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Found Money

August 18th, 2011 at 04:57 pm

I found out that I’m owed $332 from a bank that I have never done business with however I talked with a lady over the phone and she verified my identity and said that it was owed to me so it’s rightfully mine. Great!!! I was going to treat myself to a new workout program to do at home. I figured for once in a long time I’ll put my health and well being first. Then I convicted myself since I don’t do the exercise programs I already have. Therefore the $332 is going straight to the credit cards. I’ve decided to split it between my Macy’s and Citibank card since those are the highest in interest. Hopefully this will square away those balances in addition to my regular payments I was going to make. I am going to allocate the other funds toward odds and ends in my debt. Hopefully I will be able to pay at least one thing in full besides the two CC’s.

My final bill for both the hotel and car rental came to $179 and $203.31 respectively. I also charged $20 for baggage fees back home. Two weeks ago I made my first installment of $165 which brings my BOA CC balance to $2,292.47. That bill won’t be due again until October so I will make another installment of $165 with my first pay in September. I would like to do it with tomorrow’s check but I will need to save it for rent as I will be paying that again starting September 1st. I withdrew $600 from one of my savings accounts to pay some bills before my next paycheck just to get them out of the way. I like paying bills at least two weeks before the due date. It usually pushes the next time their due to the next two months that way I can use the following month for extra payments to my CC’s or hold that money for when my utilities come due again.

I’ve got some things going on in my budget that I was hoping I could pay an additional $1200 toward my debt. I decided to boost my savings and split the $1200 in half to make a $600 installment to emergency savings and $600 in additional debt payments for September. I am going to concentrate on boosting my savings and am shooting for $15k by year’s end. If I do so I will celebrate by committing my ENTIRE tax return toward debt. I hope you’ll hold me to it.

Posted in Budgeting, Credit Cards, Debt | 7 Comments »

7 Responses to “Found Money”

  1. patientsaver Says:
    August 18th, 2011 at 05:15 pm 1313687720
    1313687720

    Unless someone left you an inheritance and you have never done business with the bank, I don't see how that could happen. It sounds like a possible scam. Did they ask you for personal identifying information like your birthday or Social Security number? Did you call them or did they call or email you?

  2. ceejay74 Says:
    August 18th, 2011 at 06:55 pm 1313693729
    1313693729

    I had the same thought as PatientSaver. The way you described it sounded like a classic scam. But hopefully there was more to the story that made it legit.

  3. LuckyRobin Says:
    August 18th, 2011 at 08:14 pm 1313698448
    1313698448

    Maybe the money is from a deposit or something you made years ago with an apartment. Those are supposed to go into a an account and then get refunded later if you keep the rental in good shape, but sometimes they don't get refunded and then years later they pop up. If the apt manager put it in that bank that might be why you've never done buisness with it, but it still had your name on it.

  4. HousingCounselor Says:
    August 18th, 2011 at 09:25 pm 1313702719
    1313702719

    It's from unclaimed funds in Ohio. If I don't claim it soon the state could take it. I need to do some investigative work but I think its from a $300 gas co. deposit I made nearly 10 years ago when I first moved out. I didn't have enough credit established and I had to put one down. I don't remember ever being refunded. I moved back home a short time later however, when I moved out again when I was 25 I had to put a $500 deposit down which I got back a year later. A credit of $500 plus interest was placed on my gas bill. Later I received a letter from the gas company that because I had paid my bill on time for 12 months they no longer needed my deposit. The first time I moved out it didn't last but a few months before I moved back home and cancelled my service. I never got this money back so perhaps that bank is where the gas co. put my deposit.

  5. Petunia 100 Says:
    August 18th, 2011 at 09:42 pm 1313703738
    1313703738

    That makes sense. I feel better now; "scam" was the first thing that popped into my head too. Congrats on your windfall!

  6. patientsaver Says:
    August 18th, 2011 at 11:28 pm 1313710100
    1313710100

    Oh, phew!

  7. Jerry Says:
    August 19th, 2011 at 06:14 pm 1313777667
    1313777667

    I was thinking the same thing - "free money" just leads to that immediate red flag in my head. It's actually sad that the world is such a place where that is the default, though, isn't it? It's much better that you have some insurance that there are possible sources for the income, as well, from past deposits and the like. Enjoy it!
    Jerry

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