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Large Amount Of Money ($260k) Accidentally Deposited Into My Bank Account, What Are My Legal Obligations?

Location: California

Hi all,

I’m in the U.S. and recently noticed an unexpected deposit of approximately $260,000 into my personal bank account from a sender I don’t recognize. I did not solicit this transfer and have not touched or moved the funds.

I contacted my bank as soon as I noticed it and informed them that the deposit appears to be a mistake. At the moment, the money is still sitting in my account while they “investigate.”

My questions are:

If the original sender accidentally sent the money to my account, am I legally required to return it?
Am I allowed (or required) to send the money back myself, or does this need to be handled entirely by the bank?
If the bank takes a long time to act, is there anything else I should do to protect myself legally?
Could I face any liability simply for having the money in my account, even though I reported it and haven’t used it?

I’m not trying to keep the money, I just wanted to make sure I handle this correctly and don’t accidentally create legal or financial problems for myself.

Thanks in advance.

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Large Amount Of Money ($260k) Accidentally Deposited Into My Bank Account, What Are My Legal Obligations?

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