Legal Question in Banking Law in Illinois
Bank Error
If the bank made a mistake and deposited some money into my account, can I spend it, or do they have the right to take it back once they discover their mistake? What are my rights in this situation. I received my statement which listed the deposit, but they don't know yet.
Asked on 9/13/02, 4:00 pm
1 Answer from Attorneys
Lawrence A. Stein
Aronberg Goldgehn Davis & Garmisa, LLC
Re: Bank Error
You cannot spend it. It is not your money, and you must return it to the bank on their demand. If you fail to do so, the bank can successfuly sue you for the money back.
Answered on 9/13/02, 4:01 pm
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