strangest story you might have heard, I had 3 accounts in my Bank, 1)Penalty free CD account, 2)Money market account, and 3)Platium checking account, I closed my CD account, and put all its money in my money market account, and on the same day, I got a cashier's check out of my Money market account that used up most of the money in both accounts (money market and CD), and left less that a thousand bucks in the money market account, I didn't touch my checking account.
Well, on the same day of those transactions, I checked my online statement, and it reflected that my CD account was no lnger existent, and it also reflected the correct amount of money left in my money market account, However, the next day, I accessed my online banking, and found out that the money market account is still the same, but, my old CD account has returned back as if I never touched it, that happened a week ago, and my CD account has been there and making interest, we are talking about thousands of dollars here, a lot of money.
I have few specific questions here:
1- How long does the law afford the Bank to correct their mistake and take the money back before they become mine?
2- If I went ahead and withdrew the money out of my CD account, can the Bank bring charges against me?
3- Am I legally obligated to notify the Bank with their error?
Please please respond, many thanks

1) It will never become yours
2) Yes, and so could the government--this would be a crime sometimes called larceny
3) You are required to review your statements and report errors on your account; not doing so can expose you when it is not in your favor

WHy would they bring larceny charges against me? it is their mistake, plus, the definition of larceny is so different.
Any other input in that matter??

Since you know it is an error and not yours and you know the bank did not intend to give it to you, keeping property that does not belong to you is stealing.

Larceny means: "the wrongful taking and carrying away of the personal goods of another with intent to convert them to the taker's own use."

Bank errors are not the equivalent of winning the lottery--you have to give it back. You might want to check with your attorney about this.

Do you also think that if too much comes out of the ATM that you are allowed to keep it? What about if a teller gives you back too much when you cash a check? It is an error, not a gift.

Better yet, if you made a mistake and wrote a check for $200 instead of $20 and gave it to your landscaper, wouldn't you expect him to give you back the $180???

I must agree with MAJ. You have already taken the money and do not have a right to take it again based on a bank error. You would want the bank to correct an error in your favor so you should act accordingly and do the right thing. Report the error.

I agree with MAJ. It is not your money plain and simple.

The money belongs to someone, and the bank will have to return it to them when they find the error. If you have withdrawn it - you stole it from the other customer. Even though the bank will have to make the other customer whole, they will then come to you for the funds.

There is also the chance that the error is on the part of the 3rd party online baking vendor and not showing on the bank's books at all. If it is on the banks books, they are off somewhere and will find it sooner or later.

We just got a judgement against a customer who did not think he had to pay back money he got from a bank error. He thought he should be able to keep it since we goofed. Guess the judge thought he was wrong.

This is the second thread I've read about customers wanting to keep money that is not theirs. Why do people think this is okay? I must be very naive but I just can't imagine being able to justify theft.

Confused - mistakes happen. If the bank had shorted your account by mistake and you didn't discover it for awhile, would you be OK with them just keeping the money? Banking is a two way street. Granted, these mistakes should not happen but they do and that is why banks have pretty rigorous auditing. When they find the mistake they will proceed to fix it. You could be a gentleman and call your bank and tell them about it.