Bank error in their favor--pay $120,000 and go to jail

[SocSciProf]

A bank made a mistake. The couple spent the money. Now they've been arrested.

A bank mistakenly put $120,000 into a couple's account. They spent it, police say
https://www.cnn.com/2019/09/09/us/ba...rnd/index.html

I wonder what would've happened if they had put it into some interest bearing account for a month. Would they have been able to keep the (obviously much smaller) interest?

[ambers72]

They are rotton and got what they deserved!!!!!

They knew the money wasnt thiers!!


No one should feel bad for them.....

[rjshae]

Not the best decision on their part.

[evening sun]

What idiot blows money on a race car?

[aileesic]

Sad. I had a teller mistakenly deposit $1000 on what should have been $100. I called the bank immediately when noticing it. Would have done the same if it had been $120,000. Of course they might use an excuse such as being so stocked up with cash, just didn't notice.... I'd think interest off stolen money would be the same as stolen money itself, wouldn't it?

[Aredhel]

FYI, there is already a thread about this: Couple spends 120K accidentally credited to their bank account

[2x3x29x41]

Originally Posted by SocSciProf

A bank made a mistake. The couple spent the money. Now they've been arrested.

A bank mistakenly put $120,000 into a couple's account. They spent it, police say
https://www.cnn.com/2019/09/09/us/ba...rnd/index.html

I wonder what would've happened if they had put it into some interest bearing account for a month. Would they have been able to keep the (obviously much smaller) interest?

Check out BB&T's rates (that's the bank in this story) for really short-term accounts (ie, 30 days):
https://www.bbt.com/banking/cds/cd-rates.html

That's right - you can get 0.02%. No, that's not 2%; it's 0.02%. In other words, that's not an annual return of 1/50th of the investment but an annual return of 1/50th of 1/100th of the investment - or, 1/5000th. What's 1/5000th of $120,000? $24. That's annualized. You're not going to find a good rate at a bank on a 30-day deposit.

Anyway... you're wondering if they'd get to keep the $2 (two dollars!) interest they would make over that month?

Seriously?

On a side note, when the valet brings you someone else's Lamborghini instead of your PT Cruiser, do you drive off jubilantly in what you think are your new wheels?

[ocnjgirl]

There is already a thread on this with multiple pages on the Current Events forum.

[Eumaois]

Instead of going to Yale, they went to jail!

[Eumaois]

Instead of going to Yale, they went to jail!