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 ?
There's more bad news: While South Africa's pro-cannabis Dagga Party raised enough money to participate in the May 2019 national elections, it missed the deadline to transfer funds due to a bank error and will not be on the ballot.
Cunningham was under the impression there was some glitch or bank error, so he agreed to give them a little additional time," Kaemmerer said.
Sally quizzes Tim who admits the [pounds sterling]1k was not a bonus from Streetcars and he thought it was a bank error.
She quizzes Tim about it, who says he thought it was a bank error, despite lying to her and saying it came from a bonus from Streetcars.
He told officers that he believed the money had been transferred into the account as a bank error.
Her property manager responded saying she believed it was a "bank error" as the landlord hands all the cheques over to his personal bank once he receives it.
A It sounds like this may be a bank error. I would recommend that you contact the bank because they will always ultimately be able to claim this back from you.
The businessman claimed he asked the bank employee about the missing money and she said it was a bank error.
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]2.5tn).
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.