I feel I must give an update on Friday’s blog topic. You remember, the one in which I gave an account of my financial freak-out last week?
*sigh*
Well, I had to call my bank back today because a stop payment fee posted to my account that should NOT have posted, since all this crap is not my fault and my bank assured me no such charge would show up as part of their remedy to my wacky situation. I’m quite happy I called, because I was informed that the remedy – stopping the direct deposit from clearing and then blocking that transit number from ever touching my account again – isn’t actually possible. Apparently banks can’t stop money going into accounts, only out.
*sigh again*
Point of the story? I’m now told all I can do is not touch this money that isn’t mine, and close the account if I don’t want more money being deposited. Oh, and the person who told me this clearly thought I was crazy.
It seems there is a good chance I will be left with this money sitting in my account for a while. If anyone knows the statute of limitations on unclaimed money, I’d love to know what it is. I still don’t want it, but if no one is ever going to fix the mistake or take it back, I have no idea what else to do!
Here’s the website for the New York State Comptroller, division of Unclaimed Funds. There’s an email address for additional questions… maybe they can tell you the statute of limitations.
http://www.osc.state.ny.us/ouf/index.htm
I would have told the bank if they can’t stop unauthorized deposits then they aren’t a bank worthy of holding my money….
Perhaps… but the reasons they give make sense, and have been independently confirmed by external sources. So I have no reason to hold my bank responsible. No, I hold the bank that keeps putting the money IN responsible. And since I feel relatively certain that the money in question is someone’s paycheck, I am very glad I do not have THAT bank.
What is odd is why this peron isn’t having this reversed from their side. I know when my employees don’t get paid I get a phone call within minutes and it usually takes 5 days to reverse the funds and get them into the correct account. I do think your account is safe. When I set up DD and the first deposit doesn’t go in because the account number is wrong, I don’t know that the number they gave me is ANOTHER account, I just change it and the bank reverses the funds.
That’s good to know! The thing that makes it extra-odd is that the bank says my name is on the deposits. I can’t work that one out.