Legal Question in Banking Law in Illinois

Unknown transfer into my checking account

I recently noticed an unexpected $1500 sitting in my checking account. The transaction says ''INC WIRE REF #xxxxx'', Service Charge Reversal. I called my bank to try and get some information on this, they verified that it was an inbound wire transfer, from some bank that sounds like ''Bayer'' or ''Baer''. He also said that it looks like it was set up by me, which makes me think maybe someone else with my name made an error making their transfer. I am just wondering what I should do? Is there any was I would become entitled to this money? Is there a time limit I have to wait out for someone to catch the error before it becomes irreversible? Do I have to report that I don't think this is my money? Please let me know what my legal options are, and under what circumstances I would get to keep the funds. Thanks!

- Aaron


Asked on 1/10/03, 10:29 am

1 Answer from Attorneys
Lawrence A. Stein Aronberg Goldgehn Davis & Garmisa, LLC

Re: Unknown transfer into my checking account

The money is not yours. Do not spend it. If the bank doesn't catch the error in a few months, you should report it to them. The bank has the right to correct the error either before you withdraw the funds, by debiting your account, or after you withdraw the funds, by suing you for them.

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Answered on 1/10/03, 10:50 am


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