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#110510 - 08/27/03 10:10 PM Bank Error, Can we collect???
TWMJ Offline
Junior Member
TWMJ
Joined: Jun 2003
Posts: 31
Georgia
I was asked a question by another department here at the bank and was unsure of the answer. They credited the wrong customer's account about three years ago and have now realized the mistake. Money was advanced off of one loan account in error and posted to another customer's DDA account. (Big mistake!!) When the original loan customer came in to pay off the loan they realized the amount was incorrect. After some research we found that an advance was done on the loan to another customer's account. The DDA account which received the funds three years ago does not have the money now, it is still open, but not enough funds in it to recover. Can we make the customer pay us back for an error we did three years ago?? I thought we could collect the lost if it was within one year of our error. I was just looking for the proper statute of limitations. We are located in the state of Georgia. Thank you for your help.
Last edited by TWMJ; 08/27/03 10:15 PM.
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Operations Compliance
#110511 - 08/27/03 10:33 PM Re: Bank Error, Can we collect???
SJB Offline
Diamond Poster
SJB
Joined: Jun 2002
Posts: 1,210
California
TWMJ - You will probably need a Ga attorney to tell you what the statute of limitations in GA would be for this type of claim. If the statute hasn't run you are entitled to collect the money but these are normally pretty embarassing claims that you don't want to push too hard. Good luck!
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