Would you inform your bank if your account had an additional $25,000?
Would they find out anyways?
Why would THEIR mistake make YOU a fraud? Aren't you entitled to spend whatever is in your account, without investigating who deposited what into it?
Maybe God knows the person is struggling and wanted to help them, and it was a bank error in the computers, the money does not belong to another person, it just appeared there in like a typo type of way.
By the way this is hypothetical.
- thequeenreignsLv 71 decade agoFavorite Answer
Inform them especially if you did not put it in there yourself. Eventually they will find it but you do not want it showing in your account. It will be reported to the IRS and then that is another can of worms you don't want to have opened. Any single transaction that is over $9,999.00 is automatically reported to the IRS.
Edited to add:
It would be considered fraud/grand theft especially since you know it was not yours and if you actually went out and used the money. The money is not free, it is not a gift. they will take it back from you, sue you, put you in jail min 5 years. it is not worth it
Arguing to a judge that it was the bank's mistake will never fly. the judge would tell you that you knew it was not your money but you took something knowing that it was not yours anyway which qualifies as theft.
You also won't be able to argue with the IRS about not knowing where the money came from when they come to ask questions as well.
- ΧαλαράLv 71 decade ago
I'd contact them in a heartbeat. The money would most certainly be missed by the person who owns it, and they'll be calling the bank as well. If the error is a bank entry typo, it would be corrected once the hard document (check, cash, etc) cleared and the discrepancy was discovered.
- Uncle PennybagsLv 71 decade ago
You mean an extra $25k showed up in your account that's not really yours?
Yes, you should tell them immediately. This is not just an ethical question. A bank has a virtually unlimited time to come back and correct a bank mistake. If you spend that money and can't make good on it, you'll be in deep doo doo.
- Anonymous1 decade ago
They will find out anyway. I may not tell them. But I wouldn't spend it, either. This happened to a friend of mine, but for a much smaller amount of money. They deducted it from his account about a month later. Good thing he didn't spend it. Whoever that money belongs to is going to contact the bank when they find it missing. The bank will track where that money went, and they will take it back from you.
You won't go to jail for not telling them as long as you didn't spend it. Plausible deniability. You didn't know it was there. You didn't put it there. Nobody told you they put it there.
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- 1 decade ago
Yes I would inform them, and no I wouldn't spend it.
If you spend money in your account, when you know that it's not supposed to be there, you're not committing fraud. Well not just fraud. You could, depending on the state or city, be charged with larceny, money laundering, racketeering, theft, issuance of bad checks, and a whole host of other charges.
It's just not worth the trouble.
- JW.CLv 61 decade ago
Yes they will find out, however if you were a dishonest person you could close the account and move the money to another bank. They will come after you for it, but you get to draw interest on it while you have it :)
- kleighs mommyLv 71 decade ago
i would call the bank asap
that money isnt mine and if i spent one cent of it then im a thief
that money isnt yours you have no right to it. anything you spend will be taken back from you
its stealing to spend what you know isnt yours
typos happen yes but you need to have integrity and do the right thing and let the bank know as soon as you see the error
- Anonymous1 decade ago
They will find out. I work for a software company that sells software that does what is called "compliance". The banks run special software to find such descrepancies.
In many recent cases, they have prosecuted people for spending the money. so, if this happened to you, its not a 'honesty is the best policy issue', its a 'keep me out of jail' issue.
- ValerieLv 41 decade ago
They will eventually find out through their audit process and you can be prosecuted if you spend it.
You have to make reasonable attempts to find the rightful owner of "found" money - since you know who the owner is, it would be considered theft.
- ConcernedCitizenLv 71 decade ago
Yes, I would. I would assume that it was someone else's money placed in my account by mistake. That would be like stealing from that person if I didn't report it.