When money is mistakingly deposted into your bank account from a company, when does it legally become yours?

Question

I work for a small business that had funds deposited into it's account from a large company. We have spent hours and tried several times to send checks back and to contact them to find out what we should do (after one check was sent back and the other was never deposited). If we have records to show our attempts, when would these funds legally be ours?

Answer 1

The money is never yours until the statue of limitations runs out.  TX is 3 years.  So you could put the money in a safe investment vehicle until then - just in case you have to return the money.   Safe meaning principle is guaranteed.

Answer 2

That money is not yours, legally it belongs to them. I suggest that you do not spend it. Infact the correct thing to do is to continue to bring it to their attention before they ask you for it and look at you as trying to take something that is not yours.

Try Registered and certified mail. Also I am sure their CFO or CEO would love to hear from you regarding that.

Good Luck

Answer 3

Put the money in a savings account and leave it alone until the company finally gets around to asking for it.  That way, you have the funds available to return to them but you will be earning a little bit of interest in the meantime for your trouble.

Answer 4

It won't become yours. Have you told your bank about the issue? This is something they probably have to work out for you. Just sending a random check to a company probably wouldn't work. Now if your bank contacts them and they say it went where it was supposed to go then the money is yours. Because as far as that company is concerned you did something and got paid for it.

Answer 5

ask your bank