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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10096
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My bank first national bank of omaha deposited 4 checks of

Customer Question

my bank first national bank of omaha deposited 4 checks of 1000.00 from another customers irs refund they refuse to return this money to the correct account
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Hi,

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Can you tell me a little more abuot the situation ... Do you know who this other person is, for example?

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Also, what did the bank give as their reason for refusing t make the correction?

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This will help me in recommending a solution

Expert:  Lane replied 11 months ago.

First, the law ... What REALLY matters is that you don't use the money (probably stating the obvious)

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In Law School we learned to break crimes, torts and other things such as elements of a breach of contract down into their elements.

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At common law, theft is defined as (1) the removal of an object that is capable of being stolen, (2) without the consent of the owner, and (3) with the intention of depriving the owner of it permanently.

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There is no "degree of difficulty" requirement in theft; a theft made easier by another's mistake or lack of attention is still theft.

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So that's the MOST important thing here ... treat the account as is the money isn't there (from YOUR use of the account perspective)

Expert:  Lane replied 11 months ago.

One other point about protecting yourself here - I would document that you've contacted them and asked them to correct somehow, either through a letter, saved e-mail, or signed acknowledgment by a bank employee.

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Not only does it protect you ... Going to the bank, asking to speak to the manager, and getting something in writing that they refuse to correct the error, can many times lead them to have second thoughts about taking no action.

Expert:  Lane replied 11 months ago.

One of my clients has a similar situation ... with a personal account. The bank eventually found the error and took the funds back, but it took two statement cycles (months), and there was no warning, by phone, email or otherwise....just a reversal one day

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