Tax Guru-Ker$tetter Letter

Friday, June 11, 2004

Finders Keepers?
Bank error only buys trouble - This kind of story pops up every so often. A bank accidentally deposits thousands or even millions of dollars into someone's account. That person then spends the money, claiming it was a gift from God. It's not. It's theft to exploit a clerical mistake and spend money that doesn't belong to you. It's no different than finding a lost wallet on the street. You're supposed to turn it in to authorities and wait for the rightful owner to claim it. Sooner or later, the rightful owner of the money that was accidentally deposited into someone else's bank account will discover that fact. This is also another reminder of how important it is to reconcile one's bank account as often as possible.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 6/11/2004 01:01:00 PM Send this post: