Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Current Events
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-09-2019, 11:26 AM
 
35,512 posts, read 17,671,918 times
Reputation: 50476

Advertisements

Quote:
Originally Posted by rstevens62 View Post
So what purpose do they carry deposit insurance for then? What scenario would the insurance company be on the hook for the money?
I really don't know.

Maybe if the bank was unable to locate where the deposit actually went, or, in this case, will be unable to recoup the entirety of the 120K.
Reply With Quote Quick reply to this message

 
Old 09-09-2019, 11:30 AM
 
35,512 posts, read 17,671,918 times
Reputation: 50476
Quote:
Originally Posted by Delahanty View Post
Wrong.

That money is no more theirs because the bank made a mistake, than money they found on the street would be if they saw the person who'd dropped it, looking for it.

This couple knew that it wasn't their money, yet kept it. Hence, the criminal charge.
I think it might be a little more nuanced.

Like with the flat screen TV that guy had that was mistakenly delivered to his house, you don't have to proactively try to return stuff that's accidentally been given to you. But when the true owner shows up demanding it, you have to give it back.

The guy with the flat screen decided he wouldn't give it back, and he was also charged with felony theft.

(An aside, I looked this guy in the bank deposit case up, and he's got 30 criminal records. Not surprising).
Reply With Quote Quick reply to this message
 
Old 09-09-2019, 11:38 AM
 
813 posts, read 595,313 times
Reputation: 3160
I once found a kid on my dock at the lake. Never once thought about keeping him...
Reply With Quote Quick reply to this message
 
Old 09-09-2019, 11:42 AM
 
6,806 posts, read 4,415,946 times
Reputation: 31228
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.
Wrong! That's kid stuff.

That money didn't belong to them no matter how you spin it.
Reply With Quote Quick reply to this message
 
Old 09-09-2019, 11:44 AM
 
50,083 posts, read 35,727,051 times
Reputation: 76058
Quote:
Originally Posted by Arcenal352 View Post
At the very least, WAIT a while -- a LONG while, to see if it's going to get reversed.
Eventually the bank is going to do an internal audit, even if it's 3 years from now. There's no safe time limit IMO.
Reply With Quote Quick reply to this message
 
Old 09-09-2019, 11:45 AM
 
35,512 posts, read 17,671,918 times
Reputation: 50476
Quote:
Originally Posted by ocnjgirl View Post
Eventually the bank is going to do an internal audit, even if it's 3 years from now. There's no safe time limit IMO.
You're right. Although as I said earlier, the customer has a limited time frame to resolve an error that's in the bank's favor, the bank has no time limits whatsoever to reclaim their funds.
Reply With Quote Quick reply to this message
 
Old 09-09-2019, 11:48 AM
 
50,083 posts, read 35,727,051 times
Reputation: 76058
Quote:
Originally Posted by rstevens62 View Post
So what purpose do they carry deposit insurance for then? What scenario would the insurance company be on the hook for the money?
Are you talking about insurance like FDIC? That isn't to protect the bank, it's to protect consumers who have accounts at the bank in case the bank goes belly up, like in the Depression, or what could have happened with AIG and a couple others without the bailout.
Reply With Quote Quick reply to this message
 
Old 09-09-2019, 11:53 AM
 
16,979 posts, read 21,607,423 times
Reputation: 29052
Stupid case but if they present it in front of the right jury they could be found innocent! Just need 12 people that think like them!
Reply With Quote Quick reply to this message
 
Old 09-09-2019, 11:58 AM
 
Location: State of Transition
102,052 posts, read 106,815,852 times
Reputation: 115779
Quote:
Originally Posted by Delahanty View Post
They finally admitted that they knew it wasn't theirs, but spent it anyway. According to reports, these mistakes happen more frequently than we'd care to know, but I can't imagine not notifying the bank.

They couldn't wait to spend it, either--and on, among other things (including giving $15K to a friend in need), four vehicles. What else is there when you hit the jackpot?

Yeesh.
Why would two people need 4 new vehicles in addition to whatever one/s they already had? What would they do with them all? Where to park them? How to afford insurance for all of them (not to mention periodic maintenance), once the windfall is spent?

Incredibly dumb. And now, how are they going to come up with the $$ to repay the bank? Sell the vehicles? They'll still be in debt, due to instant depreciation.
Reply With Quote Quick reply to this message
 
Old 09-09-2019, 12:06 PM
 
Location: Brooklyn, New York
5,425 posts, read 5,646,128 times
Reputation: 6018
Quote:
Originally Posted by rstevens62 View Post
So what purpose do they carry deposit insurance for then? What scenario would the insurance company be on the hook for the money?
Bank insurance (FDIC) is there in case the bank is unable to pay your deposit back to you, the insurance would pay out. It prevents the "run on the bank" scenario, where when the public perceives that a bank is going bankrupt, they all rush to get their money out of the bank... causing the bank to actually go bankrupt when it wasn't going to. Since your deposited money is insured (up to $250K) you don't have to rush to withdraw your funds from a failing bank.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Current Events

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top