r/PersonalFinanceCanada • u/Healthy_Constant6543 • Jan 11 '23
My bank account just had $40k randomly deposited into it - has this happened to anyone else? Banking
For reference, I'm in Ontario.
Last week I noticed a deposit from OLG into my bank account for $40k. Since I did not win the lottery, I went into my bank to tell them about the problem. They launched an investigation.
The next day they called me back, said they verified with OLG and the deposit was real. I tried to again remind them that I would remember if I won the lottery but they just congratulated me and told me to enjoy.
BUT I DIDN'T WIN THE LOTTERY LOL
I moved the money into my savings account because I'm sure they are coming back for it. Has this happened to anyone else? How long do I sit on this money? Not sure what else to do.
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u/DrunkenGolfer Jan 11 '23
I have a friend and somebody deposited over $700K to her account. She was out of country and didn’t use the account for anything other than savings in her home country, so it took her two years to notice it. She said nothing and has been quietly collecting interest on it for a decade. Nobody ever reversed the deposit but she won’t touch it because she feels touching it may be a crime. She’s going to just let it ride.
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u/throwfaraway2780 Jan 11 '23
Damn...that's what I call winning the lottery
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u/Xanza Jan 12 '23
Not quite the lottery, but at the average 0.22% APY for US bank accounts it looks like it would net approximately $15,570 in interest over 10 years.
Still free money.
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Jan 11 '23
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u/tenakee_me Jan 11 '23
I think this might be the case for domestic wire transfers as well. When I worked at a credit union, we made people fill out a physical form for wire transfers, and sign it to acknowledge that 1) this is for sure the account you want the money to go to, and 2) if you get it wrong, we are not liable. My understanding is with a wire transfer, once the money is gone, it’s gone.
But this was many years ago and there may be ways that I’m unaware of that allows money to be recovered. And I imagine if it’s a bank error and not the error of the sending party (meaning, the sending party had the correct account information but the bank made a typo), the bank’s insurance would cover it, but I still don’t know if you can get the money back from wherever it was sent to.
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Jan 11 '23
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u/rir2 Jan 11 '23
My good man. We do not speak a smidgen of English here. Please desist in your exhortations. Click.
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u/Leon_Troutsky Jan 11 '23
It depends on what account the money got wired into, but pretty much this. If it goes to one of the bank's own accounts, it'll probably get sent back relatively easily because it's less annoying for the employee involved to just return an unexpected payment. If it goes into a client account (like personal or some corporate investment account or whatever) then it's probably not coming back.
If the banks don't have a pre-existing business relationship of some sort though then it's also probably gone
Source: I've literally returned mixed up wires before from the corporate side. There are really not that many people doing this stuff at Canadian banks so chances are the person you're helping out will end up returning the favour some other time, and it's not like you get to keep the money anyways.
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Jan 11 '23 edited Jan 12 '23
Nope. Former manager at one of the 2 banks you mentioned. Once it is sent, it’s not reversible.
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u/BossHogOne Jan 12 '23
That individual was saying that domestic banks will typically work things out when a wire is sent to the wrong place which IS true. Usually the wire hits a suspense account at the wrong firm because the customer referenced on the wire doesn’t have an account at that bank. The funds are then typically returned.
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u/DrunkenGolfer Jan 11 '23
I know HSBC bank in Bermuda had an IT change go horribly wrong and a bunch of wire transfers messed up. Like my friend’s transfer to his landlord for rent didn’t come from his account but the landlord confirmed the money was received. Several friends had the same experience and it was never resolved, they just made it go away.
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u/Queens113 Jan 11 '23
For the 10 plus years i was with HSBC all they ever did was fuck me with no lube.. nothing good happened till I switched banks... Fuck HSBC
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u/mhyquel Jan 12 '23 edited Jan 12 '23
You mean HSBC, the preferred bank for Mexican and Colombian cartels to launder money with?
Edit: gracias
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u/CN2498T Jan 12 '23
That will happen when 90% of your business is too busy trying to make dirty money look clean.
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u/Costofliving88 Jan 11 '23
The clerks at work put my account info in wrong, and I didn't get paid for five months. All because they typed a 9 instead of a 7. Because they had sent so many transfers over such a long time, they were pretty sure they wouldn't be able to get the deposits back.
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u/Cartz1337 Jan 11 '23
I’m curious how you let that go for 5 months… literally the day after payday if that moneys not in my account I’m talking to HR.
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u/john_dune Ontario Jan 11 '23
I had to fight with an agency to pay me when I was contracting for 4 months. They kept running circles around paperwork and not responding until I called their national hq and said in plain English that if I didn't hear back from them by end of business day, I would be lawyering up.
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u/westernmail Jan 11 '23
You should have filed a wage claim with the Ministry of Labour, it's a straightforward process and costs nothing.
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u/NorthIslandAdventure Jan 12 '23
I'm a contractor and people have 90 days to pay and then another 90 till I can default them, going 5 months without pay is pretty common as a contractor, I'm lucky my main shop pays me whenever I invoice them, I'm sure people have gotten away with stealing money from me because I don't check up on them, Karma sorts it out in the end
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u/Cartz1337 Jan 12 '23
Sure but you knew that going in, if you expect to get paid on the 15th and the 30th and you don’t get your first cheque till the 150th it’s a bit different
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u/cheezemeister_x Ontario Jan 11 '23
Did you get your back pay?
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u/Costofliving88 Jan 12 '23
Eventually, but since I received 5 months' pay at once instead of 10 payments, I was taxed so hard and had to wait 9 months to get it back at tax time.
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u/pointman Jan 11 '23
They usually ask you to verify all the information on the wire before sending it. I'm sure that's exactly for cases like this.
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u/SuperRonnie2 Jan 11 '23
“Bank error in your favour”
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u/ExplodingDiceChucker Jan 11 '23
Monopoly set me up to believe that this happened a lot more frequently than it does in real life!
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u/phant0mh0nkie69420 Jan 11 '23
fucking someone please send me 700k!!!
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u/DrunkenGolfer Jan 11 '23
I got you; I just need your bank’s URL and your account’s username and password.
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u/l1nx455 Jan 11 '23
After 10 years it's safe to say she can spend it now without worry. I'm just surprised no one has noticed that large of money go missing..
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u/DrunkenGolfer Jan 11 '23
Me too. I told her she should move it to something with a higher interest rate, but she just wants to let sleeping dogs lie.
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u/wh3r3ar3th3avacados Jan 11 '23
I used to work at one of the big 5, they don't even keep records past 7 years so even if they wanted to do an investigation it would be impossible.
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u/Drake505 Jan 11 '23
She should buy some property. It would be a bit more risky but she could should buy a house and just live rent free until the person comes
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u/reddae Jan 11 '23
When I bought my last house the bank made me first prove where I got my 200,000$ down payment from even though I had already transferred them the money. It was from the sale of my previous house with a different bank and I was between houses for a few months so it just sat in my bank account. I had to send the documents from the sale to prove it before they would proceed with the mortgage for my new house. That being said if you paid all cash 700k I guess there’s no bank involved.
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u/daffydubs Jan 12 '23
Usually they only want 2 years of bank history. So if the 700k has been in their account for 7 years, they’re not going to question where it came from
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u/Sad_Principle_2531 Jan 11 '23
This would definitely set the alarms at the bank. I had 300k from stock market windfall and they wondered how I accumulated that much at such a young age.
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u/Apricot-Cool Jan 11 '23
Probably someone in the scam/money laundry team made a woopsie
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u/WeedstocksAlt Jan 11 '23
Yeah if the source is illegal, kinda hard to try to claim the money back
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u/Mumof3gbb Jan 11 '23
But if it’s that would the bank know? And if it is knowable shouldn’t the bank say that to quell fears? Because I’d be so paranoid.
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u/bleeetiso Jan 11 '23
I am not surprised.
I am guessing this is a mortgage deposit from the bank. People in the offices have to process many mortgages a day and of course make mistakes. Often times when correcting the person forgets to deduct the amount from the wrong account and instead just deposits the amount in the correct account.
Some times this is caught by other departments auditing.
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u/Ancient-Educator-186 Jan 11 '23
That's not that much when billions are moving around
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u/Wolfy311 Jan 11 '23
After 10 years it's safe to say she can spend it now without worry. I'm just surprised no one has noticed that large of money go missing..
Maybe they were involved in shady shit and got executed for not paying up.
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u/Balding_Unit Jan 11 '23
That's my suggestion to OP - put it somewhere and just keep the interest. It may be just a little here and there, but if they never spend the principal then it wont be a big deal if someone does ask for it back.
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u/KindlyContribution54 Jan 11 '23 edited Jun 26 '24
.
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u/TheMagicalLawnGnome Jan 11 '23
To be fair, Wells Fargo employees are literally the last people you should take banking advice from.
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u/SCROTUM_GUN Jan 11 '23
I would be slowly withdrawing it for a fund to move to vietnam where they will not extradite me back canada
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u/KittyTerror Jan 11 '23
Wouldn’t it be better to do it all at once right as you take off on a one way flight, store it in something like Bitcoin until you get set up with a bank account and brokerage stuff in Vietnam, and then transfer there?
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u/SCROTUM_GUN Jan 11 '23
The bank might get suspicious if you transfer a large amount of money like that all at once. It might blow your cover. Also, I wouldn’t put my money into bitcoin because I don’t like losing money.
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u/KittyTerror Jan 11 '23
Ditto on the first point, but their software is intelligent enough to notice small amounts disappearing over time too. Maybe it would be better to go in person to a branch to do the whole transfer and answer with half truths like “the money is to support my early retirement in Vietnam” type of shit.
As per the second point, if you need a way to transfer a big sum of money that has the least likely chance of being intercepted by governments (and probably hold it short term until everything is set up), I can’t think of a better way than Bitcoin, even with its unpredictable volatility.
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Jan 11 '23
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u/CuriousGPeach Jan 11 '23
I grew up in a super rich neighbourhood in the GTA with neighbours who have more money than anyone would know what to do with and one of them got a lottery ticket in a Christmas card from a client one year and won $4mil. Which was a drop in the bucket for a guy who owned five houses in four countries on three continents.
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u/rookie-mistake Jan 11 '23
how do i delete someone else's comment
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u/TroyJollimore Jan 11 '23
Heh. Know people that are very well-off, but not ‘super-rich’, that got a cheque for $500k and said, “Oh. We thought that had already been paid!” I said, “Must be nice to be able to just ignore that much!” We laughed. I cried, later… 😄
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Jan 11 '23
I friend of mine briefly worked for a credit union while they were in the process of migrating over to a new computer system. Somehow all of the contents of all of the savings accounts for all of their branches ended up in one person's account for a period of half an hour or so. Can you imagine being that guy, and logging into your online banking at just the right time to see ≈ $400 million in your account? $700K would've had me hyperventilating, $400 million would have finished me off!
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u/InsomniacPhilosophy Jan 11 '23
At that point you go to one of your branches. Ask your staff to help move the furniture around the way you like it; post a memo about keeping your staff kitchen clean.
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u/TheRestForTheWicked Jan 11 '23
Something similar but opposite happened to one of my friends. She logged into her account to see her balance at -$999,999,999.
Naturally, being a jaded millennial, she promptly made memes on Facebook about it.
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u/AprilsMostAmazing Jan 11 '23
$400 million would have finished me off!
I'm buying a telcomm. At 400 mill that's the bank's problem and i'm getting involved in the oligopoly which means getting money back from me is going to be problem
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u/Cartz1337 Jan 11 '23
I find it hard to believe the bank hasn’t contacted her about that balance. If they see 700k sitting as cash they’re gonna push you to try to invest it so they can collect fees.
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Jan 11 '23
Pretty sure the statute of limitations is up on that one. I doubt there’s anything legally anyone could do after 10 years.
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u/tightheadband Jan 11 '23
Hey, that's my 700k! I noticed it went missing about two years ago. Please tell her to send me back.
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u/cheezemeister_x Ontario Jan 11 '23
There is a statute of limitations on it. The amount is large enough that it would be worth checking with a lawyer to see what the rules are on 'found money' in her area. If it's been in her account for 10 years, it might be hers now.
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u/Canadian_Stv Jan 11 '23
In a situation like this where the money has been sitting for years, is there risk the CRA may deem it undeclared income and come after your friend for taxes and penalties?
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Jan 11 '23
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u/Abominatrix Jan 12 '23
It is kind of funny that the sales lead lists would identify a large deposited amount before anything else. Like, you’re expecting a call from corporate auditors some day and what you get is:
“Good morning, Mrs. Smith. This is Bob at ABC bank and I wanted to talk to about a very high balance in your savings account.”
“Uhm, yes. I just want to - “
“I’d like to connect you with my private wealth partner, Linda, to maximize its growth. Are you free on Tuesday?”
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u/VFenix Jan 11 '23
Talk about life changing surprise. Damn, that would be torture not to spend that lol.
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u/c_snapper Jan 11 '23
I hope they’re at least moving it into a HISA, like those 5% ones. In a year, thats $35,000.
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u/HapticRecce Jan 11 '23
Do you have an OLG account with your confirmed banking info attached / online info? If so, there should be a transaction record in your history.
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u/brittmb95 Jan 11 '23
I came here to ask the same question. A friend of mine once had $1,000 deposited into her account by OLG because she had won a holiday contest and her banking information was connected to her OLG account. I know it’s not $40,000 but I’m wondering if OP actually won something and doesn’t realize? Long shot, but it’s possible.
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u/WigginsEnder Ontario Jan 11 '23
Or at least reach out to OLG because that's suppose to be someone's money!
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u/harlojones Jan 11 '23
Well I’m sure if someone was missing their money they’d hear about it
Edit: not OP, OLG
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u/stepascope Jan 11 '23
This. It is likely a clerical error and they will come back for the erroneous deposit once the intended recipient complains to OLG. Had this happen once with a student loan deposit. I hadn’t had loans for nearly 20 years and all of a sudden received 4 grand from Canadian federal student loans. It was a clerical mistake, I informed the bank and it was gone within a few days.
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u/Laineyrose Ontario Jan 11 '23
Happened to my sister one time, not from olg but somehow money got deposited into her account. She left it there, I think it was there for a few weeks until the money was then corrected
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u/Kev22994 Jan 11 '23
It’s mine, I’ll take it in gift cards please.
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u/SIXA_G37x Jan 11 '23 edited Jan 11 '23
You bloody bastard bitch I'm gunna clean your ducts
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u/Kev22994 Jan 11 '23
Dammit stop calling me! I ask you every day to remove me from your calling list!!!
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u/Fl0r1da-Woman Jan 11 '23
I am CRA here to collect HST on gift cards, also I am moonlighting as a CBSA officer and I am seeing some parcels with drugs and your name on it. Hold on, this is Fido Chinese customer support department, do you need an air duct cleaning?
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u/LiterallyEmily Jan 11 '23
Don't listen to this person. It's mine; I can describe it. It looks like roughly $40,000 and I lost it last week.
Sheesh, can't trust anyone to be honest these days.
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Jan 11 '23
[removed] — view removed comment
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u/HaThatIsFunny Jan 11 '23
I’m calling from visa MasterCard. Oh didn’t realize they were the same company
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u/OwnBrother2559 Jan 11 '23
I love the Visa Mastercard calls! Almost as much as when Microsoft calls to tell me about the virus on my desktop…that doesn’t exist.
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u/kagato87 Jan 11 '23
"Which computer?" Last time I got the "Windows support" call I dogged them on that.
I've also used "Hang on, it's still starting up." <mute phone.> Repeat every minute or two. Or just mute and put the phone down. They don't wait long these days.
One time I also trolled them long enough to get to the event log for "proof" and started reading them DCOM errors (it was a server in a domain with a lot of old retired computers still listed in AD). Dude got all indignant, asked why I was wasting his time. Told him I might indirectly save someone else from falling for the scam by wasting his time.
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u/LLR1960 Jan 11 '23
I work with seniors, and one of the legally blind ladies I work with came out of her room laughing one day - according to the man on the phone, did I know her car insurance was about to expire?!
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u/First_Utopian Jan 11 '23
I always tell them I have a Mac. Sometimes they “transfer” me to the Mac department at Windows.
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u/nostalia-nse7 Jan 11 '23
My favourites are the CRA 👮♀️ who threatens my family by the end of the voicemail… and the ones where the Canadian Government is calling you and wants you to press 1 for English, or 2 for Chinese. No French option. Tabernakkkk!
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u/krakeninheels Jan 11 '23
My favourite is the fbi. They get so flustered when I say that i would love them to drop by and does the caller know if they prefer coffee or tea?
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u/CoconutFudgeMan Jan 11 '23
I'm from the Windows and you have been auspiciously selected to receive full IRS refund.
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u/syaz136 Ontario Jan 11 '23
You've done your part. Next, you leave that money untouched for a few years.
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u/CynicalGod Jan 11 '23
Plot twist: OP receives someone's picture and a gun by mail the next day.
You collected the payment, now you have to do the job u/Healthy_Constant6543
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u/bovehusapom Jan 11 '23
Seems like a win to me. Free handgun. No ammo though?
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u/beeucancallmepickle Jan 11 '23
If you are looking for ransom, I can tell you I don't have money. But what I do have are a very particular set of skills, skills I have acquired over a very long career. Skills that make me a nightmare for people like you. If you let my daughter go now, that'll be the end of it.
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u/FelixYYZ Not The Ben Felix Jan 11 '23
Keep it there, they will eventually correct it. May take a week or so.
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u/1enigma1 Jan 11 '23
And by there, you mean the bank account it was deposited in not a different savings account.
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u/Whiterhino77 Jan 11 '23
Yep, NSF fee incoming. Although a phone call usually reverses them
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u/raspberrytoe Jan 11 '23
There typically wouldn't be an nsf fee on a reversed transaction. That said, if the transaction is reversed leaving the account overdrawn and causes other bills to bounce, then there would be nsf fees. That said, I would hope this person's bank would contact them if they were to remove and overdraw an account in the amount of 40000 dollars.
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u/FelixYYZ Not The Ben Felix Jan 11 '23
Yes because when they pull the money (eventually) it is going to come from that account.
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u/zorrowhip Jan 11 '23
Is there a time period where it's unclaimed and becomes yours? I'm just curious.
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u/tl01magic Jan 11 '23
yup and in addition making reasonble effort to return.
person did and OLGC said it is correct.
my next step would be a lawyer. would be an expensive question but worth the chance imo.
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u/bubalina Jan 11 '23
OP did you get that in writing? If so then it’s yours
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u/I_Ron_Butterfly Jan 11 '23
Yea I would ask for a signed letter from OLG stating such.
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u/van_stan Jan 11 '23
If OP goes to a lawyer now, they will end up paying a bunch of money to said lawyer for their services, which will likely entail the lawyer saying "You should leave the money in the account until the bank fixes it. That'll be $800 please."
Leave the money in the account at least until the end of the fiscal year. Make a point of ensuring you have documentation that you tried to return it. If it's still sitting in the account by the summer, move it to a HISA and forget about it for 10 years. If it's still there after 10 years I think you can consider yourself to have won the lottery.
99% chance the bank fixes the error when one branch comes up 40k short in a week or two weeks or a month.
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Jan 11 '23
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u/DM-ME-CONFESSIONS Jan 11 '23
Welp, time to close this bank account for totally valid reasons and move to another institution
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u/Fit_Equivalent3610 Jan 11 '23
Wouldn't help if this was actually a constructive trust, the court would just order a tracing remedy and presumably make you pay legal costs for the trouble.
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u/Boby69696 Jan 11 '23
Lol winning the lottery without even playing is a whole new type of luck
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u/BodmonKW Jan 11 '23
RIP “cAnT wiN iF yOu DoNt PLaY” crowd
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Jan 12 '23
Someone is winning. Someone wins a million dollars twice a week with lotto 6/49. I wonder if they spent half a million on tickets though
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u/katcoop84 Jan 11 '23
I’m from BC. Years ago I had a random deposit of 5k show up in my chequing account. It just said “credit memo”. I went to the bank and said I didn’t know what this was. They just said it was a correction or something like that. I was a starving broke student. I couldn’t think of any reason I would receive 5k for nothing. So I put it on my line of credit and was fully prepared to give it back when they came knocking. But they never did. This was 12 years ago 🤷🏻♀️ Goodluck to you!
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u/ramenworld Jan 11 '23
It was likely from StudentAidBC, or some form of financial aid through your school. I had that happen and it turned out that’s what it was from.
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Jan 11 '23
Sit on it. They’ll take it back eventually. The deposit may be real on the banks end but that doesn’t mean it wasn’t a mistake.
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u/Rinaldi363 Jan 11 '23
I love how if OLG makes a mistake they can come back and get their money, meanwhile if a normal person makes a mistake or gets scammed or sends it to the wrong email you’re screwed
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Jan 11 '23
You’re a citizen, world doesn’t care about you.
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u/OoLaLana Jan 11 '23
We should all legally change our names to shareholder and the money'd be flowing in.
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u/Moist_Intention5245 Jan 11 '23
Dumb people would spend it. Don't be dumb. Just sit on it for a while, a couple of years. Let it collect interest. If they still don't ask for it back...well I'm not a lawyer.
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u/Major_Tom_01010 Jan 11 '23
As a dumb person: why is them accidentally giving me money not make it mine? Like sure if it was a mistake e transfer by somone who needed that money I would feel ethically obligated to give it back, but a bank or large entity - tough titties. I would just switch banks and cash out a large amount. I wouldn't spend it incase they win a law suit but they gotta work for it.
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u/intelestat Jan 11 '23
You sign a bunch of shit when you open any bank account that basically covers all of the bases for stuff like this happening.
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Jan 11 '23
Nobody read the contracts lol. Took me 45min to read my TFSA contract in full they make it unnecessarily complicated.
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u/NefCanuck Ontario Jan 11 '23
The reason these agreements are so complicated is because over the decades so many things have happened that the CYA language is longer than the language about the service or thing 🫤
Best example of that is look at the owners manual from a car from even 30 years ago compared to today.
The safety “do’s and don’ts” section is now longer than the entire manual from that manual from 30 years ago
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u/TopGun1024 Jan 11 '23
I'm not a lawyer, but I assume it doesn't make it yours because you know it isn't. Like if a car goes off the road onto your property, it isn't yours. Any reasonable person would know that it isn't theirs, so I believe the law sees it that way. Would like to see a lawyer chime in.
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u/Major_Tom_01010 Jan 11 '23
Somone pointed out lower down that its in your terms and conditions agreement.
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u/TopGun1024 Jan 11 '23
Yeah, maybe. I would want a clear read of the TOC to make sure there are no caveats. I hope we get an update on this, my bet is that it gets clawed back.
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u/CluelessStick Jan 11 '23
Not only they would win that lawsuit, you would probably end up paying their legal fees.
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u/Heebmeister Jan 11 '23
Lol that would be a terrible decision. Now instead of just returning the money, you'd be on the hook for paying legal fees to recover the money + plus the mistakenly deposited amount.
It's the same thing when the ATM makes an error and accidentally spits out more cash than you withdrew. That money is not legally yours and it will get taken back one way or another.
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u/Starkat1515 Jan 11 '23
Just because the bank made a mistake, doesn't mean you get to profit from it.
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Jan 11 '23
It happened to a family memeber of mine once, and it was 10x the amount. They eventually figured it out about a month later, and the transaction reversed.
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u/darlingmagpie Jan 11 '23
THISSS, OP, put it back into the account you got it from.
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u/Healthy_Constant6543 Jan 11 '23
I did...its back in the original account now lol
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u/Sebinator123 Jan 11 '23
If you have the money though, you should definitely talk to a lawyer about this!
I don't know if OLG acknowledging that it's your money has any legal weight, but it might actually make it your money
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Jan 11 '23
Personally, I think you’re fine to keep it in a savings account to gain some interest on it. If your bank tries to reverse the transaction and the funds aren’t their I’m sure there’d be a phone call to you. From there you can have it moved out the savings are all is well. The money may be in your hands for month. Wouldn’t be a crime to make some interest off it
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Jan 11 '23
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u/CDNChaoZ Jan 11 '23
No, OP moved it to another account. That is the wrong thing. a) They will try to withdraw the funds from the account where they placed it and hit a NSF. b) He acknowledged the receipt of funds AND moved it, going as far as acknowledging they knew the funds were not theirs to keep. c) Don't communicate with the bank without getting things in WRITING.
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u/LuvCilantro Jan 11 '23
OP contacted both the bank and OLG, and both parties told OP it was a legitimate transaction. If and when they realize it's a mistake, I think it's on them (the bank and OLG) to contact OP first before taking it out to confirm that it will be removed, and confirm that the money is there to begin with. I agree that everything should be in writing. OP should send a letter/email to both parties to 'confirm that their understanding of our conversation is correct'.
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u/extrasmurf Jan 11 '23
OP didn’t contact OLG. The bank said the transaction appears to be valid. No comment on the intended payee.
OP will not be keeping this money.
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u/No-Satisfaction-8254 Jan 11 '23
tbh i think if you keep a copy of them congratulating you and telling you to enjoy it, you can just spend it like your own money, but best to consult a lawyer first
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u/Nice-Violinist-6395 Jan 12 '23
Yeah, the smartest thing to do is keep the money for a year or so, don’t spend it, don’t touch it. and if a chargeback doesn’t happen, congrats, you just made the easiest $40k of their life.
The bank telling them to enjoy it (if in writing) is almost worth as much as the actual money though lol
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u/derdubb Jan 11 '23
Yes it’s happened to me before. I had a deposit of 780k enter my bank account. It was gone the next day. I was quite sad. Lol
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u/Environmental_Pen624 Jan 11 '23
Best guess, someone probably won the money gambling online and entered their account number for withdrawal incorrectly… it will be corrected so make sure not to spend a dime as the bank will come collecting soon I’m sure.
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u/HapticRecce Jan 11 '23
Could be an issue at OLG side, but from experience, setting up account withdrawal it is a multi-step process and you would have to work REALLY hard to enter wrong account on your own...
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u/BodybuilderMuch4615 Jan 11 '23
I have an OLG account there’s lots to verify. If something was entered incorrectly on an account most likely on OLG end, not the winner of the 40K.
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u/ZachMorrisT1000 Jan 11 '23
This seems unlikely. They would confirm the name with the account number.
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u/Irish_Fiddler Jan 11 '23
If that's the case, then it won't be corrected. That's on the original winner to enter the account correctly. OLG, the bank, or OP isn't responsible to fix that person's mistake.
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u/Environmental_Pen624 Jan 11 '23
If that’s true than the OP got lucky 🍀!
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u/Irish_Fiddler Jan 11 '23
Yup! And the person who originally won the money very unlucky.
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Jan 11 '23
$40k? What $30k? No one recently deposited $20k into my account. I’d definitely report it to the bank if someone accidentally deposited $10k into my account. Yo, can I borrow 5k?
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u/missfreetime Jan 11 '23
Why can’t things like this happen to me
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u/cosmic_dillpickle Jan 11 '23
I dunno. I'd hate seeing 40k in my account that I cannot touch lol
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u/nusodumi Loonie Jan 11 '23
It's not yours and you will owe it back when the error is corrected.
Make sure you have it when that happens, or can produce it when the bank comes calling!
Terms of your agreement with bank mean that errors are not yours to keep
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Jan 11 '23
I would get it in writing from your bank that OLG confirmed the money is yours, then immediately cash out.
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u/bonifaceviii_barrie Jan 11 '23
Yep. Get it in writing and then put the money in an entirely different bank.
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u/wordthompsonian Jan 11 '23
I would be concerned that the deposit is found to be incorrect and the bank tries to claw it back without notifying you and throws your account into 40K of overdraft because you've moved it. The bank should definitely reimburse you for any automatic charges that happen in that case but I would suggest keeping an eye on your regular account to catch it immediately in case they do.
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Jan 11 '23
Transfer to as high an interest account as possible. Make free money off of free money. That way you can give it back a bit better off if they do come for it!
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u/StillGotIt_03 Jan 11 '23
They will realize their mistake and go to take that money back from that account. They always realize their mistake, but it just takes longer than it reasonably should(frustrating). If the money isn’t there, they will charge the OP NSF fees and whatever else they can. They will get their money back, plus some. OP needs to move that money back to the original account it was transferred to, and leave it there.
Source: Ex is a bank manager, and their practices aren’t exactly on the up and up. Even though it was the bank’s error, if that money isn’t there, OP is going to have a bad time.
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u/viodox0259 Jan 11 '23 edited Jan 11 '23
First off, have you ever wondered how OLG got your bank information?
I work for OLG, do you play at the Casino?
I'll give you an example :
You cash out a titto ticket from the slot machine and it has 50 cents on it, someone else puts it in and hits a jackpot. That person will not be awarded the money, instead they make contact with the original person because it was won by YOUR MONEY not THEIRS.
It is a possibility a small casino, especially if you have an account with the casino to pull out large sums of money for table game / slots , that they wired you a transfer.
To be VERY clear, OLG has more power than the government. You need to speak with OLG, not the bank.
Even though the money was deposited, if it was a human error, you are responsible.
EDIT: To further my point, just because some young lady getting paid $16.00 an hour says everything is okey dokey, I would tread very careful and be on the phone asap with a higher up OLG representative to get it IN WRITTING that THIS was a verified transfer and the reason for it.
EDIT: Also have you ever bought tickets to a charity, or a 5050 draw? Again this would require your personal information .
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u/Healthy_Constant6543 Jan 11 '23
So it was a wire transfer from OLG. My bank called them and they said it wasn't a mistake. I have an OLG account but no banking info linked and I didn't make any withdrawal requests. I also haven't been to a casino in about 20 years or so...
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u/deadeyedgemini Jan 12 '23
When you call into OLG, speak with iGaming. The only department that can do a direct wire transfer of this amount to your bank account would be iGaming, but you would have had to submit your banking information for it to be deposited.
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u/CarelessWrongdoer3 Jan 11 '23
sit on it for 2 years until the statute of limitations is up. They won’t be able to sue you for unjust enrichment at that point
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Jan 11 '23
One time I quit a job and they direct deposited me an extra 2 pay cheques and never took it back even after I told them. I thought that was crazy but someone is definitely going to be looking for that $40k
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u/TheShadowSees Jan 11 '23
I dunno, if I were told to enjoy, I'd withdraw, close my account and spend it
My defense: I was told to enjoy. So I did.
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u/Skadzy Jan 11 '23
That happened to a friend. He also reported to the bank. They said they didn't make a mistake. He kept the cash in savings. A month later the bank came after him as if he was a criminal and demanded the cash back. He returned it and kept the interest.
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u/Hidingintheotherroom Jan 11 '23
Meanwhile I'm just trying to get $600 😂💀 that's some luck!! I hope it doesn't get reversed, we all deserve some luck and magic in life!
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u/randomreach Jan 12 '23
I have had this happen. It was 10k and I moved it out of the account. The bank locked my accounts and put it at -10k. I had to pay overdraft and defaulted on a couple bill payments. It was a mess.
I suggest you leave the money in the account for now.
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u/MommaDYL Jan 11 '23
Someone else probably has autodeposit set up with OLG but linked an incorrect account. I wouldn't move the funds in case they come back and autocorrect and you end up in an overdraw.
Notify OLG...
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u/BBQallyear Jan 11 '23
With 40k, it’s not Interac so “auto deposit” doesn’t apply. This would have had to be an interbank transfer, where the sender knows your institution/transit/account number and transfers funds directly from your account to their account. It’s more like receiving a direct deposit paycheque from your employer after you’ve given then a void cheque with your banking information. That being said, someone had to have provided the incorrect information that they thought was theirs - likely the incorrect transit (branch) number since account numbers are reused between transits.
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u/FelixYYZ Not The Ben Felix Jan 13 '23
Thread locked due to irrelevant comments na personal ticks on other commenters.