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Would You Spend $80,000?

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No, that ain't right. I live in a town where we all know who's who in the business community, that would not be worth the damages it would cause. Afterall integrity, in life, as well as business, is all we have.

I actually had something similar happen a couple years back. I took out a line of credit for 50K. Two weeks later the bank sent me a form saying the debt had been retired!?! I had already spent almost all of it, and had definitely not paid it back at that point. It took me almost three months to convince the bank of it's error. In those three months I got two more letters confirming the debt was paid. Both my accountant and my lawyer said I should give up on telling the bank and just file those letters away figuring the bank would someday come looking for their money. At that point I would have to pay it back, but not any interest that accrued in the meantime. I couldn't do that.
 
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No way I'd spend it. I'd be tempted to take the cash out and open a short-term Money Market or CD account at a different bank to collect the interest ... but banks have too many people checking and double checking things these days. It will catch up to you eventually and it's going to be treated the same as theft if you can't pay it back immediately.

Now if I ran across a bag filled with $80K lying on the street ... now you're talking a different story.
 

indyrob

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I would spend the shit out of it. It would be fun to spend it and I know I would eventually have to pay it back, but damn it I would have a ton of fun!
 

oneaday

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Nope, I'd contact the bank as soon as I found it. Although the last time I did, it took several days, a dozen phone calls, two trips to the bank and a lot of aggrevation on my part to give back $20 to much from an ATM. I can't imagine the pile of shitz, 80 large would rain on my head.
 
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I'm a fan of Tedski's Idea: Putting it into a money market earn a little interest then if it comes back to haunt you later, you still have the money to pay back.

But you might have to charge the bank a stupidity fee. (8% compounded daily sounds about right):headroll:
 

Texas Cop

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A 7 month mistake? I think I may notify the bank, but over a period of 7 months? It's not like one day the money was there, the next day the bank took it back out, they put it there in several deposits over a period of time. I don't see how they could charge him with a crime. The one cited in the record is 'theft of lost or mislaid items' what in the **** kind of law is that?!?!?

As to whether I'd spend it, no. I may withdraw some and put it in a shoebox, to see what happened, but I would definately not spend it.



drew
 
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