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Tuesday, February 26, 2008

Bank's mistake could land you in jail

The San Francisco Chronicle article discusses how an incorrect credit of $5m by Commerce Bank to a New York man's bank account subsequently led to him getting accused of grand larceny. The bank made the mistake of crediting Lovell's account instead of crediting the account of another person with the same name. As per Benjamin Lovell, the person credited with $5m by mistake, he notified the bank about the mistake but bank officials ignored it until it withdrew $2 million from the account.

Moral of the story? Even if a bank credits your acccount by mistake, don't withdraw the money. The mistake will be discovered at some point, at which time, the bank will go after you.

For complete article, see:

San Francisco Chronicle: Man 'Didn't Intend' Theft in Bank Error

Related article:

NPR: $5 Million Deposited in Wrong Account

posted by Ruby @ 7:11 AM

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