Bank Deposit Error in my Favor ~ Statute of Limitations?
Here's the scenario:
A person makes out a deposit slip to deposit $50 into their bank account and receive $550 cash back. They receive the $550 cash back and don't notice for a few days until they check their online banking that $550 was ALSO deposited into their account. Upon looking at the deposit slip, it shows that there was $550 deposited into the account. The thought is naturally that the error will be detected and the amount withdrawn. It has now been two (2)months and has shown up on two bank statements.
1) Is there any law covering whether or not the money becomes the property of the account holder after a certain amount of time and if so, what rights, if any, does the account holder have?
2) If the account gets closed say after ninety (90) days, and the error is still not detected, but they find it five (5) months down the road. Would they be able to pursue legal action?
3) If the money is in an interest bearing account and the error is finally detected and withdrawn, will they have the right to withdraw the interest as well?
Thanks for any assistance you might be able to offer.
1 Answer from Attorneys
Re: Bank Deposit Error in my Favor ~ Statute of Limitations?
The statute of limitations is three years and begins to run upon your refusal of the bank's demand to return the money.
This is not Monopoly. There is no "bank error in your favor" card. The money is not yours. You have no right to it. Do the right thing and return it.
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