Quote:
Originally Posted by fredr123
With respect to the size of the wire... I can't remember if it was something I read or something I heard when they were talking about this on the Fan, but the association apparently put a bunch of their money in a GIC or some other interest bearing account for most of the season to earn a bit of interest until expenses were due. This, to me, helps explain why the Treasurer might have thought it made sense to be transferring such a large sum.
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Its not uncommon for community organizations to have GIC or other investments to earn a little interest on balances above and beyond their immediate cash needs. This can be broken down in 1 GIC investment or multiple.
It's a sad situation but I am still convinced that commons sense should have prevailed due to the weirdness of the request.
There is another ongoing scam that occurs with business and community organizations. The scammers will call or email you and say that your utility bill hasn't been paid and you only have 2 hours before they cut off your power.
People will of course protest and say they have paid, meanwhile the scammers insist that no payment occurred and they issue can be resolved be wiring money via Western Union or Pay Pal etc. Others request pre-paid Visa cards or Apple iTunes cards and such.
The logic of wiring money via Western Union to the UK or by paying your Enmax bill with Apple iTunes is absurd but people would be amazed at how often this happens.
When I was in banking I literally had to prevent a client from wiring $2000 to France for some fraudster who was apparently was interested in purchasing some furniture from a Calgary based client. I told him flat out that his garbage Ikea furniture for sale has zero value to anybody in Calgary let alone somebody in Paris who was "willing to pay shipping and custom fee's but wanted to confirm banking details first"
Some people
