Legal Question in Banking Law in California

Re: $50,000 bank error! Finders keepers?

It is interesting to note that if the bank accidentally takes money out of your account and you do not dispute it immediately, you can pretty much kiss that money goodbye. On the safe side, the statute of limitations is 5 years, although it is arguably 4 years. I know of no law requiring you to notify the bank. However, you can pretty much guaranty that if you do not inform the bank immediately, when they find out you will never be able to bank there again and you will be reported to check systems--which will make it virtually impossible for you to bank anywhere else for the next 7 years, even if you do eventually give the money back. It is pretty hard to survive in this economy without a bank account. Legally, you may get away with it, but the down side is pretty high and probably not worth the risk.