What Do You Do If Someone Accidentally Deposits Your Money?
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Can you keep money that was mistakenly deposited into your account?
Unfortunately, the money isn’t yours unless you made the deposit or if someone else made the deposit on your behalf. The only time you can keep money that is deposited into your account is when the deposit was intended to be made into your account. So, if the deposit was a mistake, you can’t keep the money. It’s as simple as that.
When does a deposit account have transactional features?
A deposit account also has transactional features if preauthorized or automatic instructions provide for transfer of deposits in the deposit account to another deposit account at the same institution, if such other deposit account itself has transactional features.
What should I do if I have an erroneous deposit in my account?
Even if you notify (or plan to notify) your financial institution about an erroneous deposit, you may be tempted to move the money to another account, such as a brokerage account, stock account or money market account, in order to generate handsome interest.
