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My mom in-law had a bizarre case. On Nov 1st, 2011, around noon, she went to her bank to make a cash deposit of $20,000.00, which she counted at home over and over again. A teller helped her, counted the cash twice using a machine, and found a $50 counterfeit which she most likely got from her small shop in the local flea market. Anyway, not a big deal. So at the end, my mom got the machine-stamped receipt which shows the amount of $19,950.00 (see the image below)
7 days later, she got her statement which states the amount of $15,450.00. She went to the same branch the 2nd day, and was notified that the teller found a shortage of $4500.00 (!!!) at the end of the same day (Nov 1st, 2011), so the bank changed the amount to $15,450.00.
It is extremely unlikely due to a counting error on either side, otherwise either person would make at least 40 times of mistakes to reach a whooping $4500 difference, which is just inconceivable. More inconceivably, both sides need to make exactly the same amount of numerous(!) mistakes, otherwise it's impossible for both to agree with the amount of $19,950 on the spot on Nov 11th, 2011.
It is also extremely unlikely due to $4450 more counterfeit cash found later at the end of day, because the machine counted twice and found only $50 counterfeit at noon. Otherwise, the machine works too erratically, the rate of detecting counterfeit cash ranging from $50 to $4500. Just inconceivable...
And guess what the branch manager told my mom? She said the machine counted the amount as $15,450, but the teller was so distracted that she misread it as $19,950. The lady manager excused that it's easy to misread 4 as 9. hmm.... I was on the phone then with her and didn't give her a strong rebuttal although it didn't make sense to me, mainly because she did NOT let me speak. But later when I saw the receipt faxed by my mom, I realized the teller also needed to misread 5 as 9. So in order to misread 15,450 as 19,950, she needed to misread 2 digits, and twice! since she used the machine to count twice! Hello~~~ the lady manager, do you think I'm stupid? or your teller is stupid? or actually you are probably?
The bottom line is that we have the machine-stamped receipt, and the lady branch manager still made all sorts of lame excuses to try to blame us mainly.
My mom almost got a heart attack. Imaging it is not easy for her to earn $4500 from her flea market work, staying in a hot tent all day during the Florida summer, no air conditioner. And yet the poor people's hard-earned money was gone inside the bank just in a blink of an eye. It is more than just outrageous.
Cash deposits are verified on the spot, BEFORE the deposit. While it will likely be a painful process, the bank has no case here.
Also, the police report on file for the $50 counterfeit money (banks must report transactions with counterfeit money above 5 cents) will have to include the intended amount to deposit, and the final amount deposited. So, it will be in your best interest to get your hands on that.
You can't 'Discover' it was $200,000 at the end of the Day!
Thank you. We called its 1-800 number, use the option of "checking account dispute" and got to speak with a guy. He suggested that we went to another branch to ask them to file an independent review of the transaction.
When my mom drove there, a bit surprisingly, they told her they were aware of it, but there was nothing they can do.
Wondering how could we get to an auditor, or there is an auditor assigned already?
Not to mention, unless she has a waiver on file that she deposits large cash deposits, an IRS form 8300 had to be filled out over 10K.... listing the amount of the deposit...
Don't let these people get away with this -- if you have to go higher than the branch manager, go higher.
Wanted to add -- although it's a pain -- the back of the deposit slip has an area that can be filled out as to how many bills she had in what denomination equaling how much. Tellers were supposed to use it, many no longer do with counting machines. ALWAYS fill it in, and have the teller initial it after verification....
So, it will be in your best interest to get your hands on that.
Thanks! any more detailed suggestions? We need to report the counterfeit issue to the police? is that what you mean? Sorry we are pretty ignorant at this case...
Not to mention, unless she has a waiver on file that she deposits large cash deposits, an IRS form 8300 had to be filled out over 10K.... listing the amount of the deposit...
Don't let these people get away with this -- if you have to go higher than the branch manager, go higher.
Wanted to add -- although it's a pain -- the back of the deposit slip has an area that can be filled out as to how many bills she had in what denomination equaling how much. Tellers were supposed to use it, many no longer do with counting machines. ALWAYS fill it in, and have the teller initial it after verification....
Thanks for the suggestion. And we always told my mom to make deposit periodically. She just didn't listen...anyway, long story. I can't blame her now. She is upset enough... I'm so worried.
On the teller's log for the deposit(every transaction is on this log) it will be listed such as 200 50's, 300 20's, etc. so there is no way for the teller to make a $4,500 "reading error", someone thinks they got an early Christmas present. Also, deposits that large in cash require IRS paperwork, what amount is on that form.
On the teller's log for the deposit(every transaction is on this log) it will be listed such as 200 50's, 300 20's, etc. so there is no way for the teller to make a $4,500 "reading error", someone thinks they got an early Christmas present. Also, deposits that large in cash require IRS paperwork, what amount is on that form.
Thanks. So the auditor should be able to figure out based on the itemized log? Is that possible that this log can be forged or modified later on?
Regarding the IRS paperwork, my mom didn't mention that to me. pretty sure she has no idea, as ignorant as me on this aspect.
If you still can't get anywhere with the bank, try hitting the media. Blogs, Facebook, Twitter, your local news, Yahoo, MSN, etc. It will bring the problem into the limelight if indeed there are crooked clerks taking people's money and blaming it as "machine" errors and it's your loss. Don't take it lying down without a fight. $4500 is no small amount of money to be miscounted by the teller, the manager, the machine, and the fact that they gave you a receipt afterwards. One person could have gotten it wrong, but all three people and a machine, and a deposit record too? Something is not right.
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