When should I call this money mine???

My Checking Account Balance according to my bank statements and ATM receipts is higher than my personal record (checkbook) shows.

The discrepancy had been about $230 in my favor. Over the course of about a month and a half of writing many paper checks I wasn’t exactly sure whether or not there really was a discrepancy because checks were posting at various times and I wasn’t really sure which checks had been paid and which were still outstanding.

Then over the course of two weeks I sat down with my bank statement and my checkbook three times trying to find the mistake. The first two times I didn’t see it. Finally the third time I reviewed it I realized that upon recording a deposit of $95 I mistakenly subtracted $95.

O.K. So, I made the appropriate correction- but that only accounts for $190. There’s still a $40 discrepancy. It is now three months since I first noticed the discrepancy.

Now, even though I can not locate the mistake- I can not say for certain that the mistake is simply a math error on my part- I figure I can probably proceed as if it was just a math error on my part. I can probably just call that extra $40 mine and add it to my balance.

But the thing is I get really paranoid about my checking account balance. Every two weeks I deposit my paycheck, each paycheck is used very nearly in it’s entirety by the time I deposit the next paycheck. So, my account, cyclically, nears a zero balance twice a month. I’m paranoid about counting that $40, then writing a check, then having the bank notice that the mistake is on their end, then they correct it, then the check posts and bounces!

Am I being too paranoid? Should I just add the $40 to my balance? It been three months!

Why not sit down with someone at the bank and resolve this? Until you do, you’ll never be quite sure where you sit.

A lawyer could probably explain to you just how long you must wait in your area before you’ve established a legal claim to the $40. It’s probably reasonable to assume that it’s longer than 3 months, and that the lawyer will charge more than $40 for this service.

To me $40 sounds like an ATM withdrawal. You may have put it in twice. In my expirenece, whenever I have a floating overage it will dissapear as soon as I assume it is "mine, all mine’.

Forget about it and use your balance. The error will work itself out or not, don’t even think about it until 2007.

YMMV, but my credit union was unable to help me when I had a similar situation. A few years ago my checkbook and my account statement balances were off by ~$20, I’d been pouring over past statements and couldn’t find the discrepancy, and it was driving me crazy: I finally called customer service out of sheer frustration, and the sympathetic woman I talked to patiently explained that they had no way of helping me sort out my personal records. (Eventually I figured it out.)

Bienville, for now I’d follow don’t ask’s advice and go by your balance. Every month or so, try to work out the discrepancy again; personally, I wouldn’t be comfortable adding the “extra” $40 to my checkbook for at least a year.

Another related anecdote: I used to never balance my checkbook. I was very careful about recording deposits and withdrawals, the balance on my ATM receipts was never far off the balance in my checkbook (and was always higher), and for years I had no problem with my “system.” Then one day I noticed that the balance on my ATM receipts was significantly higher than the balance in my checkbook, and it stayed like that for months . . . about $60 higher. I’d kept all of my bank statements (unopened), so I finally enlisted my mom’s help and set about balancing my checkbook as best we could. It turns out that the extra $60 was the result of years of accrued interest! I’d never bothered recording my monthly interest because it was always some tiny amount (less than $1), but over the years it certainly added up. Since that time (I want to say 7 years ago?), I have faithfully balanced my checkbook every month or two. :slight_smile: