Bank Error in Your Favour? Think Again.
I recently had a negative experience with my bank, and I wanted to share.
I was checking my bank account today, and I noticed I had more money than I did before. In my savings account, there was a random deposit of $2000. I Instantly got excited, as anyone would, thinking about all the great ways I could invest my newfound fortune. But first, I had to do some detective work.
The deposit had no description, other than a few numbers which meant nothing to me. I decided it would be best to contact my bank and see what was up. After thirty minutes on hold, and five different representatives, I was finally given the vague explanation that it must have been a Mutual Fund in my portfolio which collapsed, and the $2000 was the settlement. I asked the representative very clearly, “so this is my money?”. “Yes,” he replied, “It is indeed your money.” I didn’t buy it, not for one second. A little later in the day, I checked the account again – still there. The third time I checked and the funds had disappeared. All that was left were two transactions – ‘Bank Draft – $2,007‘ & ‘Bank Draft Fee Credit+ $7‘.
Obviously, I did not expect to keep the money – Monopoly is not real life. I would be more likely to go straight to jail than to collect $200. I was, however, expecting a courtesy call from my bank, explaining their error, and letting me know they would be debiting the funds back out of my account. However, they just went into my account and took the funds, as if I wouldn’t even notice.
With that, I present to you:
10 Things You Need To Know About Bank Errors
Just because my issue was solved same-day, does not mean yours will be. Banks complete many transactions in a day, it could take awhile for them to find the error – but trust me, they will find it.
Call your bank right away, as soon as you notice the problem. They will probably be confused and give you the wrong information at first, but that’s okay, at least you did your part.
The bank keeps notes about every conversation you have with them, so why shouldn’t you do the same? It makes the whole process a lot smoother.
As nice as it is to have some extra money in your account, it isn’t yours, and it should be taken out as soon as possible. Make sure you ask the bank for a date the issue will be resolved – this will keep them focused.
NSF Fees – Don’t pay those!
If the problem is an under deposit, you should ask the bank to cover any expenses that may occur due to the shortage of funds.
It is Not Your Money
If there is an over deposit, don’t spend it. It may be tempting, which is why you must get the issue dealt with in a timely fashion. If you do spend the money, you’re still going to have to give it back.
Keep it where it landed
Wherever the deposit appeared, you mustn’t move it. Leave the money in the account, so the bank can trace it back to where it came from.
The Bank isn’t going to let you keep the money, let me assure you. Heck, they may not even call you to let you know what’s going on…
Some people have bad luck with bank errors. This is my first one, and it wasn’t a great experience. Call your bank’s customer support and ask to speak to a supervisor. Have a reward in mind for how they can keep you as a client. If you have a credit card, ask to lower your rate. If you pay monthly account fees, ask to have them waived. If they won’t do anything for you, its time to move on to another institution.
Act Fast on ATM Issues.
You have exactly 60 days to report an ATM transaction error; otherwise, you are SOL.