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Thread: If my bank mistakenly deposits

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    If my bank mistakenly deposits

    If my bank mistakenly deposits $1,000,000 into my account, am I legally allowed to spend it before they realize their mistake?

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    Diamond Member AndyD's Avatar
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    You're located in Mumbai so any advice you get on this forum is likely not going to be accurate for you.

    In SA you would be liable to repay the money if you spent it. Although not in the region of $1,000,000, I've had mistaken deposits in the past and I've just ringfenced them in a Moneymarket account until repayment is requested.
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    Quote Originally Posted by Sandeep Chougule View Post
    If my bank mistakenly deposits $1,000,000 into my account, am I legally allowed to spend it before they realize their mistake?
    It is just about morals. If you take something that you have not worked for, not paid for or received as a gift, then it boils down to theft. You will be enriching yourself at the cost of someone else. What do they do with thieves in your country? Here we land up in jail.
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