What to Do If You Receive Money by Mistake?
Learn the legal implications of accidentally received money and the steps you must take to return it.
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No, you cannot legally keep money that was accidentally given to you either through errors in transactions or overpayments. It is considered a form of theft and you are required to return the money to its rightful owner or report the error to the concerned party or financial institution.
FAQs & Answers
- Is it illegal to keep money that was sent to you by mistake? Yes, keeping money accidentally sent to you is considered theft, and you are obligated to return it.
- What should I do if I received too much money from a payment? You should report the overpayment to the sender or the financial institution involved and return the excess funds.
- Can I be prosecuted for not returning money I received by mistake? Yes, failing to return mistakenly received money can lead to legal consequences, including potential theft charges.