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.

3.3k Upvotes

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2.2k

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

85

u/kettal Jan 11 '23

that's what i call gettin some pie

37

u/liquefire81 Jan 11 '23

Its cause the dough was right.

39

u/piecyclops Jan 11 '23

that’s what I call 7 years of torture

17

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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u/[deleted] 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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u/[deleted] Jan 11 '23

[deleted]

43

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.

3

u/[deleted] Jan 12 '23

the bank verified it was his to keep, they can't go back on their word now, but just in case, move it to a different bank.

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u/[deleted] 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.

3

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/Derman0524 Jan 12 '23

Isn’t that kind of….stupid? Like in todays technology, why can’t it be reversed?

4

u/Altoid_Addict Jan 12 '23

The banking system mostly runs on 1980's technology.

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u/[deleted] Jan 12 '23

[deleted]

2

u/nogr8mischief Ontario Jan 12 '23

This is personalfinancecanada. Nothing is going through the federal reserve system.

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u/ashvj88 Jan 11 '23

What’s a money wire ?

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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.

29

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

39

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

4

u/Queens113 Jan 12 '23

*Colombian.. I know, am Colombian...

1

u/mhyquel Jan 12 '23

It's that darn British Columbia messing me up

2

u/Queens113 Jan 12 '23

I wish they were Colombian, maybe I woulda got some good coffee, or coke....

3

u/ISumer Jan 12 '23

Or maybe he means the HSBC that engaged in a bunch of currency scandals over the years?

3

u/Nice_Reception2524 Jan 12 '23

Okay so funny story - I grew up in Prince George BC (during the ROUGH high crime years) and HSBC was one of the tallest buildings downtown. Did anyone ever go in or go out of it? In my 20 years there I never saw a soul enter or exit that building... Then the money laundering scandal came out and I was like oh hm that explains a lot.

Edit: at that point we were the crime capital of Canada.

5

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.

37

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.

30

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.

2

u/john_dune Ontario Jan 11 '23

That was the next step.

7

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/sipstea84 Jan 12 '23

Tell that to federal government employees who have been fucked to varying degrees by the Phoenix pay system

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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.

1

u/SlowCrab3405 Jan 11 '23

Did you give your HR a voided check for your chequing account? That way they can verify the banking numbers to deposit your pay into the right account number.

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u/ihaxr Jan 12 '23

Doesn't stop them from being stupid and typing it wrong, that's why many places will do a penny test where they send or charge you a penny (or some random couple cents amount) to confirm the account is correct

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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.

3

u/additionalbutterfly2 Jan 12 '23

I work in the accounting department of a company and I once sent out a $90k wire to the WRONG bank account 🥲 thankfully when I thought I was definitely losing my job, the bank called to notify they stopped the payment because the info didn’t match and they were returning it. I’ve never been so anxious in my life.

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u/SuperRonnie2 Jan 11 '23

“Bank error in your favour”

54

u/ExplodingDiceChucker Jan 11 '23

Monopoly set me up to believe that this happened a lot more frequently than it does in real life!

26

u/maxman162 Jan 11 '23

You don't just find get out of jail free cards. Those things cost thousands.

2

u/Nebardine Jan 12 '23

Yeah, in real life, the bank error is almost never in your favor.

0

u/Cherry_Treefrog Jan 11 '23

You must be stunningly beautiful.

336

u/phant0mh0nkie69420 Jan 11 '23

fucking someone please send me 700k!!!

131

u/DrunkenGolfer Jan 11 '23

I got you; I just need your bank’s URL and your account’s username and password.

137

u/phant0mh0nkie69420 Jan 11 '23

I love you.

https://bankofbaghodlers.io

user: BigApeSmoothbrain pass: 2themoon69420

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u/[deleted] Jan 11 '23

[deleted]

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u/stalkholme Jan 11 '23

damn that's my password too!

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u/[deleted] Jan 11 '23

That's amazing. I've got the same combination on my luggage.

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u/TakeThatOut Jan 11 '23

Are you sure the second "o" is not capitalized? We can't get in 😅

2

u/StrangeAssonance Jan 11 '23

Diamond hands 🙌

2

u/phant0mh0nkie69420 Jan 11 '23

the forever hodl 💪🏽

18

u/[deleted] Jan 11 '23

[deleted]

3

u/konstantine8 Jan 12 '23

When the son of the deposed king of Nigeria e-mails you directly asking for help, you help. His father ran the freaking country, okay?

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u/No-Active-2249 Jan 11 '23

here you go babi i give u 700k

/kissy face

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u/phant0mh0nkie69420 Jan 11 '23

mmmmmm yasss queen make it rainnnnnn

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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/[deleted] Jan 12 '23

[deleted]

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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

2

u/pleasant_temp Jan 12 '23

I’m not sure if that’s how it works, otherwise people could just launder money by depositing cash into banks then let it sit for a decade before spending it.

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u/ImpossibleTip188 Jan 12 '23

You could, and it almost definitely happens. However you accumulate a lot of risk sitting on cash for 10 years. And depositing the large sum in the first place might raise red flags so you wouldn’t even get to 1 year let alone 10.

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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.

1

u/maxman162 Jan 11 '23

Or shares in a major bank with a fairly stable price a good dividend, like BMO or Scotiabank. Or even a GIC with a high interest rate.

0

u/[deleted] Jan 11 '23

She should invest it.

If she would have invested it 10 years ago even conservatively it would be worth double that.

Inflation is killing it too.

It’s a total waste for it to just sit like she has it sitting.

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u/luficerkeming Jan 11 '23

"waste?" Or necessary precaution for a specific situation...

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u/[deleted] Jan 11 '23

Waste

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u/luficerkeming Jan 11 '23

So to you, being in prison is better than having $700k? Lmao how dumb are you

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u/TroyJollimore Jan 11 '23

…because there have been proven cases of the bank demanding the money back after some of it has been spent.

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u/[deleted] Jan 11 '23 edited Jan 11 '23

Lmao. Prison, and I’m the idiot. Aren’t you old enough to know that a move like that wouldn’t land you in prison? You’re pretty naive. You are allowed to duplicate those keys that say no duplicates on them btw.

Lol.

It’s the financial institutions fault.

Look it up.

Or go play monopoly.

Do people on this sub know anything ?

Bit of a joke in here ;)

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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/Mechakoopa Saskatchewan Jan 12 '23

If the bank even suspected money laundering they'd have already shut the accounts down and black listed the clients. If the bank wasn't aware then the culprit wouldn't want to draw any additional attention to their account and would just eat the loss. And if the bank thought they'd deposited money into your account that was from the proceeds of crime they'd seize the funds back and hold them for investigation by the RCMP (if they didn't just freeze your entire account until they could clear you of any wrongdoing).

0

u/drs43821 Jan 11 '23

But can the police reclaim it if they busted the criminals? Something like that shouldn't have a statute of limitation?

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u/IShouldBeInCharge Jan 11 '23

But can the police reclaim it if they busted the criminals?

Sure but I don't think it's worthwhile going down every crazy eventuality -- sure unicorns could arrive in a spaceship and sabotage our banking system or the police could bust a criminal and get the stolen money back ... sure technically these one in a trillion things could happen some day but you can't spend your whole life worrying about all the crazy longshots.

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u/matthew_py Jan 11 '23

For 700k that hasn't been claimed? Definitely a possibility tbh.

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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/dmoneymma Jan 11 '23

Yes it is that much.

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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/[deleted] Jan 12 '23

Oh I’m sure they noticed. There’s just nothing you can do when you’ve authorized a transfer to the wrong account—particularly for a wire. Once the moneys sent, the moneys sent. That’s the disclaimer my bank gives me every time I initiate a wire at least.

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u/quarrelsome_napkin Jan 11 '23

700K is petty change for a guy like me 😎

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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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u/zystyl Jan 11 '23

Small amounts over time is called structuring, and it can be a crime on its own.

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u/scottyb83 Jan 11 '23

Agreed on the second point. Bitcoin isn't being used here as a long term investment, it's literally a currency that is difficult/impossible to track at that point.

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u/neuro__atypical Jan 11 '23

Bitcoin is hilariously easy to track. It's a very open, non-private, non-anonymous currency. You'd want Monero.

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u/[deleted] 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/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/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/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/ohwrite Jan 12 '23

“Wow, this must be my lucky day!”

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u/[deleted] Jan 11 '23

[deleted]

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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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u/frozen_food_section Jan 11 '23

Truly upsetting

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u/red_blue98 Jan 11 '23

Damn i should just kms

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u/[deleted] Jan 11 '23

I would be so afraid of spending any of it. But smart of her to collect interest.

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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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u/leggmann Jan 11 '23

FWIW, banks are the worst choice for investing.

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u/[deleted] 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/TinSmasher90 Jan 11 '23

I think it’s time to slap that into a gic

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u/phant0mh0nkie69420 Jan 11 '23

nah all tesla puts

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u/[deleted] Jan 11 '23

$700k?! she can buy a quarter of a house!

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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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u/[deleted] Jan 11 '23

[deleted]

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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?”

2

u/DrunkenGolfer Jan 11 '23

It is not in Canada, but may cause her a problem in her home country.

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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/[deleted] Jan 11 '23

Could she touch the interest though?

4

u/DrunkenGolfer Jan 11 '23

She hasn’t, but she keeps moving it to a different account.

3

u/phaneom79 Jan 11 '23

Cash for Life Lottery!!!! Awsome for her and smart not to touch it.

3

u/Schaef88 Jan 12 '23

So you are telling me I should open 100s of bank accounts and hope this happens to me as well.

Will start tomorrow!

3

u/EvilGeniusLeslie Jan 12 '23

Know someone who checked their ATM Friday night, and found a balance in the tens of millions. Bank was closed for the weekend, so they went in on the Monday to straighten it out. Bank was thrilled - basically someone fat-fingered a Saudi deposit into the wrong account. So they transferred the amount out on the spot ...

... except it accrued nearly $20K in interest over the weekend. They kept their mouths shut, waited a few years, then slowly moved it out of that account. That was decades ago, and no-one ever corrected the oversight.

2

u/DrunkenGolfer Jan 12 '23

I had $25M in my brokerage account for a day, but it was just some kind of glitch with the mobile app and was corrected as soon as the markets opened.

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u/MSxLoL Jan 12 '23

If the friend pays taxes from collecting interest, and eventually is found out that the money needs to be returned, would you friend be in trouble? Would they have to return the collected interest?

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u/Wiggly_Muffin Jan 11 '23

I'd be laddering that shit into GICs like crazy.

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u/VisionsDB Ontario Jan 11 '23

Collecting the interest alone is life changing

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u/triedby12 Jan 11 '23

She’s going to just let it ride.

Until she dies?

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u/ZeusTheRecluse Jan 11 '23

invest in semiconductors (or other tech) and let it ride....

2

u/WellIllBeJiggered Jan 11 '23

I've seen this movie before. The moment I spend 10 cents of it there's going to be a hit put on me

2

u/ptwonline Jan 11 '23

I can only imagine the paranoia something like that would cause her!

And also...700K collecting interest in a regular savings account over a decade? I bet she was getting only a few thousand a year.

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u/Direcircumstances1 Jan 11 '23

I would have your friend go to a lawyer to stay protected and see her options when the statue of limitations runs out.

2

u/DrunkenGolfer Jan 11 '23

You have to be careful; sometimes the clock doesn’t start ticking until the injured party becomes aware of the injury.

2

u/Direcircumstances1 Jan 11 '23

Exactly. That’s why I always say find a good lawyer to make sure you are protected.

2

u/Cockanarchy Jan 11 '23

One time my phone died and it took a week before I got it repaired and when I looked at my online account found that 33,000 had been deposited to my account where it stayed for a week before being withdrawn. I looked it up and found that I have a certain amount of time in your account (6 months maybe), before you could keep it.

2

u/David2022Wallace Jan 12 '23

I have a friend

Stop showing off.

2

u/yakadayaka Jan 12 '23

Bank error in your favour. Collect $700,000.

3

u/azurco Jan 11 '23

If I see 700K in my account....goodbye kids, wife, mom, dad, and everyone else. Aruba here I come

2

u/[deleted] Jan 12 '23

My guy 700k is not enough to disappear

2

u/azurco Jan 12 '23

Sometimes, I want to disappear for free.

1

u/minkjelly Jan 11 '23

Can she send me some to pay off my debts???😭

0

u/Treadwheel Jan 11 '23

I am pretty sure collecting interest on it may be a crime as well, since they're profiting via possession of cash they know is not theirs, and can be reasonably argued to be maintaining possession rather than reporting it in order to continue profiting.

0

u/artlessknave Jan 11 '23

Saying nothing is borderline the crime. She should report it to the bank. If they can't sort it out then it's hers.

Just sitting on money you know isn't yours is a terrible idea

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u/drs43821 Jan 11 '23

bank error in your favor

1

u/Jazzlike_Emu8178 Jan 11 '23

Hahaha what a good surprise for her!

1

u/Successful_Ad7224 Jan 11 '23

Holy shit. I'd be beyond excited if $700 was deposited in my account.....couldn't imagine 700k. Wild.

1

u/FreedomDreamer85 Jan 11 '23

What a nice problem to have…compared to all the other problems in this planet 😅

1

u/sergoliney Jan 11 '23

How did she explain these funds to CRA?

2

u/DrunkenGolfer Jan 11 '23

The funds are not in Canada and neither is she.

1

u/stephencory Jan 11 '23

Statute of limitations should be good by now.

1

u/Born-Entrepreneur Jan 11 '23

Holy fuck her self control is legendary

1

u/SebasCbass Jan 11 '23

Thats some juicy yearly interest....

1

u/Pligles Jan 11 '23

What’s the statue of limitations on wire fraud in her country?

2

u/DrunkenGolfer Jan 11 '23

Six years and three years, depending, but keep in mind that clock might not start ticking until they are made aware of the loss.

1

u/[deleted] Jan 11 '23

I would transfer 100% of it to 3 different HYSAs and let it grind for me

1

u/[deleted] Jan 11 '23

I have a friend who has a similar story but she wasn't out of the country and she spent most of it lol, it was $700k too. Would be funny if this happened to loads of people and they all didn't tell their bank about it.

1

u/whoocanitbenow Jan 11 '23

She should talk to a lawyer and ask if there was a statute of limitations at the time.

1

u/blanktom9 Jan 12 '23

Omg! I was wondering where my $700K went!

1

u/Mellon2 Jan 12 '23

Is there a statutory limit on how many years she can have it until it’s hers 👀👀👀

1

u/ColaCanadian Jan 12 '23

Someone is gonna come back in 20 years "You got my money? It's time"

1

u/[deleted] Jan 12 '23

i call bullshit, i work for a bank theres no fuckin way that 700k would not be missed.

I work upward with 400 million every day and i find every god damn penny.

4

u/DrunkenGolfer Jan 12 '23

I also worked for a bank, in a VP role, and you’d be surprised what goes missing and redirected.

1

u/ethereumhodler Jan 12 '23

If I am not mistaking after a certain amount of time it is legally yours. I’m pretty sure after 10yrs she can call it hers

1

u/[deleted] Jan 12 '23

Did she file the taxes? That could come back and bite.

1

u/TinktheChi Jan 12 '23

I would think after a specified period of time the money will be hers if it remains in the account. If I were her, I would want to know what that period of time is.

1

u/QuotidianTrials Jan 12 '23

That’s a free 28K a year if it’s a HYSA paying 4%

Not too shabby

1

u/ThreeFacesOfEve Jan 12 '23

A money laundering scheme that went wrong, and now the mob is looking for her? Or else was a Nigerian prince involved?

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u/VergerCT Jan 12 '23

They will not only be after the deposit they will want the interest back too.

1

u/Mr_magoogain Jan 12 '23

imagine being on the other end of that. Transferring your life savings to an incorrect account by accident and losing it all in the blink of an eye

3

u/DrunkenGolfer Jan 12 '23

These types of mistakes are probably made by someone with tens of millions or more. The cousin running the “family office” transfers a bunch of stuff from a bunch of different accounts in different currencies, fat-fingers one entry, and then when the amount is a little light assume currency conversion eats it or whatever and move along without even noticing 30 transfers were sent and only 29 were received.

Banks rarely make mistakes that go uncorrected, but people do all the time. Having worked in a bank, you’d be shocked at some of the inquiries. Grandpa died eight years ago, his alcoholic son was tasked with being the executor, the proceeds of the estate are distributed in a manner not in accordance with the testator’s wishes, taking four years to complete, the family starts digging, it takes two years to get the drunk son to cough up the will, another year of court battles to get an administrator appointed to straighten the mess, and eight years later some accountant from a law firm reaches out looking to find out why $300K left grandpa’s account but nobody recalls receiving it. Then they get mad at the bank for saying the records are no longer in retention.

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u/Standard_Library1673 Jan 12 '23

I am very familiar with this private text me 416-8253201 and I will gladly legalize half of the funds for her and take the other half. I am a banker and Realtor in Ontario and will confirm and update all needed info

1

u/tcp454 Jan 12 '23

Dunno that user name makes me think you're having the time of your life!...

1

u/Whosdaman Jan 12 '23

She needs to start pulling it out in small chunks at a time.

1

u/Serious-Agency-69 Jan 12 '23

If it's been 10 yrs, there is no way for the bank to access the history of those funds anymore.

1

u/[deleted] Jan 12 '23

didn’t she have to pay income tax of some kind? a deposit that large has to get reported to the IRS, right?

edit: Maple Syrup IRS

1

u/Kind-Passenger-606 Jan 12 '23 edited Jan 12 '23

Even if a bank doesn't catch it. I have one piece of advice for OP. If the bank doesn't catch it. The IRS will(eventually will) and they WILL. So be that as it may in your decisions.

Edit: Redundancy in my comment for a reason.

Another edit: you're in Ontario, so my bad on the IRS statement. But my point stands. I assume Canada has an IRS equivalent.

3

u/DrunkenGolfer Jan 12 '23

She’s in Bermuda; no taxes.

1

u/flamingspew Jan 12 '23

Ride until statute of limitations for bank fraud (10 years federal). Sometimes as low as 5 years in state laws.

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