Bank Error

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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 ?
Like you can get out of jail simply by handing over PS50, bank errors sometimes work in your favour - and you absolutely do not want to stop on a hotel on Park Lane.
A similarly unfair situation exists concerning bank errors.
Perhaps all the recent news of robo-signing, bank errors and wrongful foreclosures will mean another chance at getting real protections for California homeowners.
Bank errors and delays are costing UK pharmaceutical businesses more than 440,000 [pounds sterling] every year, as companies are forced to waste time chasing lost or delayed international payments, according to new research.
But Svensson and Woodford (2005) and Svensson (2003b) do not attempt to provide any detailed discussion of such central bank errors and related realistic information assumptions.
In its copyrighted Middle Market Analyst's Journal, Barlow says bank errors may offer an opening for new sales opportunities, assuming that the client is satisfied with your resolution.
Now, DOTS' finance department has an automated tool capable of identifying bank errors and inconsistencies, so the arduous task of verifying bank fees and requested adjustments is made easy.
Oppenheim Law spotlights how the recent bank errors are leaving foreclosures in question.
However, the recent delay in acting to lower rates and the rising number of Bank errors suggest that the economy is likely to be far more volatile over the next few years than it has been in the recent past.
Now, with Chesapeake System Solutions' SmartAnalysis(TM), a company's finance department has an automated tool capable of identifying bank errors and inconsistencies, so the arduous task of verifying bank fees and requested adjustments has never been easier.
Credit cards provide protections in case of bank errors, unauthorized use, and disputes with merchants, but debit cards provide only protections for bank errors and unauthorized use, not for disputes with the merchant.
Companies that have automated this process have realized significant savings by correcting bank errors, restructuring bank relationships and creating administrative efficiencies.