We all know that when there is a bank error in their favor, you have a certain window of time to dispute the error and get it resolved. But what about errors in your favor? How long should you wait, before dismissing the liability?
I ordered a gift card from a popular national retailer. They shipped it to me, then then shipped it again. And since I had multiple orders in process at the time, I’d spent both before realizing one was a duplicate. I fully expected either an additional charge to my credit card or a “bill” in the mail, but 2.5 years later I’m still waiting.
I recently had fraud issues with a credit card. But after reporting it and getting the card reissued, a pending in-person store charge (that I confirmed multiple times was not included in the fraud report) literally disappeared. I’ve waited patiently for the charge to eventually post, or for the store to flip out over a large purchase being “disputed” (I even reached out to warn them of the possibility). But 2 months later and it’s still vanished.
One time, a now-defunct payment processor paid a bill twice. I have no clue if they sent it twice, or if the biller applied it twice. 3 years later, and I’m still waiting for the duplicate to be reversed.
In the days of green dot moneypaks, I had a load credited to a prepaid card twice. The duplicate was later reversed, but only after the card had been closed and the balance refunded. With a negative balance I kept waiting for them to come asking for the deficit, but 7 years later, still not a peep.
So how long do you wait before considering such errors to truly be “found money”? I fully intended to make good on each debt, thus I’ve continued to keep these funds available to cover any attempt to correct the mistakes. But how long is long enough?