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Old 09-09-2019, 10:14 PM
 
620 posts, read 327,893 times
Reputation: 1818

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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?

Last edited by SocSciProf; 09-09-2019 at 10:14 PM.. Reason: Reducing the number of blank lines.
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Old 09-10-2019, 09:56 AM
 
1,050 posts, read 38,349 times
Reputation: 251
They are rotton and got what they deserved!!!!!

They knew the money wasnt thiers!!


No one should feel bad for them.....
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Old 09-10-2019, 10:04 AM
 
Location: Seattle
1,668 posts, read 354,964 times
Reputation: 1597
Not the best decision on their part.
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Old 09-10-2019, 10:07 AM
 
Location: North State (California)
42,402 posts, read 3,235,263 times
Reputation: 13880
What idiot blows money on a race car?
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Old 09-10-2019, 10:10 AM
 
826 posts, read 155,135 times
Reputation: 768
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?
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Old 09-10-2019, 10:18 AM
 
Location: Omaha, Nebraska
7,539 posts, read 4,330,936 times
Reputation: 19062
FYI, there is already a thread about this: Couple spends 120K accidentally credited to their bank account
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Old 09-10-2019, 10:49 AM
 
Location: Åsgårdsreien
1,127 posts, read 269,167 times
Reputation: 4101
Quote:
Originally Posted by SocSciProf View Post
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?
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Old 09-10-2019, 11:18 AM
 
21,554 posts, read 17,127,432 times
Reputation: 40206
There is already a thread on this with multiple pages on the Current Events forum.
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Old 09-10-2019, 05:54 PM
 
5,533 posts, read 1,104,124 times
Reputation: 2202
Instead of going to Yale, they went to jail!
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Old 09-10-2019, 05:56 PM
 
5,533 posts, read 1,104,124 times
Reputation: 2202
Instead of going to Yale, they went to jail!
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