diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -4579,6 +4579,11 @@
 
 bool CWalletTx::AcceptToMemoryPool(const Amount nAbsurdFee,
                                    CValidationState &state) {
+    // Quick check to avoid re-setting fInMempool to false
+    if (g_mempool.exists(tx->GetId())) {
+        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
--- a/test/functional/mempool_persist.py
+++ b/test/functional/mempool_persist.py
@@ -64,6 +64,7 @@
         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(
@@ -71,16 +72,23 @@
         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()