Bank Error

Bank Error

A situation in which a bank incorrectly states the amount of money in an account. It may occur for a number of reasons, such as a payment that does not clear or a deposit that is placed in the wrong account. Persons benefiting from a bank error ordinarily are not entitled to keep the extra money because the bank (or the true owner) has a certain amount of time (usually years) to find and reclaim it.
References in periodicals archive ?
The businessman claimed he asked the bank employee about the missing money and she said it was a bank error.
Manama: A young Kuwaiti man has sparked an online controversy after he vowed not to return 57,000 dinars (Dh742,423) that a bank error in his favour netted him.
Jason Kelly NEWS: Bank error mum Michaela Hutchings' spending spree.
A man in Texas has become the world's first trillionaire after a bank error led to him being credited with $4tn ([pounds sterling]2.
But the pensioner argued the mishap was down to a bank error and magistrates ruled in her favour, throwing out the local authority's application for her to pay pounds 70 costs.
Mark even helped his mum complain about a bank error.
You may uncover a bank error in your favor so you can pay your taxes--or not.
A BANK ERROR, EVEN IN YOUR FAVOR, IS NEVER A GOOD thing.
Police in New Zealand are stepping up their hunt for a couple thought to have gone on the run after a bank error resulted in them being given a $6.
If discrepancies are blamed on a bank error, contact the bank and get the issue straightened out immediately
DON'T BANK ON IT: A couple in Pennsylvania have been jailed for failing to own up when a bank error put an extra 175,000 dollars in their account.
Julian was working for ESCO UK Ltd in Guisborough when a bank error led to all employees getting a 100-fold increase in their weekly wage in January 2006.