Is there a statute of limitations on an error made by a bank teller?

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Is there a statute of limitations on an error made by a bank teller?

This occurred in 02/08. I withdrew $1158 from the bank with my account number but the teller withdrew it from the wrong account. I collected my money which I thought to be correct as my paychecks are normally that amount. Later I inquired about the money as I had already withdrawn it from my account the week before; I thought that my work sent out 2 checks. The teller said no other checks had been deposited; there were no errors. Then in 08/10 they’re saying that I must pay it back due to the teller’s mistake. Is there a statute of limitations on an error like this?

Asked on October 27, 2010 under Bankruptcy Law, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Yes, there is a statute of limitation as to same but it varies from state to state.  I would contact your state banking commission to be sure about the time frame.  If the bank is within the time frame (and I get the feeling that they probably are) then your failure to return the funds could lead to prosecution and jail time.  It is really best for you work something out with them, such as a repayment schedule, in order to clear things up.  It is commendable that you tried to alert the bank to the error and they did not listen to you.  But in the end they caught up with their mistake and now you have to deal with it.  Good luck. 


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