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What do you do when there appears to be an error in your favor $$?

 
 
Linkat
 
Reply Thu 25 Jun, 2020 08:44 am
So what do you do if you have a financial error in your favor? Say you have an automatic monthly payment from your account and one month nothing is charged or you get a credit from an account you owe that you are not entitled to or you get paid more hours than you actually worked?

I have had these things happen before - do you call and check on it? Do you say nothing, fingers crossed that you get extra hard cold cash?

Just happened to me - my daughter's college tuition payments come out monthly automatically - I still get a statement showing how much I still owe. The last statement showed the remaining balance for this college year she just finished so I know I still owe a portion. Never came out of my bank account.

I just called the billing office. As everyone is working remotely - I left a message - Told them I was fine with not paying it, but it was never deducted from my account. I am more worried that I could be charged a late fee or something due to this - also she has one more year and I wouldn't want that to impact her for her last year.

Am I a sucker and should have kept my mouth shut?

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Type: Question • Score: 6 • Views: 192 • Replies: 20
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maxdancona
 
  1  
Reply Thu 25 Jun, 2020 08:50 am
@Linkat,
No you are not a sucker.

You certainly did the right thing morally. But you may have even done the right thing financially. If you spend that money, and they then catch up and decide to deduct it in an inopportune time... you could be inconvenienced.

And plus... if there is something else wrong (like maybe your daughter didn't get enrolled correctly and will be excluded from class) you surely want to know about it right away.
Linkat
 
  1  
Reply Thu 25 Jun, 2020 08:58 am
@maxdancona,
The funny thing is - both my monthly deductions were not taken and it is the same day of the month they are deducted. One is my younger daughter's high school. But then I noticed they did not send me an email and text telling me my monthly deduction was going to be taken out so I thought it might be an issue with my bank.

But then I kind of did the math and realized -- oh the high school deducts over 10 months not the full year. So yeah I just got money I did not expect.

But the college does not remind you a head of time - it just comes out, but of course doing this for 3 years I am prepared for this large bill. Then nothing - it is 5 days late so I called. Thinking maybe all the changes with covid perhaps? And I also know they are giving us a reduction on her room and board due to remote learning, but that was supposed to be figured in with her tuition this up coming school year. Maybe instead they just are not charging the last month and giving any remaining credit into next years bill?

Not sure - but I want to make sure she is still able to move in next month without any issues.
0 Replies
 
engineer
 
  1  
Reply Thu 25 Jun, 2020 08:59 am
@Linkat,
I think you did the right thing. It's going to be corrected eventually and will likely be a headache to you when it is. Being proactive is generally better IMO.
Linkat
 
  1  
Reply Thu 25 Jun, 2020 09:04 am
Oh and I remember once when I was in college - doing a work study, one of my paychecks was significantly higher than what I normally got paid. I looked at the details and it seemed by hours I worked were doubled.

I went to the woman in the department I worked for that submits the pay hours. She found that she had indeed doubled the hours for all the work study students. Now our hours are limited and I realized I would go over my allocated hours if charged too much which they do not allow. Any way she told me thank you and not one other person mentioned it. She was none to happy that no one else spoke up. Doesn't show well that these others were not trust worthy in their position.

She did tell me it would have been discovered eventually and if I did not point it out, they might have had to ask all us to give back the money (like you said at a potentially inopportune time). Instead they were able to fix the error by deducting a small amount each pay period so as to have a less impact on us going forward.
0 Replies
 
Linkat
 
  1  
Reply Thu 25 Jun, 2020 09:06 am
@engineer,
engineer wrote:

I think you did the right thing. It's going to be corrected eventually and will likely be a headache to you when it is. Being proactive is generally better IMO.


Trying to avoid any issues basically - like late fees or some other issue come next month.
0 Replies
 
izzythepush
 
  1  
Reply Thu 25 Jun, 2020 09:44 am
I rob banks all the time. I wait until no one’s looking then I just slip the pen in my pocket and walk out.
Linkat
 
  1  
Reply Thu 25 Jun, 2020 10:45 am
@izzythepush,
You rebel
izzythepush
 
  1  
Reply Thu 25 Jun, 2020 11:25 am
@Linkat,
I’m a regular John Dillinger.
0 Replies
 
Linkat
 
  1  
Reply Thu 25 Jun, 2020 11:46 am
My daughter got home from her summer job so I had her logon to her account. We looked at her account - she currently is showing a couple hundred dollars or so credit for her meal account - due to being sent home early with the school housing closing in March. So that will get forwarded to her for next year.

And there is a tuition credit of over $400 so I it looks like they did apply the housing credit for the reasons above to the month payment and carried over the difference. So all looks good - see if that is what they say when they call back. Just would have expected them to say something especially since the last statement showed me owing a month's worth of tuition and housing.
0 Replies
 
Sturgis
 
  1  
Reply Thu 25 Jun, 2020 01:10 pm
@izzythepush,
Quote:
...slip the pen in my pocket..


Can't always be done here in the US. Pens are often attached to a chain.. Some banks even have the chain attached inside of the bulletproof glass, in the tellers side! They can pull the chain back and if the pen is gone, an alarm soujds, customers drop to the floor and security forces take over!

Plus, the lousy pens that banks here have, make it worthless to take (often they run dry just filling out a deposit or withdrawal slip).


And don't the guards in your banks frisk all customers entering and exiting the bank?
izzythepush
 
  1  
Reply Thu 25 Jun, 2020 01:30 pm
@Sturgis,
We had ones on chains too, but they didn’t work and the bank had to put out a load of cheap biros.
0 Replies
 
maxdancona
 
  1  
Reply Thu 25 Jun, 2020 01:30 pm
Do people actually still go to physical banks?

I haven't used a physical bank... or a pen for that matter... in decades.

Sturgis
 
  2  
Reply Thu 25 Jun, 2020 01:31 pm
@maxdancona,
Yes. There are many people still going to banks. Some things are handled better in person.
Linkat
 
  1  
Reply Thu 25 Jun, 2020 01:43 pm
@Sturgis,
Sturgis wrote:

Quote:
...slip the pen in my pocket..


Can't always be done here in the US. Pens are often attached to a chain.. Some banks even have the chain attached inside of the bulletproof glass, in the tellers side!


Yeah because of people like izzy banks need to do this!
0 Replies
 
Linkat
 
  1  
Reply Thu 25 Jun, 2020 01:46 pm
@Sturgis,
Sturgis wrote:

Yes. There are many people still going to banks. Some things are handled better in person.


One time I went to the bank to deposit a wad of cash. I used to never go to the ATM machine to deposit cash.

There was a lady there just hanging that worked there -- I think for the purpose to deter people from using the teller --- she chatted to me while I was waiting in line. I did not realize it was for the sole purpose to show me I could use an ATM and not a person to do my deposit - she promptly walked me to the ATM to discuss and show me the benefits of using this rather than a person.

Well it worked - I so disliked working with her - I decided the ATM was much more pleasant and personable.
Sturgis
 
  1  
Reply Thu 25 Jun, 2020 01:52 pm
@Linkat,
I've never made a deposit with an ATM. Withdrawals, sure...although I prefer to go inside a bank with a few live employees (when the ATMs are suddenly not functioning and a teller is needed...it has happened twice for me.

As for your opening post, I always says something. They usually spot their error anyway, even if it takes until a quarterly balancing or annual audit.
0 Replies
 
tsarstepan
 
  1  
Reply Thu 25 Jun, 2020 01:59 pm
@Linkat,
Linkat wrote:


I have had these things happen before - do you call and check on it? Do you say nothing, fingers crossed that you get extra hard cold cash?

...
Am I a sucker and should have kept my mouth shut?

Call and check on it. Most of the time, corporations are not going to give you the benefit of their mistake.

When I was unemployed back in 2009/2010, I found a weird deposit of @$1000. No real answer on why the money was deposited to my checking account (likely the bank teller typoed the checking account number during the deposit transaction at the bank).

They immediately retracted the money when informed. They didn't just go, "Our mistake. You can keep the money. We'll just reimburse the correct checking account. It'll be a win/win for all involved."

I think technically if I used the money, it could be construed as theft.

They don't care about anyone. They just want their money and worse... even if they were 1000% in error, they'll still hold you to late fees and more unless you're superlucky to find a near-extinct level rare manager with a sense of compassion and empathy. Even then that means you won't have to pay a late fee or whatever.
0 Replies
 
tsarstepan
 
  1  
Reply Thu 25 Jun, 2020 02:01 pm
@maxdancona,
maxdancona wrote:

Do people actually still go to physical banks?

I often go to ATMs. I only go to the tellers when I need quarters for laundry.
0 Replies
 
maxdancona
 
  1  
Reply Thu 25 Jun, 2020 02:33 pm
I deposit checks with my cell phone. You just snap a picture and viola! (yeah... I will take a bow for that).

My bank doesn't even have physical offices within 500 miles of me. I can withdraw money from anyone else's ATM (and my bank reimburses me for any fees). There is one problem.

I play poker, which is a cash business. So often I have a couple of thousand dollars in $100 bills which I want to deposit. This is the one thing I have trouble doing with my phone. I have to buy money orders from the Post Office which I can then take pictures of with my phone).

Some day the casino will take credit cards and this problem will be solved.
0 Replies
 
 

 
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