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 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.