You need to inform the bank ASAP. Someone else is expecting the payment and it wasn't credited to their account. Automatic systems will detect and prevent posting a deposit to two accounts since the books don't balance but a misdirected deposit is harder to detect. It will eventually be tracked down when the person making the deposit finds out the amount hasn't been credited but the sooner the better. Bankers appreciate it when you report it first because it gives them a chance to correct it before the original depositor finds out it hasn't been correctly transferred.
@A_Noob wrote:
@cashnocredit wrote:You need to inform the bank ASAP. Someone else is expecting the payment and it wasn't credited to their account. Automatic systems will detect and prevent posting a deposit to two accounts since the books don't balance but a misdirected deposit is harder to detect. It will eventually be tracked down when the person making the deposit finds out the amount hasn't been credited but the sooner the better. Bankers appreciate it when you report it first because it gives them a chance to correct it before the original depositor finds out it hasn't been correctly transferred.
I immediately called and they have now reversed the transaction, but they made me dispute it instead of them just trying to look it up and correct their error. Hopefully they don't try to hit the intended recipient for a late fee on his/her CC.
Whoever you called just wants dox from you pointing out the error. It's CYA on their part but it in no way hurts you. Quite the opposite. Some people just assume anything that gets deposited in their account is theirs even when they know it shouldn't have been deposited. Banks like customers that do what you did.