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#1
Old 01-03-2014, 10:37 PM
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Bank makes spectacular error, not in my favor

This saga began today when Mrs. J. stopped at the Great Speckled Midwestern Bank's drive-thru to make a deposit in our joint account. The aged clerk seemed a bit confused but took care of the transaction.

Later, checking the account online, Mrs. J. finds that, instead of the positive balance she was expecting, we seem to have incurred a slight overdraft. To be exact, our account is in the red to the tune of

ONE POINT EIGHT MILLION DOLLARS.

Holy crap! I know I went a little overboard with the flower and vegetable seed orders this past week, but I think I would have remembered spending that much.

A fast call to the Great Speckled Midwestern* ensues, and after they "look into it' we get an apologetic callback. It seems that there was, er, a bit of a computer glitch which has been fixed, and we no longer are threatened with going to debtors' prison.

It might be a good idea to keep a close eye on things for awhile, though. And if you hear a news report that says "Ohio Doper Arrested For Multi-Billion Dollar Embezzlement Scheme", don't believe a word of it.

*not its real name.
#2
Old 01-04-2014, 12:54 AM
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About forty years ago, a friend suggested to me that I should keep my money in two (or more) separate accounts at different banks, just in case some fuck-up happens. Granted, it could probably get straightened out -- eventually -- but in the meanwhile, you don't have use of your money.

I've never had a problem like that. But, with my money in more than one bank, I've never had to lay awake at night worrying that some such thing would happen either.
#3
Old 01-04-2014, 02:30 AM
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I always assumed banks were pretty much fool-proof - they have to be with all that money they deal with. Now that I'm getting into the field of accounting, I learn they screw up plenty. Not scary often, but enough that part of my job will be to argue with the banks when their records don't reach mine. The accountant frequently wins.
#4
Old 01-04-2014, 08:32 AM
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In 1977 I opened my first checking account. I was extremely careful, but a few months later I received a letter saying that I'd bounced some checks.

Went to the bank with all my cancelled checks and the last statement. The customer service person couldn't find a problem either. She ordered a printout of my bank account (remember this was 1977 and a rural bank).

The next day she called and said it was a computer error. For some reason it deducted $100 from my account to pay for someone else's Savings Bond.
#5
Old 01-04-2014, 09:20 AM
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Originally Posted by Cerealbox View Post
I always assumed banks were pretty much fool-proof - they have to be with all that money they deal with. Now that I'm getting into the field of accounting, I learn they screw up plenty. Not scary often, but enough that part of my job will be to argue with the banks when their records don't reach mine. The accountant frequently wins.
My bank makes mistakes scary often. It's the bank we use for business so switching takes a bit of work, what with the loans and all the accounts etc. The thing is, the branch I go to, from what I can tell, is where they train everyone. I probably average a mistake a month. I know have the teller supervisor's phone number and she gets a call each time they mess up. These aren't little errors either. I've had three times where I've had to drive back to the bank because they only handed me $200 of my $350 change order. I told the supervisor that next time I'm going to make them drive it to me (it's the teller that usually calls to tell me they didn't hand it to me). She said I should do that since it's not my fault, I shouldn't have to count the money they hand me.

My favorite was when I found $50 missing from my account, listed as MISC DEBIT. After they spent a few hours trying to figure out what happened it turned out that at the end of the night their vault/tills/computers were off by $50 so they randomly grabbed $50 out of my account to make it work...like I wasn't going to notice that. I very nicely said "Could you please put a note in my account that says if you need to randomly take money out of someones account to not use mine". They did put it back, how nice of them. I'm always surprised they told me the truth about that. Instead of basically telling me that a teller stole it, why not tell me it was supposed to be debited from another account and they straightened it out now.

Most recently, several deposits I had made the previous day where nowhere to be found...literally. Turns out that teller hadn't 'batched out' her computer. How they balanced everything that night with one computer not batched out, I don't know. I think at least three people fucked up that day, possibly four or five.
#6
Old 01-04-2014, 09:26 AM
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I opened a checking account in the early 80's. About a year later a $200 deposit showed that I did not make. I contacted the bank, they said they would look into it. I never heard back from them. The next month it happened again. I went to my local branch and tried to clear it up. They said they would check into it. This happened for 8 consecutive months. I left the money in the account and never touched a penny of it. I closed the account about 6 years after I opened it and was given the $1600. Don't know where it came from, all I could say was thank you.
#7
Old 01-04-2014, 09:33 AM
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Originally Posted by racer72 View Post
I opened a checking account in the early 80's. About a year later a $200 deposit showed that I did not make. I contacted the bank, they said they would look into it. I never heard back from them. The next month it happened again. I went to my local branch and tried to clear it up. They said they would check into it. This happened for 8 consecutive months. I left the money in the account and never touched a penny of it. I closed the account about 6 years after I opened it and was given the $1600. Don't know where it came from, all I could say was thank you.
Many many years ago I looked at my online account and saw a $1000 withdrawal, got really nervous and then saw a $1000 deposit right below it. I knew what happened, my dad, who has the same name as me, moved $1000 into his bank account from his business account (all at the same bank), didn't have the account number and just gave them his name. They moved the money, he didn't see it online then called back and figured out what happened. They took the money from my account and put it in his. I put that all together in about 10 seconds. Then I thought about calling the bank and demanding to know why $1000 was taken out of my checking account without my authorization. Partially because I was still in shock from when I first saw that withdrawal and partially because I was still young and thought for a second they would say "gee sir I don't know, I'll just put it back, can I help you with anything else?". I decided not to call once I calmed down a little.
#8
Old 01-04-2014, 09:50 AM
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If something like that happened to me, I would change banks immediately to a credit union. Oh, wait it did and I did!
#9
Old 01-04-2014, 09:57 AM
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Originally Posted by picunurse View Post
If something like that happened to me, I would change banks immediately to a credit union. Oh, wait it did and I did!
Credit Unions don't make mistakes and never have tellers in training that make mistakes?
FTR, at least my case it's just this one bank and their shitty tellers. I've had a fee free account at US Bank for 17 years and never had any problems with it. I have no intention of moving it anywhere else.
#10
Old 01-04-2014, 10:00 AM
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Originally Posted by picunurse View Post
If something like that happened to me, I would change banks immediately to a credit union. Oh, wait it did and I did!
And if you think similar things don't happen there, you're dreaming. It's really just a matter of catching such things before the customer notices and with online banking, you've only got seconds where you used to have days. Leading digit errors (the first digit of the amount field reading as a number) were fairly common for the 20 years I worked in banking, which is why everyone has software that checks for it - the opposite scenario is someone getting an extra million or so, after all.
#11
Old 01-04-2014, 10:50 AM
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Originally Posted by epbrown01 View Post
And if you think similar things don't happen there, you're dreaming. It's really just a matter of catching such things before the customer notices and with online banking, you've only got seconds where you used to have days. Leading digit errors (the first digit of the amount field reading as a number) were fairly common for the 20 years I worked in banking, which is why everyone has software that checks for it - the opposite scenario is someone getting an extra million or so, after all.
From a regulation standpoint, you used to be on better footing with a big bank and errors than a credit union - they were less closely regulated. That has, IIRC, changed.

My bank didn't make a deposit or withdrawl mistake, they unlinked a line of credit from my checking account. Since it isn't legal to have the arrangement we had any longer - but old accounts were grandfathered in, it was sort of a big deal. They fixed it, but it took weeks and getting to the guy with superpowers to do it.
#12
Old 01-04-2014, 11:56 AM
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We got rung up at a little museum gift shop in the amount of $76,410,081,785.00 last May. I kept a souvenir picture. Whatever crap we bought in the shop is nowhere near as memorable.
#13
Old 01-04-2014, 12:01 PM
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Originally Posted by Napier View Post
We got rung up at a little museum gift shop in the amount of $76,410,081,785.00 last May.
I wouldn't pay a penny over 75 billion for Chinese-made knicknacks. You got ripped off.

Changing banks because of one error is stupid, especially if they make good on it. It's rare to see debits on the wrong account and so forth these days, but mistakes do happen (and it's the tellers and clerks, not "the computer" - so weigh things in the balance and change only if they're really found wanting.
#14
Old 01-04-2014, 12:06 PM
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Originally Posted by Napier View Post
We got rung up at a little museum gift shop in the amount of $76,410,081,785.00 last May. I kept a souvenir picture. Whatever crap we bought in the shop is nowhere near as memorable.
My cashiers do that at least once a day. On registers, like ours, where you have to key in each price and then hit a button, what happens is they put in a number (no decimals) then forget to hit the department button, then go onto the next item. So instead of
199 Cheese
799 Wine
299 Produce
For a total of $12.97

You end up with
199 Cheese
799299Produce
For a total of $7994.98

It's even funnier if they had, say, 2 $2.99 produce items which would have resulted in a total of $15987.97. You should see a brand new cashier go all wide eyed when they do that for the first time.
#15
Old 01-04-2014, 12:08 PM
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Quote:
Quoth Senegoid:

About forty years ago, a friend suggested to me that I should keep my money in two (or more) separate accounts at different banks, just in case some fuck-up happens. Granted, it could probably get straightened out -- eventually -- but in the meanwhile, you don't have use of your money.
I learned a similar lesson when I moved across the country and so changed banks (I was satisfied with my old bank, but they don't have any branches here). I transferred all of my funds over at once. But apparently, banks don't have any means of securely transferring funds between each other, so I was without access to any of my money for four weeks while they verified everything (and it would have been six weeks, if I hadn't been going in every day to pressure them about it). If I had to do it again (which I don't expect I will), I'd make the transfer in halves.
#16
Old 01-04-2014, 12:24 PM
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Originally Posted by Chronos View Post
I learned a similar lesson when I moved across the country and so changed banks (I was satisfied with my old bank, but they don't have any branches here). I transferred all of my funds over at once. But apparently, banks don't have any means of securely transferring funds between each other, so I was without access to any of my money for four weeks while they verified everything (and it would have been six weeks, if I hadn't been going in every day to pressure them about it). If I had to do it again (which I don't expect I will), I'd make the transfer in halves.
Yes. Never close all your accounts and go to a new bank in one move. Open the new accounts with minimums, and when you have the checks or debit cards or whatever in hand, and they've finished with initial-deposit holds, move 90% of your money there. Close out the old account after you get the next statement showing all activity is complete.
#17
Old 01-04-2014, 12:30 PM
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Originally Posted by Jackmannii View Post
ONE POINT EIGHT MILLION DOLLARS.

Holy crap! I know I went a little overboard with the flower and vegetable seed orders this past week, but I think I would have remembered spending that much.
*looks at seed stash*
Ehh, maybe a little high...
#18
Old 01-04-2014, 12:33 PM
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Whenever I've had to move accounts (personal or business) I do it over the course of a month or two. Start putting money in the new account, update account numbers as I make payments on bills, change account numbers on automatic payments that I can think of and update ones that go through that I didn't think of etc etc etc. After the old account has been stagnant for a month and I'm not worried about anything attempting to draw from it, then I can move the rest of the money over and close it.
#19
Old 01-04-2014, 12:50 PM
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Originally Posted by Cerealbox View Post
I always assumed banks were pretty much fool-proof - they have to be with all that money they deal with. Now that I'm getting into the field of accounting, I learn they screw up plenty. Not scary often, but enough that part of my job will be to argue with the banks when their records don't reach mine. The accountant frequently wins.
Yep. I work in internet banking at a community bank. These issues come up on a daily basis--sometimes a human's fault, sometimes a software problem. We always patch things up ASAP, often before the customer even notices, but there's no way to prevent 100% of them. Too much potential for error at every step of the process.
#20
Old 01-04-2014, 03:04 PM
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My wife says the bank thinks we have $7000 more than she thinks we should have -- i.e., she can't find missing deposits -- and refuses to acknowledge that money's presence in our account. I keep telling her if the bank hasn't removed it by now, it's real.
#21
Old 01-04-2014, 04:00 PM
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I wonder if there's a certain amount of time the bank has to fix its mistakes. That is, if the bank puts money in your account, be it $20 or five million, when can you legally claim it as your own? There has to be some kind of statute of limitations on that.

Look at racer's case from upthread, he did everything he could to clear up a mistake in his favor and eventually just kept the money, but what if the bank came back at him 10 years later and asked for it? Would they have any claim to it?
But with that, you'd probably give up your right to dispute debits after that same length of time.
Also, I'd imagine if the law acknowledge this, you might have to pay taxes on these errors in your favor since it is technically income.
#22
Old 01-04-2014, 05:33 PM
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Originally Posted by Joey P View Post
I wonder if there's a certain amount of time the bank has to fix its mistakes. That is, if the bank puts money in your account, be it $20 or five million, when can you legally claim it as your own? There has to be some kind of statute of limitations on that.
I don't recall a statute on it (there probably is one), but inter-bank balancing units had 180 days (90 days with a 90 day extension) to dispute an issue when I worked there. Another bank gave us an extra $300k back in the 90s and we simply could not get them to take it back; we wound up keeping it. Basically, everyone's carrying overages and underages all the time and you just shoot for a wash by the end of the fiscal year.

From a customer standpoint - if you have an overage, wait a reasonable amount of time (a statement period, maybe two) then take the money and close your account. No matter how long it took, once we detected an error we pulled the funds if your balance had it, simply because we could. However, if the account was closed we had no (effective) legal recourse without evidence of fraud, though someone would call and ask for the money back just to take a shot. Typically, the former customer would say they already spent it. The worst I heard about in my 20-some years was a customer getting $18,000 (a $2000 item read as $20,000) and it wasn't caught until months later.

That wasn't my dept, but those were the tales that used to circulate, though the last came up during a meeting.
#23
Old 01-04-2014, 06:33 PM
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So, Jack, would this be a bad time to ask you for that fifty bucks you owe me?

Tripler
If not, it's cool, I'll come back later. . .
#24
Old 01-04-2014, 07:14 PM
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Quote:
Originally Posted by Senegoid View Post
About forty years ago, a friend suggested to me that I should keep my money in two (or more) separate accounts at different banks, just in case some fuck-up happens.
I do just that for different reasons, but... BEHOLD the Target fiasco.

Yes, I shop at Target. I get prescriptions there. Yes, I was there during said time. I was getting gas last week when my debit card was turned down. What the hey? The store manager explained that many banks had gone ahead and canceled cards that had been used and are reissuing others. Luckily, I had the cash to pay the bill.

I got home and logged on to my bank account and found a message that this is exactly what happened to me. So I put the debit card from my other account in my bag and have been relying on that. But it's been over a week now and I still don't have the replacement card. Per my rules, I am NOT supposed to be buying groceries out of the account I am now using. Irritating as hell (FirstWorldProblem, I know).

But I am now very, very grateful for having two accounts at different banks.
#25
Old 01-04-2014, 07:28 PM
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My daughter apparently used her debit card at Target, too, but the credit union sent her a notice that it was replacing her card and waited to deactivate her old card until she'd activated the new one.

I don't think credit unions make fewer mistakes than banks, but they do tend to be way nicer to deal with - probably because they tend to be smaller.
#26
Old 01-05-2014, 03:10 AM
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epbrown01 -- $300,000? Really?
#27
Old 01-05-2014, 04:02 AM
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Quote:
Originally Posted by Jackmannii View Post
To be exact, our account is in the red to the tune of

ONE POINT EIGHT MILLION DOLLARS.
Out of curiosity, if that error had put you in the BLACK to the tune of $1.8 million, would you have started this thread, or would you and the wife be winging it to some country that does not have extradition laws?
#28
Old 01-05-2014, 06:54 AM
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Originally Posted by epbrown01 View Post
From a customer standpoint - if you have an overage, wait a reasonable amount of time (a statement period, maybe two) then take the money and close your account.
As it's not your money, why not just tell the bank instead?
#29
Old 01-05-2014, 09:07 AM
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Originally Posted by amarone View Post
As it's not your money, why not just tell the bank instead?
Bureaucracy. If you call the bank, you'll get a service rep, who can see your account info on the screen, but can't move funds, investigate issues, etc. What has to happen is someone in account balancing has an instance of a matching shortage to your surplus. If that's not out there or it's been written off against someone else by mistake, you're stuck.

In fact, calling it in rather than letting them find it could result in that - you start a case with a surplus and someone applies it to a shortage it had nothing to do with; now someone else with a surplus got free money because the case is closed.
#30
Old 01-05-2014, 09:10 AM
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Originally Posted by epbrown01 View Post
Bureaucracy. If you call the bank, you'll get a service rep, who can see your account info on the screen, but can't move funds, investigate issues, etc. What has to happen is someone in account balancing has an instance of a matching shortage to your surplus. If that's not out there or it's been written off against someone else by mistake, you're stuck.

In fact, calling it in rather than letting them find it could result in that - you start a case with a surplus and someone applies it to a shortage it had nothing to do with; now someone else with a surplus got free money because the case is closed.
So you don't do the honest thing because the bank might not handle it properly, but in a way that causes you no harm? Instead, you take positive action (close your account) to make sure that the money cannot easily be returned to its rightful owner.
#31
Old 01-05-2014, 09:38 AM
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Originally Posted by amarone View Post
So you don't do the honest thing because the bank might not handle it properly, but in a way that causes you no harm? Instead, you take positive action (close your account) to make sure that the money cannot easily be returned to its rightful owner.
There is no "returned to rightful owner" - no one's telling Aunt May she'll lose the house because the funds are gone since that mean old amarone closed his/her account. Chasing the issue is like Ned Flanders closing his store for the day to track down the person he shorted a penny. They check that there was a problem, make the correction if it's valid, and move on.

Like any business, banks allow for these sorts of occurrences, and have protocols in place. Where I used to work, we didn't even investigate cases under $200 over or under - the bean counters realized 50% of the workload was this small stuff, so they could lay off half the dept, write off all the cases under the cut-off amount and still come out ahead. So we created a case number, plugged it in the system, ignored it and hoped the overs and unders evened out by the end of the year (and it was always pretty close). If it got really slow and you wanted to give people busywork, you threw them on those cases rather than send them home early or something.

But hey, let your consciience be your guide.
#32
Old 01-05-2014, 09:45 AM
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Originally Posted by Joey P View Post
My cashiers do that at least once a day. On registers, like ours, where you have to key in each price and then hit a button, what happens is they put in a number (no decimals) then forget to hit the department button, then go onto the next item.
But this doesn't explain our recent experience. We were charged $124 for a head of cauliflower. (But at least we saved $124 thanks to our store card!)

For produce per item, they punch in a code then how many. It could have been the price in the computer was wrong, but they would have had dozens of people getting the same mistake earlier in the day. (And since they turned around and gave it to us for free, we weren't able to see if it was rung up wrong again.)
#33
Old 01-05-2014, 09:49 AM
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Originally Posted by epbrown01 View Post
There is no "returned to rightful owner" - no one's telling Aunt May she'll lose the house because the funds are gone since that mean old amarone closed his/her account.
There is always a rightful owner. If the money is in your account because of an error in making a deposit and the intended recipient does not notice, that person is out the money. If the bank has to correct the error, then the bank shareholders are the rightful owners.

Quote:
Like any business, banks allow for these sorts of occurrences, and have protocols in place. Where I used to work, we didn't even investigate cases under $200 over or under - the bean counters realized 50% of the workload was this small stuff, so they could lay off half the dept, write off all the cases under the cut-off amount and still come out ahead. So we created a case number, plugged it in the system, ignored it and hoped the overs and unders evened out by the end of the year (and it was always pretty close). If it got really slow and you wanted to give people busywork, you threw them on those cases rather than send them home early or something.
And retailers allow for shrinkage. It doesn't make shoplifting excusable though.
#34
Old 01-05-2014, 11:07 AM
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My brother's favorite banking horror story comes from about 3 decades back, where just before a holiday weekend he deposited his paycheck, then couldn't get money all weekend and the ATM showed him having a negative balance.
When trying to get a teller to figure out what went wrong, he asked if he could look at the account activity on her screen, then showed her where his deposit had been entered as a withdrawal instead. Then the person handling that had realized their mistake, and tried to undo it by entering it as a withdrawal again. Several times.
They seemed to feel that just correcting his balance was enough, and he was due nothing for not having had access to his money for the holiday.
#35
Old 01-05-2014, 11:23 AM
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Maybe I've been lucky (or oblivious), but I haven't had any issues with any of my banks. I was once charged for something twice and had a hell of a time getting the money back, but that was the store's fault, not the bank.

I was shopping with my mother a few months ago and she almost fell over when she saw the ATM printout after withdrawing $100 for shopping. Her account was missing about 8k! We got to a branch just before closing time, and asked them to look into recent purchases, in case her card had been compromised. But the computer showed all her money exactly where it should be. The problem? An old printer ribbon in the ATM left the "thousands" column blank. I'm guessing they had more than one panicked person come in that week!

Quote:
Originally Posted by carnut View Post
I was getting gas last week when my debit card was turned down. What the hey? The store manager explained that many banks had gone ahead and canceled cards that had been used and are reissuing others. Luckily, I had the cash to pay the bill.
The bank didn't send you a notice in the mail? Or an email? That's ridiculous and I'd call them and give them hell. I got a letter from my CU saying I only had a week left before my debit card would be cut off, and I should come into my branch or go online to get a new one. to be fair, the letter gave me two weeks notice, but it sat on the counter a while because it looked like junk mail.
#36
Old 01-05-2014, 02:09 PM
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Originally Posted by DMark View Post
Out of curiosity, if that error had put you in the BLACK to the tune of $1.8 million, would you have started this thread, or would you and the wife be winging it to some country that does not have extradition laws?
Of course not, I am an honest person!

And I seem to recall instances in the past where people have tried to take advantage of such errors and it did not turn out well for them.

I confine my ill-gotten takings to the change I occasionally find in vending machines (which of course does not balance out all the dough those machines have stolen from me).
#37
Old 01-05-2014, 08:55 PM
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Originally Posted by DMark View Post
Out of curiosity, if that error had put you in the BLACK to the tune of $1.8 million, would you have started this thread, or would you and the wife be winging it to some country that does not have extradition laws?
I had such a bank error in my favor once. Apparently the teller duplicated my account number as the amount of deposit. Resulted in a large 8 figure boost to my balance for a few days until they figured it out.

I did try to inform the bank manager after a day or two but he was very short with me and didn't fully listen. He kept insisting that any error would have been reconciled the same day.

Alas I doubt my local branch had $70+ million in cash on hand for me to make a withdrawal and run for it.
#38
Old 01-05-2014, 10:56 PM
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Originally Posted by Napier View Post
We got rung up at a little museum gift shop in the amount of $76,410,081,785.00 last May. I kept a souvenir picture. Whatever crap we bought in the shop is nowhere near as memorable.
Maybe you purchased Stonehenge. How cool would that be?
#39
Old 01-05-2014, 11:16 PM
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Quote:
Originally Posted by Honey View Post
Maybe you purchased Stonehenge. How cool would that be?
Probably qualified for free shipping as well!
#40
Old 01-06-2014, 09:27 AM
And Full Contact Origami
SDSAB
Join Date: Dec 1999
Location: Northern Virginia
Posts: 55,825
Worth mentioning, perhaps, the story of Patrick Combs:

Quote:
It was a cheque, made out in my name, for $95,093.35 and it came in a junk-mail letter from a get-rich-quick company. It was worthless, meant only as a financial tease, a lip-licking come-on. “This is how much money you could soon be making.” What it was never meant for was deposit. But that’s exactly what made the thought of depositing it so irresistibly funny. What could possibly be funnier than depositing a perfectly ridiculous, obviously false, fake-cheque? (Did I mention it had “non-negotiable” clearly written on it?). So, as a joke, I deposited the fake cheque into my bank’s ATM. I felt like a million bucks doing so. I’d never had so much fun at my bank. Come to think of it, I’d never had any fun at my bank until the moment I endorsed the back of this “cheque” with only a smiley face and slipped the Monopoly-like money into to the mouth of the hungry ATM. For the first time ever I walked away from my bank laughing.

What I expected to happen next was a short phone call from my bank. Or a letter informing me of what I already knew, that the cheque I deposited was not real. Admittedly, I also hoped for a compliment on my refined sense of humour. A “Mr Combs, what you deposited was not real but very funny, especially considering your real bank account balance history,” (An amount, always bouncing into overdraft).

But the call or the letter never came and I forgot about my joke. Then, five days later, I returned to withdraw some cash from the ATM, and noticed a much higher than usual bank balance. $95,093.35 higher! The bank had credited my account with the fake, false, stupid cheque!
.
.
.
But at the end of three hellish weeks during which about once and hour I was tempted to take the money and run to Mexico where it would be worth twice as much, I was told by my branch manager, “You’re safe to start spending the money, Mr Combs. A cheque cannot bounce after 10 days. You’re protected by the law.”

Now, it’s possible that any thinking man would have asked for a satchel and all the cash right then and there. Me, I must lack the gene for seizing for the moment, because I didn’t touch the money. I drove myself straight to a law library to confirm for myself the 10-day law. This triggered two legal discoveries. First, that my branch manager was wrong. There is no 10-day law that protects you on a bounced cheque. It is, rather, a 24-hour law! In the United States, when a bank receives notice that a check paid into your account has bounced, it has 24 hours to notify you and, if they don’t notify you within this window of time, you are safe to spend the money. Pretty neat, I say. Secondly, I learned that what I thought was a fake cheque was legally a real cheque. In the US, since 1990, a little-known change in the Uniform Commercial Code of law made it so that the words “non-negotiable” printed on a cheque do not invalidate it. It was just a small footnote change in the law that gave no reason why. Nonetheless, what I deposited was, fortuitously, an accidentally real $95,093.35 cheque.

Now I’m slow but not that slow. I withdrew the $95,093.35 and locked it in a deposit box for safe keeping.
#41
Old 01-06-2014, 09:35 AM
Charter Member
Join Date: Jun 1999
Location: Milwaukee, WI
Posts: 27,524
Quote:
Originally Posted by Bricker View Post
Worth mentioning, perhaps, the story of Patrick Combs:
As I recall from that case, a graphic designer needed a picture of a check for a magazine ad/promo and didn't think to take the routing and account number off the bottom.
#42
Old 01-08-2014, 10:42 PM
Member
Join Date: Mar 1999
Location: State of Hockey
Posts: 4,529
Quote:
Originally Posted by Antigen View Post
The bank didn't send you a notice in the mail? Or an email? That's ridiculous and I'd call them and give them hell. I got a letter from my CU saying I only had a week left before my debit card would be cut off, and I should come into my branch or go online to get a new one. to be fair, the letter gave me two weeks notice, but it sat on the counter a while because it looked like junk mail.
The bank is actually a credit union. When I called to ask about the card, they apologized that I had not received a phone call. When it happened, I gather that every employee pitched in to call members and somehow, my number was missed. Given this was also happening on Christmas Eve, there were other pressures involved that probably made it even harder for them to concentrate on all the phone numbers in front of them. I did receive a notice on my account.

They apologized handsomely. I have been banking with this CU for over 25 years and have no plans to change. They treat me much, much better than a bank does.

I now have the new card and am awaiting the PIN.
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