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Old Yesterday, 10:48 AM
 
9,695 posts, read 7,335,663 times
Reputation: 12473

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Quote:
Originally Posted by Tallysmom View Post
The amount you referenced is way too small. The deductible when my example happened in 1995 was 25,000. Iíd bet itís higher now.

There is a simple write off amount allowed. I send birthday checks to nieces and nephew for them and the grandies. Two of those checks have been received, deposited and never cleared my account. As checks process, they get run through machines at a very great speed and sorted. Sometimes what happens is the check flies out of the machine and goes behind it. Itís impossible to find, and the large bank deposit is then out of balance. If itís a small amount they just write it off because itís not worth looking for.

Oh, no question.. I just thought it better to give a very simple example, even if the example wasn't legitimate. Thought it would be easier to understand. Of course, perhaps an embezzlement situation might have been a better way to describe it.. I presume the bonding insurance would cover that as well.

Someone else mentioned banks making money hand over fist.. I have a bit of a story about that. I worked for a company that did cabling work for Carolina First.. Which has merged with TD Bank. Well, when it was Carolina First.. One of their board members had us do wiring for computers, video and security at his house.

Now.. This is a sticky area.. Often, banks will cover some things security related for members of their board.. But this went WAY beyond just security. We're talking $100k in wiring for cable TV, stereos, etc. And.. The guy routed the invoices so that the bank would pay them.

He 'resigned' because firing him would require detailing what he did to the SEC.. His underling that approved all the invoices.. He was fired. Sued the bank and lost.
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Old Yesterday, 11:01 AM
 
Location: Knoxville, TN
1,515 posts, read 677,678 times
Reputation: 3620
Quote:
Originally Posted by rstevens62 View Post
Isnt this why the banks carry insurance?



If it was the banks fault, the insurance should be on the hook, its found money to the people whose account it was accidentally deposited in.
No, it isn't "found" money. The bank didn't print that money....it belongs to someone else and was put in your account in error. If you knowingly spend money that isn't yours, you have stolen it.
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Old Yesterday, 11:04 AM
 
10,272 posts, read 8,395,264 times
Reputation: 14116
Quote:
Originally Posted by blisterpeanuts View Post
What if the bank comes calling to collect 5 minutes after you transferred the money? You're violating the law already by utilizing property that is not yours. Potentially, you could get in pretty big trouble.

Personally if I noticed a deposit that wasn't mine, I'd immediately contact the bank and report the error. It's the only legal and correct action you can take.
Iíd be sensible enough to do this account within the same bank. If they go back to the original account and see the money isnít there and that it as transferred they could ask me for their money back and Iíd be happy to give it back to them. Itís not theft if I didnít spend the cash.
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Old Yesterday, 11:06 AM
 
21,510 posts, read 17,065,776 times
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Quote:
Originally Posted by victimofGM View Post
Iíd be sensible enough to do this account within the same bank. If they go back to the original account and see the money isnít there and that it as transferred they could ask me for their money back and Iíd be happy to give it back to them. Itís not theft if I didnít spend the cash.

And in a bank you'll make .00-something %, and in 3 months maybe you'd make $19.00 or so. Why bother?
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Old Yesterday, 11:07 AM
 
Location: Knoxville, TN
1,515 posts, read 677,678 times
Reputation: 3620
I was getting cash at the bank once and the teller counted out an extra $100 and put the money into my hand. I just stood there with my hand open trying to compute in my head.....did he actually just make a mistake or am I wrong in my thinking? Finally, I said "I think you made a mistake." He said oh my goodness and that he still had the amount from the prior customer in his head when he counted out my money. Bottomline, he gave me too much and I don't want any money that doesn't belong to me. Plus, having worked a cash drawer in my youth, I never want to be the cause of anyone coming up short at the end of the day. It comes down to basic honesty.
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Old Yesterday, 11:09 AM
 
21,510 posts, read 17,065,776 times
Reputation: 40081
Quote:
Originally Posted by JOinGA View Post
I was getting cash at the bank once and the teller counted out an extra $100 and put the money into my hand. I just stood there with my hand open trying to compute in my head.....did he actually just make a mistake or am I wrong in my thinking? Finally, I said "I think you made a mistake." He said oh my goodness and that he still had the amount from the prior customer in his head when he counted out my money. Bottomline, he gave me too much and I don't want any money that doesn't belong to me. Plus, having worked a cash drawer in my youth, I never want to be the cause of anyone coming up short at the end of the day. It comes down to basic honesty.

That was good of you. He'd have been fired, no questions asked.
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Old Yesterday, 11:16 AM
 
11,324 posts, read 2,963,292 times
Reputation: 7619
I worked with a guy years ago that went thru something similar, the company messed up on his paycheck, it was supposed to be around $350. but instead, the check was for $13500. of course, he cashed it and got to spending!


If Im remembering correctly, it took awhile for the company to realize the mistake, I believe they garnished his wages until he had it paid back, I do know police were never involved though.
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Old Yesterday, 11:58 AM
 
10,272 posts, read 8,395,264 times
Reputation: 14116
Quote:
Originally Posted by ocnjgirl View Post
And in a bank you'll make .00-something %, and in 3 months maybe you'd make $19.00 or so. Why bother?
Depends on the bank and account. Not telling how long before they discover their mistake. Could be less than a day, could be a week, a month, or maybe longer. In a traditional savings account, yes, why bother to move the money? Virtually no interest any more. One advantage is to reduce temptation to spend that money.
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Old Yesterday, 12:47 PM
 
Location: Knoxville, TN
1,628 posts, read 678,291 times
Reputation: 2105
Quote:
Originally Posted by DaveinMtAiry View Post
Is it just me or does a race car, an SUV, two four-wheelers, a camper, a car trailer as well as $15,000 to a friend along with other misc purchases and paying off bills seem to add up to more than $120,000?


I do feel badly for the kids.
Yes, like Iíve said, these people are clearly redneck AF.
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Old Yesterday, 01:18 PM
 
1,097 posts, read 383,387 times
Reputation: 3549
Quote:
Originally Posted by rstevens62 View Post
Yes, when the tables are turned, the banks are immune from criminal charges! I guess corruption pays better than regular crime.
Haven't you heard the saying "You can steal more money with a briefcase than a gun."?

White collar crime > Blue collar crime


This story is easily summed up: Thieves.


My sister is a CPA. The company she works for had an issue with a particularly manager depositing his paycheck (using the bank's app) more than once on several occasions. The bank allowed it to happen several times before they flagged his account. They reversed the extra deposits.
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