A few weeks ago the bank incorrectly deposited funds into my account. I make a lot of deposits throughout the month, and accidentally spent the money that the bank incorrectly deposited. They recently contacted me and told me that they debited my account for their error, which made my account overdraft. I immediately went to the bank to cover the overdrafted amount and they accused me of spending money that wasn't mine. Who is at fault here, the bank or me? What are the laws for such a situation?
While its understandable that the bank's error may have thrown you a curve ball, you are ultimately responsible for knowing how much you rightfully have on deposit. You had to have written checks against the errant credit in order for an overdraft to have occurred.
You have a good case for a refund of at least some of the overdraft fees. The bank should realize that its error may have contributed to the problem of your overdraft, and the bank is overstepping if it accuses you of deliberate wrongdoing, if things are as you say they are. The best that can happen here is for the bank to step back from its accusation (an apology for overreacting might be in order), and consider rebating some of the overdraft fees, and for you to chalk this up as a learning experience.
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
While its understandable that the bank's error may have thrown you a curve ball, you are ultimately responsible for knowing how much you rightfully have on deposit. You had to have written checks against the errant credit in order for an 