Hey guys, this community has so much knowledge and I thought u could help me out. So I woke up this morning with all this extra cash in my account. The description is vague AF, a few letters and some numbers. I have notified my bank about the transaction. I was wondering if anyone knows what happens if no one claims the money? Thanks y’all.
I Woke up to an Extra $7,000 in My Bank Account
Gillawarna87 on 09/01/2019 - 17:11
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Slightly off topic but why do banks then advise if you transferred money into an incorrect account that they can't do anything about it?
To manage your expectations. For example, if the money has already been withdrawn, transferred out, etc, the Bank does not have to do anything. It depends on their discretion and the circumstances.
In most cases you are entitled to get your money back it seems (in aust):
https://www.moneysmart.gov.au/managing-your-money/banking/un…
…so when we incorrectly do a bank transfer and they decline on the basis "Sorry we already told you that is not possible", we show them this page and they will comply?
cash out and put all on black
OP, just in case you take this seriously, I think this would be an immature thing to do and wouldn't help you in the slightest. Putting everything on black could be the difference between having nothing or being $7000 in debt. Which would you prefer?
So do the right thing and bet it all on red, babyyyyy! Yeeehaaaaa!
Live a little, everything on 0. Wildcard bitches!
Or put 3500 on each
Actually from memory, any recovery effort of the money would have thought be under the laws of restitution, and one defence to payment is claiming the money was lost due to being spent on "enhanced living expenses".
Gambling is included within the definition of "enhanced living expenses".
That said, if you end up winning, I'm pretty sure the plaintiff would be able to take both the principal amount of cash, the winnings, and any assets (or part thereof) that it is invested in.
This is why non-lawyers shouldn't give legal advice.
@miarn: It's what I remember from my law studies at university, although I didn't go on to practice in the area.
Well technically couldn't it be the difference between having an extra $7000 or being $7000 in debt? There is a chance OP could win…
…and if you loose … double down and go again!
Ooops, I think I mistakenly put it there. Thanks for finding it. The description has some letters and numbers, so you know it's mine. Please deposit $5k in my account, you can keep $2k as a finders fee.
That's ridiculous! Don't give it to this man, op!
The 7k is actually mine. I know because I can tell you that the description consists of a few alphabetic letters and numerical digits. You can deposit $4k into my account and keep the remaining $3k.
Damn… caught out! go you halves?
@ChillBro is the correct owner. Please deposit $4k in their bank within 7 business days to prevent additional account fees.
Kind regards,
rompastompa
Incorrect Transfer Division
Australian Banking CompanyYour all wrong. I'm Prince Adeyemi Malia Kibibi Morowa Njinga from the Benin Republic, next inline for the throne. I am writing to you in my desire to go into a business relationship with you, which will be most beneficial for all parties involved. The first $7000 you have received is the first of many transactions for your services rendered. I would like to wire you a second & third payment of $7000 for your services, but I would require you to wire to me a unlocking fee of $10000 in order for me to complete the transaction. I look forward to your cooperation.
@Dr Techno: 8/10, all in all a good effort.
Moving forward, please remember to include a couple of spelling mistakes and at least one reference to God.@[Deactivated]: I see you are a man of the most integritys. I would like you very much to join in on this initaitives. For you dear sir, as god as witness please wire a senoir partnership fee of $6500. We shall all be rewarded with bountiful redwards once all unlocking and senoir partnership fee's have been sent. I shall pray for our business endeaviours to be very much fruitful.
@Dr Techno: 10/10 Perfect!
You are now past ready to shares your wonderful financial initiatives with potential investorees and make the world a happier and glorious place.
For your laminated Cerfication from the MintyNovember institute of Fiscal Servitude. Please forward me the initial sum of just $1,433
God be with you and may he forever guard your beautiful soul.
I'm from the Australian Tax Office and you haven't paid tax on all of your earnings. Our records indicate you were paid $7,000 by your employer for underpaying you, but they failed to pay the ATO the PAYE portion. You owe the ATO 30% on that $7,000 which is $2100, however as we have commenced court proceedings against you being the holder of these monies, if you pay a penalty of $2100 in addition to your taxation obligation, we can settle this without you having a criminal record.
Don't forget need to pay in iTunes cards
Please click link below to login to your mygov account and enter your login detail.
It happens. My old man's solicitor (profanity) up bank details, ended up putting $1 million for a property purchase in someone else's account.
Ohhh. But did ur dad get his money back?
Yeah, not an issue. As for the solicitor getting paid, I hope he didn't.
Was he using the new digital conveyancing platform? There have been some instances of people hacking accounts and substituting the bank details
Which is why smart conveyancers and lawyers now phone clients to check their details before transferring money :)
You must've got the bank error chance card. Lucky you.
As you notified the bank, it won't end up yours even if not claimed. If I received an amount, I would not tell the bank nor spend it. If they ask you do have to cover it.
If they ask you do have to cover it.
So we should lie about it….?
Cover, not cover up. Cover all bases does not mean hide all bases.
So hide it until someone pulls it back from your account and if asked about it, say you didn't know but have the funds available for immediate transfer back?
@Zachary: Banks are not police. They will ask for the amount and no excuse needs to be given. The only people who get in trouble are the ones who cannot pay it back when demanded.
@[Deactivated]: …so when do you get it spend it? What is the minimum time frame required to cover it up?
@[Deactivated]: I think the point is whats the point of keeping the money if it could be claimed at any time. How long would you decide before you spend the money if you arent gonna tell the bank??
yes the first step is not to tell the bank, which OP failed
I wouldn't do this. The bank will likely ask for interest if you've had the money for some time.
They can only claim interest from the time you have been notified.
I would immediately move it to a 'high' interest account with a different bank.
If you need to repay it, its still available, but the bank can't just take it. In the meantime you can get some benefit.
If money is incorrectly transferred into your account, you should notify your bank. Your bank will then try to return the money to the sender. You should not spend or withdraw the money transferred into your account by mistake because it is not legally yours and you have to pay it back.
https://www.fos.org.au/custom/files/docs/fact-sheet-mistaken…
What kind of 'high interest' benefit are you going to make on $7,000 in a short span?
The first step from the bank is simply a letter requesting the money. If the money is returned, it is never escalated.
UBank will give you 55c a day
A few dollars. =.=
this community has so much knowledge
I see that the money and your post were misplaced.
Nah, please see my other thread where my fellow ozbargainers cracked a mystery! Amazing!
IAMNAL, however there are penalties associated with spending money that has been incorrectly funded to your bank account, although I am uncertain if any penalties apply to not declaring it or moving it to another account (so perhaps tread cautiously with some of the other suggestions in this thread.
A missing $7000 won't go unnoticed, so best to report it to your bank at the next opportunity.
Don't spend it.
Username checks out!
You may have to pay it back if you spend it. If you don't have money then the bank may work out a payment plan like $50 or $100 per month.
Is it exactly $7,000? Did you buy a property recently and it might be your FHOG being paid or reimbursed to you?
Thanks for the reply. No I didn’t.
Happened to someone I know, but MUCH larger amount. It will just disappear without you doing anything, probably soon.
Yep I remember waking up one morning with an extra $2000 in my bank.. Didn't touch it incase something happened. Next day the money disappeared lol.
I had this happen about 10 years ago. When I contacted the bank they said it was up to the payer to follow up and they could not provide any further information to me (for privacy reasons).
Never heard anything more about it.
After 7 months the money was still there, so I spent it. Happy $10k bonus for me.
Omg I hope this happens to me! Yeyyyy
Keep it and don't use it. Wait for a few months. Pretend not knowing about it.
Wow, crazy!
Had a friend have this happen recently with a much larger sum, I.e. 10s of thousands. They caught up with it eventually and got the money back.
Think there's some limit on how long they have to recover it, so just sit and pray! Once you've notified your bank that's all you're expected to do.
bankwest by any chance? i had a similar thing with one of their higher interest rate accounts, with a condition that you could only put in $500 a month so i set it to auto deposit and forgot about it.
another condition i wasnt aware of was that they would empty it after a year, and it suddenly appeared in one of my other accounts without any clear description where it came from
Which bank is it? I'm opening an account right now.
Take it all out redeposit in your home loan… And when asked to pay it back take it back out and give it back… But in the meantime save on some interest on your loan
Not saying to keep it just give it back if and when they ask.
Bank Error in Your Favour, Collect $200 :)
Bank Error in Your Favour, Collect
$200$7,000 AUD :)Gotta account for inflation, plus the falling value of the Aussie dollar atm.
Sorry. My bad. Let me provide you with my Nigerian bank account details so you can return the money to me ;)
The receiver is not obliged to do anything except not spend the money. In order to avoid spending the money accidentally, as well as to make it clear that you're not trying to take advantage in any way by moving it elsewhere, notifying the bank and leaving it alone seems to be the most prudent course of action.
It also seems like the right thing to do, which should be enough reason for most people.
you sir, are an idiot.
god i hope you never inadvertently transfer money to an incorrect account. I've done it and its the most gut wrenching feeling! Luckily the bank sorts it out for you.
Which bank fixed it for you? Good on them.
My understanding was that the big banks would point you to terms and conditions, make up some lies about privacy and basically tell you bad luck.
ANZ sorted it for me, although I think it was ING (receiving bank) that really made the difference.
was CBA. Can't remember where i sent it to, took a few weeks though…
Those who negged me, do you have any grounds to prove otherwise?
https://www.mamamia.com.au/money-accidentally-transferred-in…
Not only would spending it be a dick move, it would likely get you in some legal difficulties.
you're joking right? You/he has no rights to that money.
read this:
https://www.abc.net.au/news/2016-05-05/woman-arrested-at-syd…If someone walking in front of Bimo dropped their wallet, Bimo would happily take it. Even if the person turned around and saw Bimo with the wallet and asked for it back, Bimo would still think it belonged to Bimo and would refuse.
@ely: If i found money on the street with no name on it, I will keep it.
I did this so many times.
Are you saying you scream and ask who's 50 bucks is this?
@[Deactivated]: If the owner can't be identified then keep it; if the owner can be (e.g. if you saw then drop it), are you really such a prick that you wouldn't return it?
@ely: It happened to me once. I did dropped 50 bucks in a pretty crowded street. Someone must definitely saw it fall from my bum but I never got it back.
People aren't that nice. They may be honest for $10-20 but how about $100? Or $1000? Or $7000?
What if no one is looking or ever gonna find out? Op here did a right thing by asking the bank, but he could choose just shut up, and after a year use it.
@[Deactivated]: There are assholes out there but that doesn't mean I have to be one, which seems to be your rationale. I'll default to assuming people aren't, but if they show themselves to be (like you) then I'll treat them appropriately.
@ely: Think on the bright side. Whoever lost 50(or 7000) bucks must be rich enough to not worry about it.
While whoever wants to keep it is poor and desperate enough to do so.
I consider that 50 I lost was a donation. If I found 50 myself, then that is a gift too.
Funny enough charges were actually dropped against her, and after she spent a good portion of what she took.
https://www.smh.com.au/national/nsw/charges-against-christin…
@tasty-falafel: But a lot of that hinged on the fact she said she thought her parents were depositing money into her bank account and it was in some way justified that she spent it. However, she had put money in different banks all over the place to hide it, so she bloody knew it wasn't hers.
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You get to keep it?… It's likely an incorrect bank transfer.
Also:
https://www.fos.org.au/custom/files/docs/fact-sheet-mistaken…