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Repeat this "error" thousands of times, and figuring that only maybe 1 in 10 customers even notice or complain, and half of those do not get the returned credit . . .
Fraud, err ah "errors" work out to become nice little profit centers.
O.K., let's say those "errors" are intentional. I have no inside information which allows me to say they aren't, nor do I claim that they wouldn't do that, although I remain unconvinced. That is, in my own mind I just don't know if they are intentional or not.
What interests me is your estimate (and I read it as your own estimate only) that "only 1 in 10 customers would even notice or complain". You have a very pessimistic view of how many people are paying attention to their own money. I would catch such a thing in a split second (metaphorically speaking) and I would complain immediately upon discovery. Are there really that many people not monitoring their accounts for fraud/unauthorized charges? If so, I find it scary. It is so easy to do - one only has to look at the account online and verify that the balance shown by the bank equals the balance one has kept track of oneself. The frequency of such monitoring would be according to each person's comfort level. With me it's a minimum of once a week. People's negligence does not excuse wrong-doing by a bank, but negligence on that scale (provided you are close to correct) surprises me.
Repeat this "error" thousands of times, and figuring that only maybe 1 in 10 customers even notice or complain, and half of those do not get the returned credit . . .
Fraud, err ah "errors" work out to become nice little profit centers.
I absolutely agree with your premise but rather than thousands, it's probably more like tens or hundreds of thousands of "errors".
Of course, if the "error", we're in our favor, BofA wouldn't even hear an explanation or apology but would move heaven and earth to get the money back and probably slap us with some type of penalty.
That's why like the previous poster, I also do my banking at an FCU.
What is comical is seeing all the BOA advertisements in this thread.
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