Bank Errors Too Tempting to Pass Up
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Long before Survivor’s Richard Hatch, those who become accidental millionaires run the risk of ending up in jail. Not so for Parijat Saha who didn’t fall prey to the temptation to spend the $9.8 billion that suddenly appeared in his bank account. He simply notified the bank that made sure the funds would not be subject to withdrawal until they fixed the error. That may be the last time the $700/month teacher will ever see that amount of money come his way, but at the very least he didn’t end up taking the money and running with it like others before him. It brings up the point: What is the standard procedure after discovering a huge bank favor in your error? If you try to return the money and the bank doesn’t act quickly, you can easily fall victim to your own greed. That’s what happened to Herbert Starbird.
Honesty Can Still Pay
Once the money is available in your account, you do have the ability to remove it, whether the bank recognizes it is not yours or not at that moment. However, banks have several years to uncover mistakes and obtain restitution, so even if you get away with it today, tomorrow you could end up on the lam. Herbert Starbird and his wife tried to do the honorable thing by notifying their bank of the extra $280,276 in their account, but for some reason they wouldn’t take it despite many attempts to return the money. So, the couple decided to spend half of it. Not soon afterwards, the bank demanded restitution and the couple repaid it, rather than face time in prison. The bank was relatively lenient on them due to the fact that they had tried to return the money and had never opted to take the money and run, like others. They remained living in the same area and never attempted to flee. When they were asked to repay the money, they did so.
Guilty Feet Can’t Stay Still
In the presence of the bank genie that grants accidental deposits, it is fatal to run. A couple in New Zealand in 2009 took the fast route after a $6.2 million error was made in their favor on their account. Leo Gao and Kara Hurring immediately withdrew $2.3 million and went on the road to spend their ill-gotten booty. After two years on the lam, Kara Hurring came back to New Zealand and will stand trial in February 2012. Her partner-in-crime was also arrested a few short months later. Both face jail time.
Others who have absconded with bank funds (even those less than a million) may have never thought that they were the type to end up in prison. However, bank officials have little mercy for those that steal from them, sending one Brooklyn woman to prison for two years for taking off with their $701,998. She was charged with bank larceny and bank fraud. Similarly, a couple from Pennsylvania who only stole $177,250 also ended up in prison. When it comes to bank errors, it is best to keep your hands off the money, even when they won’t admit to the mistake or take the funds back. Even if you pay some of the funds back, it’s likely to result in prison time in a few short years as the law and the bank lawyers catch up to you.
