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If it was a direct deposit they have the right to subtract it from the bank within X amount of time... so basically, if you don't want your account to get all fucked, I wouldn't go spending it haphazardly. That's providing they notice the mistake.
If it's a check and you need the money now, contact the sponsor and ask them if it's ok to cash it/dfeposit it and you will send them back the difference, that way you're not standing around with your dick in your hand waiting for money you may need now while waiting on a new check to be issued.
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