Legal Question in Banking Law in Pennsylvania

Extra Money In My Account

I checked the balance of my checking acount on 9/11, 2 days after my birthday to see if a check that I wasn't sure about when I wrote had cleared and make sure that I didn't receive any fees in the event that there was not enough money in my account. The balance should have only been like $2.00, however it said $1,100.00. There was a deposit made into my account on 9/6- three days before my 21st birthday. I asked the usual suspects (mom, dad, grandparents, & boyfriend) if they made the deposit. Since my Dad is a doctor its not unusual for him to deposit that amount or more in some instances since I am a college student and he pays for my tuition out of his pocket (i.e.- no financial aid). Anyway, I went online to see where the deposit was made. The code underneath deposit said ''ACH CREDIT'' followed by numbers and the bank name, then ''REG SALARY''. It was classified as a preauthorized automatic deposit. I think it may be a payroll deposit from the bank, however I don't nor have I ever worked for this institution. Please advise what would happen if I were to spend the money. If at all possible (heehee) please tell me that God put the money into my account and I would be an angel to spend it wisely. lol


Asked on 9/13/07, 9:29 pm

2 Answers from Attorneys
John Jackson Law Office of John A. Jackson, P.C.

Re: Extra Money In My Account

If the bank made a mistake sooner or later they will find it and track down where the money went. They will then want the money back. They have a legal right to get the money back. It is best that you alert the bank of the error.

Read more
Answered on 9/14/07, 8:58 am
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: Extra Money In My Account

You asked a possibly improper credit in your account.

An ACH transaction is an automated transaction that may or may not have been authorized by you. The "ACH Payroll Deposit" could have come from any employer that you may have worked for.

The money isn't yours and you will be responsible for repaying the money. You should alert the bank to the error, in writing. If the bank denies the error you may _use_ the money. But, if the bank recognizes the error and asks for return you will need to repay the money immediately. To attempt to keep the money would be conversion (theft) and the bank can and would prosecute.

Hope that helps,

Regards,

Roger

Read more
Answered on 9/14/07, 1:50 pm


Related Questions & Answers

More Banking Law questions and answers in Pennsylvania