Mistaken wire transfer/payment error

We simply can’t reach a final verdict without addressing the core issue here—it’s all about accountability! While Bank of America certainly has the right to fix a blunder made by one of their own employees, they shouldn't be held responsible for correcting a mistake caused by the sender's own poorly filled-out transfer request.

Until the original poster clarifies exactly whose slip-up this was, none of us can provide a definitive answer.

Nicholas Turner said:We simply can’t reach a final verdict without addressing the core issue here—it’s all about accountability! While Bank of America certainly has the right to fix a blunder made by one of their own employees, they shouldn't be held responsible for correcting a mistake caused by the sender's own poorly filled-out transfer request.

Until the original poster clarifies exactly whose slip-up this was, none of us can provide a definitive answer.

The damage is already done, so who cares who's at fault?

My main point was whether the bank is even allowed to go in and "edit" my account details without checking with me first.

If they weren't supposed to do that, I was planning on hitting them where it hurts—their wallet—to make sure they don't try it again.

Money is money... it comes and goes.

Look—I’m telling you, there are specific times when they can and aren't allowed to—it's not always a green light! As for what happened in your specific situation, you really ought to check in with Bank of America to get the full story.

Nicholas Turner said:Look—I’m telling you, there are specific times when they can and aren't allowed to—it's not always a green light! As for what happened in your specific situation, you really ought to check in with Bank of America to get the full story.

I get that now... but the whole point of me starting this thread was to figure out the actual rules—like, when exactly they have the right to do it and when they don't.

Kenneth Brooks5 said:The damage is already done, so who cares who's at fault?

My main point was whether the bank is even allowed to go in and "edit" my account details without checking with me first.

If they weren't supposed to do that, I was planning on hitting them where it hurts—their wallet—to make sure they don't try it again.

Money is money... it comes and goes.

I honestly don't get that mindset. Nobody has posted anything on the savings thread for 11 days, yet everyone's quick to blame Bank of America and say we need to push back or "hit them where it hurts."😕
Years ago, long before computers were everywhere, a teller made a mistake while transferring funds between my accounts. I caught it immediately and pointed it out. A friend standing next to me whispered that I should've just stayed quiet and kept the money. I told him I could certainly do that, but I didn't feel like making another trip to the branch just because there isn't free cheese waiting for you there.

Charles Ramos7 said:I honestly don't get that mindset. Nobody has posted anything on the savings thread for 11 days, yet everyone's quick to blame Bank of America and say we need to push back or "hit them where it hurts."😕
Years ago, long before computers were everywhere, a teller made a mistake while transferring funds between my accounts. I caught it immediately and pointed it out. A friend standing next to me whispered that I should've just stayed quiet and kept the money. I told him I could certainly do that, but I didn't feel like making another trip to the branch just because there isn't free cheese waiting for you there.

From a client-bank relationship standpoint, I think sending a notification when these things happen is the right move. At least in my book, it's decent practice. Maybe I'm wrong.

Personally, I believe what goes around comes around—especially the bad stuff—and if I had kept that money, I wouldn't have slept well. That's why I suggested in my first post that they donate it to charity as a "penalty" for messing with my account balance (assuming they weren't allowed to do that in the first place). Then someone jumped in to claim that Bank of America is legally allowed to fix their employees' mistakes (apparently buried in the fine print somewhere).
I had no idea they could just do that without asking for permission or even notifying the account holder—now I know.

Thanks for the input, everyone.

Kenneth Brooks5 said:"What kind of changes? The balance is perfectly fine."

When I talked about "changes," I was referring to the specific debits and credits hitting the account over the last few days.

Walk me through your logic here: the balance is spot on.[/I]

When I talked about "changes," I was referring to the specific debits and credits hitting the account over the last few days.

Walk me through your logic here: the balance is spot on.[/I]

When I talked about "changes," I was referring to the specific debits and credits hitting the account over the last few days.

Walk me through your logic here: the balance is spot on.
Just sign up for SMS alerts and Bank of America will ping you whenever something shifts.
And honestly, if you're that eager to play philanthropist, just make the donation yourself instead of dragging the bank into it.

Kenneth Brooks5 said:From a client-bank relationship standpoint, I think sending a notification when these things happen is the right move. At least in my book, it's decent practice. Maybe I'm wrong.

Personally, I believe what goes around comes around—especially the bad stuff—and if I had kept that money, I wouldn't have slept well. That's why I suggested in my first post that they donate it to charity as a "penalty" for messing with my account balance (assuming they weren't allowed to do that in the first place). Then someone jumped in to claim that Bank of America is legally allowed to fix their employees' mistakes (apparently buried in the fine print somewhere).
I had no idea they could just do that without asking for permission or even notifying the account holder—now I know.

Thanks for the input, everyone.

In your first post, you said it was quiet. $667 Someone accidentally wires their paycheck into your account. Now what? And why on earth would Bank of America suggest redirecting those funds to charity just to fix the mistake? Seems like a stretch.
You think the guy whose paycheck it actually is would agree to let it go toward charity just because someone botched a transaction?
Honestly, I can't even wrap my head around it. I'm pretty sure that guy just wanted his paycheck back in his own account.

Even if you ended up with extra cash, it’d be only fair to head down to the Bank of America to figure out where it came from. You should return it to whoever sent it instead of just passing someone else's money around like it's yours.

If you're going to call yourself a humanitarian, then go ahead—start opening up your wallet.

Kenneth Brooks5 said:checking my checking account-standing order

On March 13, 2009, someone accidentally dropped about $0.67 into my account—basically just some random person's paycheck.

Then, on September 19, 2009, the bank went ahead and reversed that whole $0.67
.
The thing is, nobody asked me for permission—not verbally, not in writing—and they didn't even bother to notify me that they were pulling the money back.

Is a bank actually allowed to do that when the cash had been sitting in my account for six days?

If they aren't allowed, can I demand that the money they snatched from my account be put back so I can donate it to charity instead? (They could just deposit it directly to the charity so I don't look like a jerk.)

My take is that once money sits in an account for six days, it belongs to the account holder. It’s straight-up rude that they didn't give me a heads-up.

If anyone knows the actual banking regulations regarding this kind of situation, let me know what you think.

Thanks

Your situation is much like someone losing their wallet due to their own carelessness and having it land at your feet. You spot the wallet and take the cash without returning it to the person identified in the ID.

Legally, you are obligated to return the money (though finding lost property may entitle one to a finder's fee).

Simply possessing something does not mean you own it. You can rest easy; you won't face trouble because the bank cannot prove you intentionally withheld the funds. You can simply claim you didn't realize someone had "lost money." However, since you weren't the one who reported the incident, there is no chance of a reward. Keeping the money or suggesting the bank donate it to charity is out of the question; be careful not to invite legal trouble.🙂.

U.S. PROPERTY LAW
https://www.law.cornell.edu/ucc/article-2

Quincy:

Lost Property and Finder's Rights Section 134. (1) An item that an owner has lost, misplaced, or had stolen does not cease to be their property. A finder is obligated to return it without delay to the owner, provided the owner can be identified through markings on the item or other circumstances and is easily reachable. (2) If a finder cannot return the item directly to the owner, they must promptly surrender it to the nearest police station or the authority managing lost property in the location where it was found. A finder is not required to report items of negligible value.

Just so we’re all on the same page here. Bank of America can actually claw back funds even if they didn't personally screw anything up. Basically, if the person who sent the money hits them up with a note saying they made a mistake and sent too much, Bank of America is totally allowed to reverse that transaction. Now, if your account happens to be sitting at zero after that happens, the bank is going to reach out and—let's call it "politely request"—that you pay them back. You can verify this whole mess by walking into a local branch, because the person whose account actually received the deposit has every right to dig into the specifics of that transaction.

And just to be clear, Bank of America isn't just allowed to go around raiding people's accounts for fun. If the money was pulled, there was definitely a legitimate, legal reason behind it.

A legitimate reason would require a final court order—something that, theoretically speaking, isn't going to happen within a single week.

Bank of America can't just claw back funds if they didn't make a mistake. It’s a matter of principle! For instance—let's say I deposit $1,000 $0.00 into a local business account this morning because I'm closing on a condo, then head over there to grab a receipt. If that firm tells me, "Hey, just tell your bank you made an error and they'll reverse it," well... good luck with that! You really think they'd just void a completed wire transfer simply because I asked? Not a chance—and they shouldn't be allowed to, either, given how massive the potential for fraud would be.

Charles Ramos7 said:[/I]

When I talked about "changes," I was referring to the specific debits and credits hitting the account over the last few days.

Walk me through your logic here: the balance is spot on.

[/I]

When I talked about "changes," I was referring to the specific debits and credits hitting the account over the last few days.

Walk me through your logic here: the balance is spot on.
For example, say the balance on March 13, 2009 was $333.
You were accidentally overpaid by $667. Once they caught the mistake, they corrected it by taking back $667.
By March 19, 2009, the balance would be $333.
$333=$333 🙂
For example, say the balance on March 13, 2009 was $333.
You were accidentally overpaid by $667. Once they caught the mistake, they corrected it by taking back $667.
By March 19, 2009, the balance would be $333.
$333=$333 🙂

So, what am I even supposed to do about my balance? $52918782

I spend my days neck-deep in the trading business, constantly juggling daily deposits and withdrawals while managing payment deferrals, all because I’m out here paying off my various suppliers through installment plans.

I mean, what are you even trying to say to me? $0.67 You know, it’s never really about the little things that get under your skin, is it? Those tiny details don't even register as a problem while you're in the thick of it, and honestly, I wouldn't even know if they had arrived or disappeared until everything finally hits the fan at the end of the month when I'm stuck staring down those books and trying to make sense of it all.

The guy’s got a point with what he’s asking, doesn't he? Honestly, you really have to keep him in the loop on this one.

When you look at the moral side of things, isn't it just common sense that the money should go back to the account it actually belongs to? I mean, it doesn't even matter if we're talking about someone's entire paycheck or just some tiny bit of pocket change left over after bills, right? It could be a student loan repayment or just some measly amount from a part-time gig, but at the end of the day, shouldn't it just land where it’s supposed to?

So, if you're one of those people who sees like 3, 4, or even 5k hitting your Bank of America account every single month, aren't you basically in a position where you can actually sit back and track every little cent that moves? $33 So, what exactly went down or who even left? It’s easy enough to just say, isn't it? But honestly, why should you even care about my business anyway?

But look, I really need to be told exactly why the payment went sideways and what the actual reasoning is behind this payout instead of just being left hanging and having to chase people down with endless phone calls, because honestly, what am I even supposed to make of this mess?
Look, I’m just saying, what kind of sense does it make to judge someone who clearly hasn't got a clue about the sheer volume of cash moving through the system every single week? Does anyone actually think looking at a snapshot matters when you aren't even considering how the numbers all shake out once you hit the end of the month and run the final tally?

Raymond Clark7 said:For example, say the balance on March 13, 2009 was $333.
You were accidentally overpaid by $667. Once they caught the mistake, they corrected it by taking back $667.
By March 19, 2009, the balance would be $333.
$333=$333 🙂

So, what am I even supposed to do about my balance? $52918782

I spend my days neck-deep in the trading business, constantly juggling daily deposits and withdrawals while managing payment deferrals, all because I’m out here paying off my various suppliers through installment plans.

I mean, what are you even trying to say to me? $0.67 You know, it’s never really about the little things that get under your skin, is it? Those tiny details don't even register as a problem while you're in the thick of it, and honestly, I wouldn't even know if they had arrived or disappeared until everything finally hits the fan at the end of the month when I'm stuck staring down those books and trying to make sense of it all.

The guy’s got a point with what he’s asking, doesn't he? Honestly, you really have to keep him in the loop on this one.

When you look at the moral side of things, isn't it just common sense that the money should go back to the account it actually belongs to? I mean, it doesn't even matter if we're talking about someone's entire paycheck or just some tiny bit of pocket change left over after bills, right? It could be a student loan repayment or just some measly amount from a part-time gig, but at the end of the day, shouldn't it just land where it’s supposed to?

So, if you're one of those people who sees like 3, 4, or even 5k hitting your Bank of America account every single month, aren't you basically in a position where you can actually sit back and track every little cent that moves? $33 So, what exactly went down or who even left? It’s easy enough to just say, isn't it? But honestly, why should you even care about my business anyway?

But look, I really need to be told exactly why the payment went sideways and what the actual reasoning is behind this payout instead of just being left hanging and having to chase people down with endless phone calls, because honestly, what am I even supposed to make of this mess?
Look, I’m just saying, what kind of sense does it make to judge someone who clearly hasn't got a clue about the sheer volume of cash moving through the system every single week? Does anyone actually think looking at a snapshot matters when you aren't even considering how the numbers all shake out once you hit the end of the month and run the final tally?
It’s just like $333=$333 being $52918782=$52918782. ☕
The OP was talking about a checking account.
By the way, if he was actually confused, he could have just asked someone at Bank of America.

Look, if you ask me, the law says Bank of America can't just snatch money from your account like that, even if they messed up. They need your written consent before they touch a dime!

Nicholas Turner said:A legitimate reason would require a final court order—something that, theoretically speaking, isn't going to happen within a single week.

Bank of America can't just claw back funds if they didn't make a mistake. It’s a matter of principle! For instance—let's say I deposit $1,000 $0.00 into a local business account this morning because I'm closing on a condo, then head over there to grab a receipt. If that firm tells me, "Hey, just tell your bank you made an error and they'll reverse it," well... good luck with that! You really think they'd just void a completed wire transfer simply because I asked? Not a chance—and they shouldn't be allowed to, either, given how massive the potential for fraud would be.

Both you and David Scott9 make valid points.
One must distinguish between the currency date, the recording date, and so on. Essentially, once I initiate a transaction, there is a specific window to cancel it—specifically before the funds actually settle in the recipient's account. In my experience, if I execute a transfer at 7:00 PM, I can call the bank by 9:00 AM the next morning and potentially void it. However, once a transaction is finalized, the situation becomes far more complex. I would have to prove the funds weren't intended for that individual, or sue them for the return of the money. There is no automatic reversal, and the bank has no authority to intervene simply because I requested it.

Steven Reed said:It really depends on how a specific bank decides to play it—usually, they won't move a finger without the account holder's explicit consent 🤷
Which bank are we talking about here?

Steven Reed said:Look, typically—regardless of whether they can prove it was just a clerical error (since they’ve got a wire transfer showing a typoed account number rather than yours)—they really ought to have asked for your consent first. It’s common courtesy in these situations, even if it isn't strictly mandated by the bank's official policy 😉. On the flip side, you're fully aware that the money wasn't yours to begin with 🤷—so I honestly don't see why you'd want to kick up a fuss over it?! 🤷

I went through something pretty similar recently when ExxonMobil was paying out dividends based on a faulty list... since I hold positions in both, I wasn't technically losing anything, but looking at my checking account activity, I saw a deposit, then a withdrawal, then another deposit

I sent an inquiry over to Chase and got an official response stating that because I signed off on their Basic Account bundle, Article 1 explicitly states the bank has the right to correct any bookkeeping errors without needing my approval—in fact, I basically gave them the green light to do exactly this type of thing

How are we even supposed to know if it's a bookkeeping error? Well, based on what I saw:

On my deposit history, it showed something like:

+ $33
- $33
+ $33

It was obviously an error because these weren't actual payouts—those transactions $33 didn't show up on the credit side, they were on the debit side

If they had been actual withdrawals, there wouldn't be a minus sign; it would just show the amount $33 (at least, that's how it looks on the mobile app...)

Lesson learned: read what you're signing. I signed that basic account agreement five or six years ago—I honestly have no idea where the copy is anymore, let alone what the fine print actually says🤣

But then my personal banker reached out and sent me this note:

On X, you signed the Comprehensive Account Bundle Agreement while setting up your Y package. According to Article 3.2 of that agreement:
3.2. The Account Holder authorizes the Bank to rectify errors occurring within payment processing that cause account balances to deviate from the actual payment orders issued for or against the account, without requiring additional specific authorization from the Account Holder.
Please feel free to reach out if you have any further questions.

Mark Sullivan62 said:I went through something pretty similar recently when ExxonMobil was paying out dividends based on a faulty list... since I hold positions in both, I wasn't technically losing anything, but looking at my checking account activity, I saw a deposit, then a withdrawal, then another deposit

I sent an inquiry over to Chase and got an official response stating that because I signed off on their Basic Account bundle, Article 1 explicitly states the bank has the right to correct any bookkeeping errors without needing my approval—in fact, I basically gave them the green light to do exactly this type of thing

How are we even supposed to know if it's a bookkeeping error? Well, based on what I saw:

On my deposit history, it showed something like:

+ $33
- $33
+ $33

It was obviously an error because these weren't actual payouts—those transactions $33 didn't show up on the credit side, they were on the debit side

If they had been actual withdrawals, there wouldn't be a minus sign; it would just show the amount $33 (at least, that's how it looks on the mobile app...)

Lesson learned: read what you're signing. I signed that basic account agreement five or six years ago—I honestly have no idea where the copy is anymore, let alone what the fine print actually says🤣

But then my personal banker reached out and sent me this note:

On X, you signed the Comprehensive Account Bundle Agreement while setting up your Y package. According to Article 3.2 of that agreement:
3.2. The Account Holder authorizes the Bank to rectify errors occurring within payment processing that cause account balances to deviate from the actual payment orders issued for or against the account, without requiring additional specific authorization from the Account Holder.
Please feel free to reach out if you have any further questions.

Just because a clause exists in a set of terms and conditions doesn't mean it carries legal weight if federal law overrides it.
In this specific instance, however, your point is valid; the bank is essentially shielding itself from its own mistakes.
It would be fascinating to see how they would react if they didn't accept liability, but instead tried to shift the blame onto Atlantic Navigation.

Look, the whole point of this entire mess is that we’re talking about an Atlantic Airlines blunder here, not some massive banking scandal.

The bank was just following orders—they processed everything exactly how Atlantic Airlines instructed them to. They actually went on the record admitting they were paying out dividends based on a faulty shareholder list, and they offered their apologies to everyone affected.

Besides, why on earth would a bank even have access to the official shareholder registry for a private corporation like that?

And honestly, the individual clerk at the bank didn't have any other answers for me (it took her a full week just to get back to me on that one), so she basically just told me she didn't know. I didn't want to badger her because, frankly, she was being professional enough, and it wasn't like I was personally losing sleep over it—I haven't had any issues lately with suspicious deposits or withdrawals, so I just let it go. I wasn't trying to make a mountain out of a molehill.

Mark Sullivan62 said:Look, the whole point of this entire mess is that we’re talking about an Atlantic Airlines blunder here, not some massive banking scandal.

The bank was just following orders—they processed everything exactly how Atlantic Airlines instructed them to. They actually went on the record admitting they were paying out dividends based on a faulty shareholder list, and they offered their apologies to everyone affected.

Besides, why on earth would a bank even have access to the official shareholder registry for a private corporation like that?

And honestly, the individual clerk at the bank didn't have any other answers for me (it took her a full week just to get back to me on that one), so she basically just told me she didn't know. I didn't want to badger her because, frankly, she was being professional enough, and it wasn't like I was personally losing sleep over it—I haven't had any issues lately with suspicious deposits or withdrawals, so I just let it go. I wasn't trying to make a mountain out of a molehill.

I hear you, but while you claim Atlantic Marine made the mistake, the bank acted as if they were the ones at fault. I understand why you didn't want to cause a scene—I wouldn't have either—but it makes me wonder what would have happened if you had actually protested.

What interests me most are the transaction dates. Based on my understanding of how these things work, if I were to deposit $33 into your account today, those $33 might show up immediately, but there would likely be two distinct dates (I assume, though I'm not sure how Chase handles it)—one for today and one for tomorrow (the "value date" or "transaction date," depending on the terminology used here). You would see a credit of +$33 today, yet the funds wouldn't truly settle until tomorrow, which is when interest starts accruing. My theory is that if Atlantic Marine messed up and transferred $33, and then caught the error instantly and voided it, your statement would simply show +100 and -100 without the $33 ever actually settling in your balance. If you have the records handy, could you tell us if the +100 and -100 occurred on the same day, and whether they carried different dates?

I work at a bank here, and honestly, you can't touch a client's account without their green light, even if the mistake was totally on our end.