Legal Question in Consumer Law in Kentucky

Consumer Loan

I had a car loan through a national bank. I paid off the loan with a ''check-by-mail'' transaction. Once I reviewed my bank statement, the money was removed from my account. About 2 weeks later I received the title to the car. Since then, I received notice that I still owed money. In going back and reviewing my bank account, the money was transferred back into my account.

As I have received the title, and have transferred the ownership of the vehicle to another person, and the bank made an error by putting the money back into my account, am I still liable for the funds?

Thanks


Asked on 12/29/05, 4:19 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Consumer Loan

If the funds mistakenly transferred back to you were part of the payoff rightfully due the bank, you should pay them back, not only because they could so you for it and harm your credit but also because it s the right thing to do. Would you expect reimbursement if they accidentally took too much, or would you accept them saying "too bad, we are not returning the money?"

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Answered on 12/29/05, 4:23 pm


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