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RGMacEsq
RGMacEsq, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 15743
Experience:  Licensed Texas General Practice Attorney
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My credit union just called to say they mistakenly put funds

Customer Question

My credit union just called to say they mistakenly put funds into my account over a period of time. Now they want $5000 back that I don't have and was not aware that they gave me so they have put my account into over draft. What's my recourse?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  RGMacEsq replied 1 year ago.
Thank you for using JustAnswer.
I'm very sorry to hear about your situation. When a deposit is credited to your account mistakenly, the bank has a right to take it back immediately. In short, legally it was never your money to begin with, and the law doesn't give you any rights to it. It's clear that it was their mistake, and while you could argue that you shouldn't be responsible for any overdraft fees that are incurred as a result of getting the money back, they can still act to recover the money. Note that to argue this you would need to show that you didn't know nor could you reasonably have known about their mistake. For example, if it was a joint account with others and there are deposits being made from a variety of sources, then it wouldn't be unreasonable to see a deposit that you don't know where it's from and can't balance. But if it's just yours, then even though you didn't know that it was deposited into your account, the law would presume that you should know the sources of what is being deposited and how much.
I know this is probably not what you wanted to hear, but it is the law. I agree that it stinks big time, as they're the ones that made the mistake. The only recourse (once they get the money back) is to switch to some other credit union or bank. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** luck to you!