Mobile Deposit Gone Wrong

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DFB1977
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Joined: Sat May 05, 2018 4:47 pm

Mobile Deposit Gone Wrong

Post by DFB1977 » Sat May 05, 2018 4:55 pm

I deposited a check in my bank account using a mobile deposit app, The money never showed up in my account. The issuing bank said that the check was cashed. I did not write down the confirmation code when I made the mobile deposit. The deposit occurred over six months ago, and I just discovered this problem. Any advice on how to retrieve my money?

niceguy7376
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Re: Mobile Deposit Gone Wrong

Post by niceguy7376 » Sat May 05, 2018 8:40 pm

What are the banks in this transaction (check written on and your bank).
What does your bank electronic statement of that month show?
Is the person or company that sent you the check telling that there is a debit in their account?

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whodidntante
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Re: Mobile Deposit Gone Wrong

Post by whodidntante » Sat May 05, 2018 11:34 pm

Call customer service for the bank where you deposited the money.

inbox788
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Re: Mobile Deposit Gone Wrong

Post by inbox788 » Sun May 06, 2018 1:47 am

Check your other accounts, maybe it landed there. Made 2 strange error at Citibank in last couple of months. I could swear I didn't make the mistake at the time, but the record shows otherwise. It could be glitches on their website or poor interfaces that facilitate errors. In both cases, the errors were minor, but unnerving.

balbrec2
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Re: Mobile Deposit Gone Wrong

Post by balbrec2 » Sun May 06, 2018 7:16 am

Six months later? Checking your account more regularly would be a good idea like every week.
Banks and people make mistakes fairly often. Do you have more than one bank that you
use a mobile app for?

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midareff
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Re: Mobile Deposit Gone Wrong

Post by midareff » Sun May 06, 2018 9:38 am

balbrec2 wrote:
Sun May 06, 2018 7:16 am
Six months later? Checking your account more regularly would be a good idea like every week.
Banks and people make mistakes fairly often. Do you have more than one bank that you
use a mobile app for?
and the same for credit cards. A long term friend confided that someone had been dinging one of his charge accounts with small miscellaneous charges several times a month for years and he had just found out. He was a little irate the charge card company would only let him protest the charges up to 6 months back and he had been getting dinged monthly for years. Checking EVERYTHING regularly, and weekly is good, makes perfect sense to me.

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Watty
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Re: Mobile Deposit Gone Wrong

Post by Watty » Sun May 06, 2018 9:50 am

midareff wrote:
Sun May 06, 2018 9:38 am
balbrec2 wrote:
Sun May 06, 2018 7:16 am
Six months later? Checking your account more regularly would be a good idea like every week.
Banks and people make mistakes fairly often. Do you have more than one bank that you
use a mobile app for?
and the same for credit cards. A long term friend confided that someone had been dinging one of his charge accounts with small miscellaneous charges several times a month for years and he had just found out. He was a little irate the charge card company would only let him protest the charges up to 6 months back and he had been getting dinged monthly for years. Checking EVERYTHING regularly, and weekly is good, makes perfect sense to me.
+1

If you check the fine print on your latest bank statement you will likely see a note that you only have 30 or 60 days to report any errors. The problem is that after so long they may not have anyway to recover any misdirected money. In the banks defense there are also scams where people can make "mistakes" with a check involving a buddy then claim that there was an error.

It would also be good to consider the possibility that you just cashed the check instead of depositing it and you forgot that you cashed it.

cherijoh
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Joined: Tue Feb 20, 2007 4:49 pm
Location: Charlotte NC

Re: Mobile Deposit Gone Wrong

Post by cherijoh » Sun May 06, 2018 9:56 am

midareff wrote:
Sun May 06, 2018 9:38 am
balbrec2 wrote:
Sun May 06, 2018 7:16 am
Six months later? Checking your account more regularly would be a good idea like every week.
Banks and people make mistakes fairly often. Do you have more than one bank that you
use a mobile app for?
and the same for credit cards. A long term friend confided that someone had been dinging one of his charge accounts with small miscellaneous charges several times a month for years and he had just found out. He was a little irate the charge card company would only let him protest the charges up to 6 months back and he had been getting dinged monthly for years. Checking EVERYTHING regularly, and weekly is good, makes perfect sense to me.
I think he was lucky they gave him 6 months of credit. I'm pretty sure the law requires that credit card customers can protest charges for up to 60 days.

I would be surprised if the OP has any recourse after 6 months on his mobile deposit - especially given that he didn't write down the confirmation code.

cherijoh
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Location: Charlotte NC

Re: Mobile Deposit Gone Wrong

Post by cherijoh » Sun May 06, 2018 10:10 am

Watty wrote:
Sun May 06, 2018 9:50 am
midareff wrote:
Sun May 06, 2018 9:38 am
balbrec2 wrote:
Sun May 06, 2018 7:16 am
Six months later? Checking your account more regularly would be a good idea like every week.
Banks and people make mistakes fairly often. Do you have more than one bank that you
use a mobile app for?
and the same for credit cards. A long term friend confided that someone had been dinging one of his charge accounts with small miscellaneous charges several times a month for years and he had just found out. He was a little irate the charge card company would only let him protest the charges up to 6 months back and he had been getting dinged monthly for years. Checking EVERYTHING regularly, and weekly is good, makes perfect sense to me.
+1

If you check the fine print on your latest bank statement you will likely see a note that you only have 30 or 60 days to report any errors. The problem is that after so long they may not have anyway to recover any misdirected money. In the banks defense there are also scams where people can make "mistakes" with a check involving a buddy then claim that there was an error.

It would also be good to consider the possibility that you just cashed the check instead of depositing it and you forgot that you cashed it.
I write down the confirmation code on any bills I pay through online banking bill pay. I started doing this after I tried to pay the bill on line, hit a glitch and didn't realize that the transaction had failed to go through until the bill was already past due. But I was convinced that I had paid the bill and that the payee had simply failed to credit my account. Perhaps the OP tried to deposit it via mobile but hit a glitch and deposited it later at the bank. Sometimes trying to do something is later remembered as having done it.

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Kenkat
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Re: Mobile Deposit Gone Wrong

Post by Kenkat » Sun May 06, 2018 12:05 pm

This doesn’t help this particular situation but I keep checks I mobile deposit until I see them post to my account and on my monthly statement. Can you contact the original party who issued the check to you to see if they have a record of it being cashed?

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abuss368
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Re: Mobile Deposit Gone Wrong

Post by abuss368 » Sun May 06, 2018 12:20 pm

Bogleheads -

This has been one of my fears during the age of mobile transactions. I typically deposit a check (very rare do we visit our local bank) and then hold the check for the next few days or week to make sure it has cleared.

One of the advantages of technology is the ability to check accounts at any time and notice discrepancies right away. However, most financial institutions limit the time period a client can challenge a potential error to 30 (or is it 60) days.

I would encourage anyone to use this example as a way to evaluate their personal financial practices and processes.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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abuss368
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Re: Mobile Deposit Gone Wrong

Post by abuss368 » Sun May 06, 2018 12:22 pm

From a banking perspective, we have very minimal transactions posting to our checking account any longer. Almost all charges are posted to the credit card with the same bank. This has provided advantages: 1) minimal access from Vendors to our cash, 2) No debit card transactions with provide a wider moat, and 3) everything is posted to the credit card, where we accumulate all receipts and clear them when they post to the statement.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

criticalmass
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Re: Mobile Deposit Gone Wrong

Post by criticalmass » Sun May 06, 2018 1:22 pm

abuss368 wrote:
Sun May 06, 2018 12:22 pm
From a banking perspective, we have very minimal transactions posting to our checking account any longer. Almost all charges are posted to the credit card with the same bank. This has provided advantages: 1) minimal access from Vendors to our cash, 2) No debit card transactions with provide a wider moat, and 3) everything is posted to the credit card, where we accumulate all receipts and clear them when they post to the statement.
I’m having trouble parsing your first and third sentences, especially the wider moat. But regardless, I don’t see how credit card transactions would help the OP, as no banks allow you to make mobile check deposits to a credit card. The only path forward is to contact the depositing institution and make an inquiry. Most mobile deposit platforms show a history of deposits, often including an image. The statue of limitations for fraud preempt bank policy.

TwstdSista
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Re: Mobile Deposit Gone Wrong

Post by TwstdSista » Sun May 06, 2018 2:22 pm

My mom had a deposit go "missing" recently -- turns out it landed in her savings account instead.

Not that you didn't check there already, just throwing this out there as a PSA (public service announcement) for others....

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dm200
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Re: Mobile Deposit Gone Wrong

Post by dm200 » Sun May 06, 2018 2:52 pm

DFB1977 wrote:
Sat May 05, 2018 4:55 pm
I deposited a check in my bank account using a mobile deposit app, The money never showed up in my account. The issuing bank said that the check was cashed. I did not write down the confirmation code when I made the mobile deposit. The deposit occurred over six months ago, and I just discovered this problem. Any advice on how to retrieve my money?
The issuing bank should be able to tell you where the money went (which bank) -

likegarden
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Re: Mobile Deposit Gone Wrong

Post by likegarden » Sun May 06, 2018 5:50 pm

The more tech, the more problems. I now check receipts against account of my only credit card at least once each month. In December someone got himself $125 at CVS and that got me a new CC. Then 3 months later someone bought gas at a gas station I never go to and I therafter got a new credit card again. I now pay only cash at gas stations and only use the chip of the CC otherwise. We check our checking account every 2 weeks, but never had a problem with a checking account for 50 years.

Grasshopper
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Re: Mobile Deposit Gone Wrong

Post by Grasshopper » Sun May 06, 2018 6:38 pm

Yikes, when I make a mobile deposit I get an email/SMS alert, and when that deposit clears I get another email/SMS alert. Than I file the emails away until I get my statement. Never a problem. :beer

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GKSD
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Re: Mobile Deposit Gone Wrong

Post by GKSD » Sun May 06, 2018 6:50 pm

Once I had an amount debited from my checking-account which happened to be from a check written by a different account-holder whose account number increments mine by 1 (last digit of account number increments by 1).

SRenaeP
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Re: Mobile Deposit Gone Wrong

Post by SRenaeP » Mon May 07, 2018 7:28 am

abuss368 wrote:
Sun May 06, 2018 12:20 pm
Bogleheads -

This has been one of my fears during the age of mobile transactions. I typically deposit a check (very rare do we visit our local bank) and then hold the check for the next few days or week to make sure it has cleared.

One of the advantages of technology is the ability to check accounts at any time and notice discrepancies right away. However, most financial institutions limit the time period a client can challenge a potential error to 30 (or is it 60) days.

I would encourage anyone to use this example as a way to evaluate their personal financial practices and processes.
After a mobile deposit, my banking app has a notification that says to retain the check for either 60 or 90 days (can't remember which) before shredding.

niceguy7376
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Location: Metro ATL

Re: Mobile Deposit Gone Wrong

Post by niceguy7376 » Mon May 07, 2018 8:36 am

dm200 wrote:
Sun May 06, 2018 2:52 pm
The issuing bank should be able to tell you where the money went (which bank) -
That will only happen if the person that wrote the check asks, not the OP. If OP has a business with that bank as well, then it might help in some regard but due to privacy issues, would NOT disclose the full info.

An interesting tidbit about the mobile transfers / aka zelle app used by most banks.
Person A had a bofa acct linked to his mobile. He then closed the bofa acct and opened a credit union acct (not directly in zelle but CUs will send a text message and you need to decide if you want to receive at paypal acct or provide our routing and account info) and gave his mobile number in the CU account.

Person A also somehow linked his mobile number to Person B (friend's) Bofa acct for a temporary time and forgot to remove that.

Person A gave me his mobile number to transfer money (expecting his CU to receive) and I did from my Bofa. Bofa has a first level check of validating the mobile number within their bank accounts and found Person B acct and deposited the money into Person B. Person B might have saw the deposit and wouldnt know my name and kept quiet.

Person A said he didnt receive the money in his CU after a couple of days and informed me. My acct was debited. I approached Bofa and they said it was transferred into a Bofa acct and they cant disclose more until I file a police report and give them the copy.
It took a long time for Person A to understand what happened and checked with his friend and it was finally closed.

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