Article

2007-07-19 -Lurid Crime Tales-

Banks don't have to honor own receipts for cash deposits.

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Posted by Anguper Hupomosing9418 2007-07-19 17:45|| || Front Page|| [9 views ] Top

#1 It's a lot worse than that. When banks set up the authorized automatic account withdrawl system, so people could pay their bills automatically, they made it easy for companies to "borrow", interest free, from accounts they were not authorized to withdraw from.

That is, accounts are numbered consecutively, so when a company was given an account number, they could withdraw from it, and also take money from several more accounts they were *not* authorized to withdraw from.

They thieving company would then get the float on from between $100 and $500 a month, or until the account holders noticed that the money was missing.

The account holders would then contact the bank, who would refer them to the company that illegally stole their money. "Not our problem."

When finally notified, the company would promptly return the principle they stole, but not the income they had earned from it. And the bank would also profit, because they would not pay the interest on the money from the time it wasn't in the account.

In this way, these companies could not only get hundreds of thousands of dollars from interest free loans, but also get the float from the money while it was in their account. And since the banks also got free money out of the deal, only the account holders get screwed.

Posted by Anonymoose 2007-07-19 21:20|| 2007-07-19 21:20|| Front Page Top

#2 Woodie Guthrie said it best:

Yes, as through this world I've wandered
I've seen lots of funny men;
Some will rob you with a six-gun,
And some with a fountain pen.

Posted by Anguper Hupomosing9418 2007-07-19 21:44|| 2007-07-19 21:44|| Front Page Top

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