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If you spent any of this money, you will be responsible for paying it back. And you could also face criminal charges for theft. We have a pretty great insights that dig into issues, you really care about. I have the same problem currently and we don’t have an accountant to ask, which seemed to be the only answer on this thread. We’re committed to helping you with your financial success. Here you’ll find a wide range of helpful information, interactive tools, practical strategies, and more — all designed to help you increase your financial literacy and reach your financial goals.
- In addition, if your balance goes negative, your bank can charge you overdraft fees of $30 to $35 per transaction and an additional extended overdraft fee if you can not quickly reverse the shortfall.
- Before doing so, I’d recommend reaching out to your accountant so they can guide you on the correct account to use.
- With the ability to quickly deposit a check right through your smartphone, it’s no wonder that you could make the mistake of depositing the same check twice.
- There’s no real need to panic over this, just fix it.
- More than likely I would expect there to be no consequence because you contacted the bank about the issue.
This type of situation is all about initiative. If you contact them first, it looks like an honest error you caught.
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They said I could call on Monday to speak with upper management. The check was for a very small amount of money, and I contacted them right away. They made a note on my account that it was a mistake.
Of course, in the latter case, you will protest that it was an honest mistake, but that just sounds like you’re saying that because you don’t have any other options now that you got caught. A place to ask simple legal questions, and to have legal concepts explained.
Did You Accidentally Deposit a Check Twice? Here’s What Happens
The bank would most likely notify you via mail to tell you that you cashed a check on mobile deposit and then cashed a check at the ATM. The letter should show your balance or the the two deposits with one cancelled. Depositing the same check twice is called “double presentment.” If done intentionally, double presentment is considered a form of check fraud that could lead to state or accidentally deposited check twice federal penalties. Penalties depend on whether check fraud is considered a misdemeanor or a felony in your state. The difference could also depend on the amount of the check deposited. Once you download Jerry, just answer a handful of questions that will take you roughly 45 seconds to complete and you’ll immediately get car insurance quotes for coverage similar to your current plan.
If the bank discovers the mistake before you do or before you notify it of the mistake, it will take back the money and put it in the correct account. The bank does not have to request permission or otherwise notify you that it will be removing the erroneously deposited funds. Mistakes happen in any business, and banks and credit unions are no exception. Although it’s unlikely, it is possible for a deposit to be mistakenly credited to the wrong person’s account. All it takes is an old-fashioned check written by you. Do not rely on your bank’s technology to catch errors. Be vigilant, checking account statements very carefully for multiple drafts of the same check.
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While it may present a bit of a hassle for staffing companies, you should rest assured that the liability does not lie with you in issuing the payroll check that was double deposited. While you may have to initially pay out twice for that check, you should be reimbursed by the bank that deposited the check via mobile deposit in the first place.
You should also get into the habit of balancing your checkbook regularly, reconciling your record of transactions with those from your bank statements. Doing https://online-accounting.net/ so can not only help you spot errors; it can also help you make and stick to a budget by identifying how much you spend monthly on particular items.
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Hence my “fleeing the balrog in Moria” urgency to get seen telling them. When done intentionally, duplicate deposits are a form of check fraud.
