If you are a third-party person, then upto Rs 25,000 per day cash deposit is allowed. If limit exhausted then, Rs 150 will be levied. Notably, for senior citizen, kids or minor accounts, the cash deposit limit remains the same, however, no charges will be levied.
Can you keep money for someone else?
It depends on the law in your jurisdiction. But, generally, you may act as trustee and keep the money in your bank account so long as the owner of the money is aware of the situation. If you know it is for a fraudulent purpose e.g evasion of tax, you would be committing a crime.
How do you know if someone has transferred money into your account?
In general, to track a money transfer:
- Complete your transfer. After sending a transfer, you can start tracking it.
- Check your receipt. Look for a reference, confirmation, order, transaction or similarly named number.
- Contact the sending company.
- Sign up for notifications.
Can I direct deposit into someone else’s account?
The most basic way to move money into someone else’s account is to walk into the bank and tell the teller you’d like to make a cash deposit. You’ll need some direct deposit information, like the recipient’s full name and bank account number, to complete the deposit.
What happens if a bank makes an error in your favor?
The correct answer is to contact the bank and let them know. They’ll look through the transaction records, find the error, and correct it. Pat yourself on the back — you did the right thing. The correct answer is to contact the bank and let them know.
Can you keep money that was mistakenly deposited into your account?
Unfortunately, the money isn’t yours unless you made the deposit or if someone else made the deposit on your behalf. The only time you can keep money that is deposited into your account is when the deposit was intended to be made into your account. So, if the deposit was a mistake, you can’t keep the money. It’s as simple as that.
What happens if someone deposits money into your bank account?
For example if someone is forced to rob the bank at gun point or a genuine threat to their family, they committed the act, but did not have any intention of committing the crime and would be found innocent. Here is a similar situation, someone committed an act by depositing the money to your account.
What happens if you pay into someones account and they use it?
“I paid R195 000 into someone’s account and they used it.” That’s the problem with these costly mistakes. Those who mistakenly “gift” a stranger when doing an EFT are in for a tough battle, because the bank doesn’t have the right to whip the money out of the wrong recipient’s account without their permission.
What happens when money is mistakenly transferred into the wrong bank account?
In Nissan South Africa versus Marnitz and others, of 2004, the Supreme Court of Appeal found that when money is mistakenly transferred into the wrong bank account, the account holder is not entitled to that money, and should they spend it, that constitutes theft.
