Legal Question in Banking Law in California

Money Transfer Clearance

I received a money transfer to my

account which got cleared the same

day. The type of the transfer was an

ACH credit.

My question is if I can already take

this money and use it or if, under

whatever circumstances, the other

party can cancel this transfer or draw

it back so that it just leaves my

account and I am left empty handed?

Is there any risk involved in spending

this money?

Thank you


Asked on 1/25/09, 5:28 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Money Transfer Clearance

If you don't know the sender, wait 2 weeks, it could be a scam. Do not send anybody any money even if your bank lets you withdraw it. If the sender wants you to wire the "change," it is a scam for sure.

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Answered on 1/25/09, 6:35 pm


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