AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question My bank recently credited my account $1800.00. This happened just before christmas so I figured they did some end of the year auditing or something and discovered they owed me this money for some past errors on their part. As it turns out about 2 weeks later they have told me they mistakenly credited my account in error and are demanding I pay the money back. Can they do this? It was their mistake and I have used the money. Am I going to have to pay this money back or do I have a case to fight it?
Answer Dear Darryl, You are not entitled to benefit from a mistake made by the bank and you are obligated to repay the money. If you have spent the money go talk to them and tell the truth, that you don't have the money but can agree to repay it in payments over time. They'll most likely agree. Good Luck, Jim
