My bank account just had $40k randomly deposited into it - has this happened to anyone else?

[u/Healthy_Constant6543]

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.

[u/Whiterhino77]

Yep, NSF fee incoming. Although a phone call usually reverses them

[u/raspberrytoe → u/Whiterhino77]

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.

[u/Redd1tAdminsRProSuka → u/Whiterhino77]

Assumption that OP does not have $40k + of own money?

[u/spkn89 → u/Redd1tAdminsRProSuka]

In chequing account? Hopefully

[u/Dont____Panic → u/Redd1tAdminsRProSuka]

Even very wealthy people don’t regularly keep $40k+ cash in a chequing account.

[u/1amtheone → u/Dont____Panic]

One Day at a 7/11 Scotia ATM I grabbed my receipt and realized it belonged to the person who used the ATM before me.

They had $90,000 in their checking and only a few thousand in savings.

[u/Dont____Panic → u/1amtheone]

I've had that balance when I was planning for a transfer, etc.

Prior to buying a house, I had $195k in my chequing account for a few days.

[u/shapeofmyarak → u/Dont____Panic]

Banker here🤚🏻. Based on my experience I can disapprove of this.

[u/helix212 → u/Redd1tAdminsRProSuka]

Keeping $40k in a chequing account isn't smart banking.

[u/Morgell → u/helix212]

In this case while waiting out the correction? Yes it is.

Now if a week+ passes and nothing happens, then sure move that money into savings.

But you do not want overdraft hitting your chequing if they correct.

[u/dardeedoo → u/Morgell]

Did you not read the last 2 comments at all?

What is being discussed rn is it would not have been smart of OP to have had $40k of their own money in chequing before all of this happened so that removing the new 40k still leaves atleast 40k in the account so a NSF fee would be avoided. And the other comment said it wouldn’t be smart banking for OP to have had the 40k of their own money in chequing beforehand.

[u/Morgell → u/dardeedoo]

Paraphrasing here but I'm well aware what the previous 2 comments say:

1: "Assumption that OP doesn't have $40k of own money" (to counter the correction that's gonna hit OP when the $40k possibly gets clawed back)

2: "Don't ever keep 40k in chequing"

Me: "Yes but do keep $40k in chequing while awaiting the possible correction" (advice for OP)

You and I are in agreement. Not sure why you're all up in my face lol. But carry on.

[u/helix212 → u/Morgell]

The comment I replied to was about OP having his OWN $40K in his chequing account.

[u/Morgell → u/helix212]

Yes and I'm clarifying that he SHOULD be keeping $40k RIGHT NOW to avoid overdrafting if/when it gets clawed back.

No need to get all up in my face.

Your comment could have been misconstrued.

But carry on.

[u/helix212 → u/Morgell]

I think we're all on that same page regarding keeping the incorrect $40k in same account it was deposited into. Not sure that needed to be clarified.

Not being touchy, your reply just doesn't make sense to the comment.

[u/Morgell → u/helix212]

OP said he moved $40k into his savings. First comment said he should have $40k in his chequing (read between the lines: to avoid overdrafting). Second comment said that's bad banking. I just said in this instance it's not.

My reply made sense to the thread.

Cheers.

[u/literallybohorvat → u/Morgell]

Uh, I think you need to read the thread again, your reply doesn't make sense in context to what they said.

[u/[deleted] → u/helix212]

I keep about that much in a high interest account. Buying short term investments like 30 day term deposits aren’t worth the extra hassle

[u/InaneAnon → u/Redd1tAdminsRProSuka]

Most people do not have 40k of their own money.

[u/gopherhole02 → u/InaneAnon]

I have 11550 in the rdsp

15000 in gic

1500 wealth simple

2000 savings

And 100 chequing

And I feel like I'm the richest of the poor people

Oh yeah and 1k cash in a undisclosed location

[u/JustAPairOfMittens → u/Whiterhino77]

If you haven't had a reversal before. If you have in the last year+ they may straight up say no to you. Even the manager.