401k cashed out and 3 months later company wants money back?

Question

In May I cashed out my old 401k ( I know they say don t) but now in July almost 3 months later I tecieved a letter stating they gave me or over stated me to much money and I can make a check out to them for 518 dollars. 
I have to pay them back for their mistake and fault. It didn t give by a certain date or anything and what if I do t have the funds to do so? 
Is this legal? I mean they just want me to say ok and write a check for ther screw up.

Any advice on this? Is it legal/ illegal of them. What will happen if I can t pay them back etc
Any advice is appreciated

And why do they notify me so much later

Angela · Answer

I am thinking that's their own fault. I would just leave it alone for now, if I started to get nasty mail, I would ask someone in the banking business, but if they do end up making you pay it back I say 5 bucks a month will work LOL As long as they don't tack on interest.

Slickterp · Answer

You got money that you were not entitled to, you owe it back,  Period.  Legal, and you owe it, and you will eventually pay it back, and if you wait too long, you'll end up paying their legal fees and interest if they have to sue you for it.

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401k cashed out and 3 months later company wants money back?

2 Answers