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 ?
The combination of gold hoarding and bad government policies, in Sumner's view, dominate the effect of misguided central bank errors.
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.
The Florida Bar Foundation has learned that bank errors in processing account opening forms resulted in a number of IOTA accounts not being titled as required under Bar Rule 5-1.
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.
There were also complaints about some of the banking initiatives introduced since 1990 such as call centres and a similar proportion (five per cent) complained about bank errors.
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.
A similarly unfair situation exists concerning bank errors.
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.