Bank error in my favour? Collect $200?

May 22, 2008 5:28 AM

I've received a transfer into my account for a not insignificant amount of money that's labeled a "GDP SUNDRY ITEM". What the heck does that mean?

If it makes a difference, I'm in Canada, and it's one of the five big banks. The transfer was totally unexpected, and I can find no reference to that term on Google on on the bank's site. I don't really want to call and ask them until I can figure out what's going on. Can anyone help?

posted by loquax to Work & Money (18 answers total)

Might as well call them, and get it sorted out. Once they realize the mistake, and they will, they'll take it back out. If you try to use it, then when they take it you you may wind up in the red.
posted by notsnot at 5:44 AM on May 22, 2008

Do the right thing. Call the bank and ask for the origin of the deposit. If it is indeed meant for you, they will let you know and if not it will get correctly more promptly than it would otherwise.
posted by Asherah at 5:56 AM on May 22, 2008

If you try to use it, then when they take it you you may wind up in the redface criminal charges.

Well, at least that's what happens in the UK sometimes. Don't know about Canada. Don't spend the money until you're sure it's yours.
posted by grouse at 6:17 AM on May 22, 2008

Response by poster: (The question is actually for someone else, not me personally) No money will be spent, and the bank was unhelpful when I called, nobody knew what the code meant. I figure if it's an error the bank will sort itself out. But it must have come from somewhere and that code must mean something.
posted by loquax at 6:53 AM on May 22, 2008

I would be really suspicious that it was the beginning probe of a scam of some kind, someone figuring out if they have your account information right... deposit $200, knowing you won't complain, and collect $1000 later at their leisure?

I'd go to the bank in person and meet with someone besides the phone flunkies. They have to be able to figure out where it originated from; it's in their records. If they can't give you a company name, sort it out, give you a phone number or otherwise clear up the mystery, I'd have them change your account number.
posted by GardenGal at 7:17 AM on May 22, 2008 [2 favorites]

+1 GardenGal's suggestion that you go to a branch in person rather than trying to deal with someone on the phone. In some cases, the banks redirect all calls to their call centre, so even if you think you're calling the branch around the corner your call actually goes to a call centre in New Brunswick.

Also, the banks don't like admitting they've made mistakes, and it can take several attempts to get them to fix things.
posted by lowlife at 7:20 AM on May 22, 2008

Response by poster: Yeah that's part of the problem, I should have been more specific, the person I'm asking for is on another continent and can't get to a branch. The amount is also much larger than $200, think a couple of thousand. Very odd that there's no reference to such an item or payer on the internet or on their website (it's not a tax refund either, BTW). I guess there may well be no answer other than from the bank directly if they get their act together if nobody's come across this GDP SUNDRY business...
posted by loquax at 7:30 AM on May 22, 2008

A "sundry item" just means an assorted item, an etc., an unnamed thing. I'm sure I've seen that before on my list of charges. As for GDP it is likely the name of the vendor/retail business.

It sounds like a large amount to be some refund you had forgotten was coming to you. In the end, you may have to wait and see if someone realizes their mistake.

I don't think its a scam. Anybody can deposit into someone's account. Withdrawing is another matter altogether.
posted by vacapinta at 7:43 AM on May 22, 2008

I'm a little confused. First you said it was your account and that you're in Canada. Then you said the bank was unhelpful when you called. Finally you said that it's not actually for you but a friend living in another continent.

If it is someone else's account and you're calling on their behalf then that is probably why the bank is so unhelpful. You aren't the account holder so they probably will not talk to you about the account.

You should not be calling. Your friend should be calling and emailing the bank. This can be done no matter where the friend is located in the world. Said friend is going to either have the money taken back out when the legitimate error is finally noticed or said friend is going to have their entire bank account wiped out when the scammer realizes they have a valid bank account number that they have used (as far as they know) undetected. I would not advise your friend to sit around hoping that it's an error in their favor that will never be noticed.
posted by GlowWyrm at 7:48 AM on May 22, 2008

I don't think its a scam. Anybody can deposit into someone's account. Withdrawing is another matter altogether.

As someone who had almost $800 removed from their checking account back in December by some unknown person...all I can say is, "Oh you would be surprised how easy it is!"
posted by GlowWyrm at 7:51 AM on May 22, 2008

Sort of off topicish, but about keeping the money:

I read a story...wow, ages ago, on the internets about a guy who, as a prank, deposited one of those fake promotional checks from a sweepstakes. He thought it would give someone a laugh when they emptied the ATM.

Long story short the money appeared in his account, because the stupid sweepstakes put their real routing and account numbers on the fake check. It stayed in his account for a while. He talked to a lawyer and found out something about "if it stays for 11 days it's the bank's responsibility, not yours." And it did. Then they took it away, and he filed a complaint with the FDIC or someone, and got it back. The bank was out the money, not the sweepstakes or him, because it was their error.

I only share because this person should be finding out what that timeframe is for THEIR county of origin.

(This is the part where one of you finds then link and FPP's it.)
posted by TomMelee at 7:58 AM on May 22, 2008

Be very careful. Some people ended up in jail (at least here in germany) for money laundering after receiving large amounts of unexpected money. Usually someone will contact you and ask you to send that money somewhere else, e.g. by western union. They offer you to keep 10-20% percent of the money. In the end, you receive 100% of the jail time, obviously.
posted by Nightwind at 7:59 AM on May 22, 2008

Response by poster: If it is someone else's account and you're calling on their behalf then that is probably why the bank is so unhelpful. You aren't the account holder so they probably will not talk to you about the account.

I'm just switching back and forth between my voice and his, sorry, I know it's confusing. The account is in Canada, he's on another continent. I'm in Canada, but that's more or less irrelevant. The account holder has called and they weren't helpful. He's trying some other numbers. Definitely not sitting back and hoping.

Thanks for the tips about scams, hadn't even crossed my mind.

Here's that story about the fake cheque, BTW.
posted by loquax at 8:15 AM on May 22, 2008

When you or the friend call the bank, make sure to record all of the calls. Just recently on Consumerist (in the US though), someone got a lot of money deposited in their account and they were spending it because the bank said they could. They are now being forced to pay it back.
posted by majikstreet at 8:21 AM on May 22, 2008

If it was my account, I'd make sure the money is in an interest-bearing account. That way, if they take it back, I'd at least have some interest to show for the hassle. If it's their mistake, then they can't claim the interest, I think.
posted by philomathoholic at 8:34 AM on May 22, 2008

Response by poster: Hmmm it appears that my friend is an idiot and quoted me "GDP" when it was actually "GBP" which makes it far more likely (though still odd and unexplained) that it's some sort of currency conversion issue, which makes sense as he deals in pounds. Still might be a bank error, but probably not a scam or anything like that. Thanks for the advice though, sorry about the confusion.
posted by loquax at 8:35 AM on May 22, 2008

Response by poster: Oh, here's that cheque story, btw, the other link was just a stupid ad for his show.
posted by loquax at 8:51 AM on May 22, 2008

Just as banks can trace debits they still should be able to trace the origin of a credit however, if you/he still really needs to know where it came from. Keep pressing them if he doesn't figure it out on his own, they can do it with a bit of digging.
posted by Asherah at 10:22 AM on May 22, 2008