Can I keep money erroneously added to my bank account?

Found Money? Think Twice Before Touching That Accidental Deposit.

Imagine logging into your bank account and seeing a surprise windfall. A significant sum, not expected, just sitting there. Tempting, isn’t it? But before you start mentally spending those funds on a dream vacation or that long-coveted gadget, consider this: that money might not be yours. And spending it could land you in hot water.

Accidental deposits happen. A typo in an account number, a misplaced decimal, a system glitch – any number of things can lead to money landing in the wrong account. While it might feel like a stroke of luck, Wyoming Trust CEO Mark Pierce cautions against viewing these errant funds as a sudden bonus. “These funds, though accessible in your account, remain the property of the original sender,” Pierce explains. This means that regardless of how the money ended up in your account, you have no legal claim to it.

The accessibility of the funds is often the most misleading aspect of this situation. Seeing the balance reflected in your account can create a false sense of ownership. However, this doesn’t change the underlying legal reality. Spending money that isn’t yours, even if it was deposited by mistake, constitutes unauthorized use of funds.

So, what happens if you do spend the money? The consequences can be significant. The bank will eventually rectify the error, and you’ll be required to repay the full amount. This can create a serious financial burden, particularly if you’ve already spent the money and haven’t budgeted for its return. Beyond the repayment, you could also face legal repercussions. Depending on the circumstances and the amount involved, this could range from bank charges and overdraft fees to potential legal action by the original depositor.

The best course of action when you notice an unexpected deposit is to immediately notify your bank. This protects you from potential complications and demonstrates good faith. The bank can then investigate the source of the funds and return them to the rightful owner. While it might be disappointing to see that unexpected windfall disappear, remember that honesty and integrity are always the best policy. Resisting the temptation to spend money that isn’t yours will save you from a potential financial and legal headache down the line. After all, finding someone else’s wallet and returning it is considered good citizenship. The same principle applies to an erroneous bank deposit. It’s not a gift; it’s someone else’s money, and they have a right to get it back.