Banks are one of those institutions that you expect to make zero mistakes as they are dealing with money. However, contrary to your expectations, bank do make mistakes regardless of the high-end banking gadgets they implement into their operations or the fool-proof measures they put in place. One of the common mistakes bank make, or one that most of us wish they make, is that of giving you more than what you asked for. While, such mistakes are rare, they do happen. And when they happen, you may not know what to do or the effect of such mistake.
If a bank gives you too much money and they fail to realize their mistake, you are required to return the money. However, if they do, expect them to collect the money one way or the other. Always expect a bank to realize their mistakes, as they are pretty good at ensuring that their accounts are balanced.
Visiting the grocery store and buying a $100 product for $30 may seem like a bargain. However, wait till you request $3000 from your bank and you are mistakenly given $5000. Most individuals will see such mistake as a blessing in disguise. They will likely thank their stars, spend the money, and pray for a repeat. On the other hand, some may return the money and receive loads of appreciation from the faulting teller. When a bank gives you more than you requested, certain things happen. In addition, you are obliged to do something. Read on to find out more.
Why Do Banks Ask Why You Are Withdrawing Money?
What Happens If the Bank Gives You Too Much Money?
If you were asked to mention one of the most mistake-proof institutions in the world, you would likely mention a bank. How can a bank effectively manage thousands of individuals account without errors? Such feat is surely a good reason to deem banks as one of the most mistake-proof institutions worldwide.
However, such assumption is wrong. No one is above mistakes, even banks. But one good thing about banks is that, while they are prone to some mistakes, they often find out sooner than later. And when they do, you trust them to come for their money. In this article, I’ll be talking about one the greatest mistakes a bank can make. In addition, I’ll reveal to you what happens when a bank give you excess money.
No One Is Above Mistake:
Bank tellers are humans and make errors from time to time, like giving excess cash back when processing a withdrawal for a customer. It is not usual for tellers to make this mistake because they adopt electronic counting machines and must adhere to stringent bank policies for counting and recounting cash. However, if you find yourself in a situation where by you requested for $4000 and you are given $8000, for instance, what happen? What do you do?
What Happens?
If your bank gives you excess of what you requested and find out (probably after noting the shortage) they will recover the money from you one way or the other. Even if you have spent the money, don’t expect the bank to do nothing. Provided you have an account with them, you’ll pay back the money. If things seem to be getting out of hands, your bank may threaten to file a lawsuit in a bid to recover the excess funds.
Won’t the Mistake Slide Under the Radar?
While it may be very tempting to run away with cash given to you by mistake, rest assured that the error will be located. Financial institutions are very careful in their records and auditing process, so you will be discovered. It is only a matter of time.
Many erroneous transactions are discovered fast, but some may not be discovered until after some time.
Contact Your Bank:
Immediately you realize that you have received more cash that you requested, call the bank quickly. Ask for your account balance to validate the amount that is left in your account including the amount recently debited. You must first find out if the teller made an error debiting your account or simply when counting your money.
Deposit the Extra Withdrawn:
If you discover that the bank teller withdrew from your account the exact amount that you have in hand, simply return to the bank to redeposit the overage. This teller simply made an error when processing the debit to your account. For example, it is possible that the teller misinterpreted the amount you inputted on the withdrawal slip.
Do What Is Right:
The other assumption is that the teller debited your account for the right amount you requested but simply gave you excess cash back. If you discover that the teller have you too much cash back during an in-person withdrawal, don’t be greedy; do the right thing. Return the excess cash to the teller window and explain the situation so that the teller can include it to her drawer. If the teller’s cash drawer comes up short, she may end up losing her job. I bet you wouldn’t want such to happen.
Suggestions:
Ensure you count your money before you depart the teller window when you make an in-person withdrawal. This helps you to prevent problems with receiving too little or excess cash. It might hold up the line for some time, but this general rule is a win-win for both you and the teller.
How Long Does a Check Take to Clear if Deposited on the Weekend?
Can You Keep the Money Paid in Error?
It is not very common for banks to make mistakes. However, sometimes this fact isn’t always right and we have the bank tellers to thank for that. Bank tellers, being humans, can make mistakes. One of the greatest mistakes they make is paying money to a wrong account. If you are the owner of the account, are you allowed to keep the money? If no, what do they do?
If money was paid to you in error, you are required to return it to the bank. Failure to do so could put you in bad light or make you seem like a thief. Since it isn’t your money, it’s best to do the right thing.
You aren’t required to keep money paid to you in error as it isn’t yours. Instead, you are required to contact your bank and report the mistake.
