diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
index ee1894501..cb81ec37f 100644
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -4114,6 +4114,11 @@ int CMerkleTx::GetBlocksToMaturity() const
 
 bool CWalletTx::AcceptToMemoryPool(const CAmount& nAbsurdFee, CValidationState& state)
 {
+    // Quick check to avoid re-setting fInMempool to false
+    if (mempool.exists(tx->GetHash())) {
+        return false;
+    }
+
     // We must set fInMempool here - while it will be re-set to true by the
     // entered-mempool callback, if we did not there would be a race where a
     // user could call sendmoney in a loop and hit spurious out of funds errors
diff --git a/test/functional/mempool_persist.py b/test/functional/mempool_persist.py
index 92f66be2f..31a96ec60 100755
--- a/test/functional/mempool_persist.py
+++ b/test/functional/mempool_persist.py
@@ -57,21 +57,27 @@ class MempoolPersistTest(BitcoinTestFramework):
         self.log.debug("Send 5 transactions from node2 (to its own address)")
         for i in range(5):
             self.nodes[2].sendtoaddress(self.nodes[2].getnewaddress(), Decimal("10"))
+        node2_balance = self.nodes[2].getbalance()
         self.sync_all()
 
         self.log.debug("Verify that node0 and node1 have 5 transactions in their mempools")
         assert_equal(len(self.nodes[0].getrawmempool()), 5)
         assert_equal(len(self.nodes[1].getrawmempool()), 5)
 
-        self.log.debug("Stop-start node0 and node1. Verify that node0 has the transactions in its mempool and node1 does not.")
+        self.log.debug("Stop-start the nodes. Verify that node0 has the transactions in its mempool and node1 does not. Verify that node2 calculates its balance correctly after loading wallet transactions.")
         self.stop_nodes()
         self.start_node(0)
         self.start_node(1)
+        self.start_node(2)
         # Give bitcoind a second to reload the mempool
         time.sleep(1)
         wait_until(lambda: len(self.nodes[0].getrawmempool()) == 5)
+        wait_until(lambda: len(self.nodes[2].getrawmempool()) == 5)
         assert_equal(len(self.nodes[1].getrawmempool()), 0)
 
+        # Verify accounting of mempool transactions after restart is correct
+        assert_equal(node2_balance, self.nodes[2].getbalance())
+
         self.log.debug("Stop-start node0 with -persistmempool=0. Verify that it doesn't load its mempool.dat file.")
         self.stop_nodes()
         self.start_node(0, extra_args=["-persistmempool=0"])