Free money???

06BUSA

BlackBird rider, lol
Donating Member
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OK, got a odd one for ya.
My buddy had thieves transfered a $5000 debt from their account to his using a cash advance check.

He called both credit companies and both credited him $5000. This eliminated the $5000 debt, but also put his account at a $5000 credit.

He has called creditors over and over because the $5000 in his account is not his. Neither company steped up to correct the mistake. This has taken place over the last 8 months.

A few days ago a check was sent to him for the $4982. I round up the dollar amount before.

Now seriously can he keep the money? Does he get in trouble if he does keep it? Should he call them again to correct?

I said put the cash in a high yeild and if they call him, give it back.
We have thought up some crazy ideas. But I don't wanna see my buddy go to jail for someone elses mistake.
 
I would tell him to call again and save the money just in case. Then that way if they come after him later he can just give them back the money.
 
(Vic_E55_2001 @ May 18 2007,23:28) Send it to me, I`ll settle it with creditors.
+1
super.gif
 
If you have tried time and time again to tell them about it and they do nothing , talk with a lawyer or call their customer service. And if all still fails, buy some mods...

Better yet, send them a certified letter stating what has happened and what you have received. Tell them about the mistake and see what happens. You have the proof that you tried to correct the problem and get a solution from them....but they didnt care....

Keep the cheese and buy more mods.
 
You don`t have to correct their mistake. You don`t have to know if it was in fact a mistake.

There is no corpus delicti in keeping the money.

They will not sue for such insignificant amount and they can not just charge your account.

I would send them a letter saying that you want to close your account with them due to their mistakes. If at that point they not acknowledge their mistake,, well, then money is yours.
 
Hmm.. odds are both companies filed an insurance claim. So neither of them are missing cash. In fact, I would bet neither company wants deal with the issue. They both are rebursed for their loss, and taking the cash back would open issues, and inquires over the orginal insurance claims.

Put the cash in a safe high yeld interest account and don't touch it for 3 years. After that consider it yours. If you have made an honest effort to inform them of the mistake, I'd let it go and wait it out.
 
Interesting. About the only thing we didn't of was the insurace companies paying the credit companies.

Sounding more like me buddy hit the pick four.
 
While it may sound like free money... It isn't. The bank might not care but if they do... regardless of him reporting it and trying to correct it he can be hit with criminal charges if he spends it and be asked to pay it back... Who hasn't heard of insurance companies paying out and then going after the party that has the money. Not saying that it would happen and that vic and the rest aren't probably right but he could get screwed. I would put it in a high yield account and sit on it for a while before putting that turbo on the bike. At the very least consult an attorney... And at the end of the day it isn't really his money. Integerity is easy to give away but hard to get back.
E
 
Make sure he communicates to them in writing, certified mail, return receipt requested or us FedEx with a tracking number and then print the delivery receipt with a signature.

At that point, they have been officially notified and they will need to decide how to deal with it.

Hang on to the cash, though because he'll most likely have to give it back at some point along the way. The written communication will serve as evidence that he made a good faith effort to send it back and coughing it up when asked will serve as proof and will keep him out of trouble.

The story isn't really clear, though. What's the deal about the thieves? I thought they were usually taking money from people, not giving it up . . . .

--Wag--
 
Now seriously.
What criminal charges everyone talking about?
He didn`t do anything and if he wanted to return the money he could just mail it back certified mail.
I`d cash the check and mail them my own so I would keep the record.

That what I would do. If they mail him another check after that I`d contact their main office in writing including copies of statements and their checks.

If that 3rd failed and they not taking their money back then I`d donate whole amount to charity.
Brest cancer foundation, etc.... Someone in great need.
 
(Vic_E55_2001 @ May 19 2007,12:39) Now seriously.
What criminal charges everyone talking about?
He didn`t do anything and if he wanted to return the money he could just mail it back certified mail.
I`d cash the check and mail them my own so I would keep the record.

That what I would do. If they mail him another check after that I`d contact their main office in writing including copies of statements and their checks.

If that 3rd failed and they not taking their money back then I`d donate whole amount to charity.
Brest cancer foundation, etc.... Someone in great need.
It is technically theft of lost or mislaid property. It is a crime to spend or keep money that has been credited erroneously regardless of how many times you/they have notified the bank/creditor. You may think a bank or credit card company doesn't care about 5g's but you would be a fool... The only way I would keep it is if I didn't care if some put a felony charge on me and completley screwed my credit... Finders keepers is for children and it doensn't even work for them anymore...

Do not deposit the check unless a lawyer tells you to or you recieve a release from whoever sent you the money.

If I accidentally leave my wallet in your car and you spend my money you are a thief... This is no different.

E.

PS... I would want to spend it to... but lets be honest you know it isn't yours and is 5 grand worth the trouble?
 
(Wag @ May 19 2007,07:35) Make sure he communicates to them in writing, certified mail, return receipt requested or us FedEx with a tracking number and then print the delivery receipt with a signature.

At that point, they have been officially notified and they will need to decide how to deal with it.

Hang on to the cash, though because he'll most likely have to give it back at some point along the way.  The written communication will serve as evidence that he made a good faith effort to send it back and coughing it up when asked will serve as proof and will keep him out of trouble.

The story isn't really clear, though.  What's the deal about the thieves?  I thought they were usually taking money from people, not giving it up . . . .

--Wag--
The theives did not give him money. They originally gave him a $5000 debt on his account. He called both companies involved.
1. the credit company that charged his credit card.
2. the credit card company that showed the debt owed.

They both reversed the charge putting his account to the good $5000.
 
Put the money in the bank and receive interest on it. Close the credit card account and wait for a couple years. When they run an audit they may figure it out. If they do they'll surely let him know.
Until then, just put it in a bank earning interest and forget about it. Consider it a retirement fund starter kit.
 
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