Bank accidentilly deposits $120,000 couple spends the crap out of it

[Resolute 14]

Originally Posted by Weitz

I think if I won $120,000 it would be gone pretty fast. Its not enough money to really change your life.

Payoff all debts, maybe some on the mortgage, upgrades around the house that were planned a few years out. Vacation. Would go pretty quickly I think.

Same. Though I would suggest that getting out from under a mortgage 15 years early is life changing... just delayed.

These idiots bought a trailer, a truck and a god damned race car.

[Lubicon]

Originally Posted by Resolute 14

Scotiabank made me worth about a million dollars once... for about 5 minutes. Only reason I even knew about it was because it was back when they had those account books you can print updates on at tellers/ATMs.
.

CIBC did the same with me years ago. They accidentally multiplied my paycheque rather than adding to my account balance (teller had to manually make the entry back in those days).

[Resolute 14]

Originally Posted by GGG

I get the bank coming after people and them owing the money back but what law is broken by spending this money?

I don’t see theft as it’s in your account and I don’t see fraud as there is no deception.

What is the actual law being broken

Of the two charges in the article, theft seems like an easy one to prove since they both admitted that they knew the money wasn't theirs, but they chose to spend it any way. "Receiving stolen property" strikes me as a much harder crime to prove. Strikes me the DA may have thrown that in as a plea bargain chip. "Plead guilty to this, and we'll drop the more serious charge."

[Weitz]

Originally Posted by Scroopy Noopers

Paying off all your debts and a couple years worth of mortgage is pretty damn life changing in my books.

Well yah, I mean I'm not quitting my job tomorrow, buying a new house, and upgrading all my vehicles like if I won $50 million.

Its certainly a very nice jump ahead.

[Shazam]

Originally Posted by gasman

I've had the exact opposite thing happen to me @RBC .

I opened up e-savings accounts for my kids, so when ever they got birthday money or whaterver I would just deposit the money in that account and pocket the $20. This was when they were super small (<5)

So I have an account for my daughter with about $160, it is an e-savings account. and it has maybe a couple of transactions a year all deposits, all less than $100.

One day I log in an the balance of the account is -$9840, A cheque has been drawn on the account, and interest, and overdraft charges are accruing.

I called the bank immediately, and informed them of the error, turns out a teller at the bank issued some dude a teller cheque (the blank ones where you fill out your name and address in the top left) with my kids e-savings account number on it.

When I viewed the cheque image it had a different name in the top left (which re-enforced it was an error and not fraud) and obviously not my signature.

It took almost 6 months to clear up the various interest and overdraft charges that kept popping up which was a pain in the ass.

No one could answer how the cheque managed to clear.

1. Wrong Name in top left
2. Wrong Signature
3. Cheque cashed on a savings account
4. Uncharacteristic transaction (large sum withdrawl vs slow small deposits)
5. Overdraft by several orders of magnitude.

I mean every red flag possible and they couldn't figure this out.

Yet I go to Microsoft store and pick up a new laptop, and amex is calling me while I am at the store to figure out if the transaction is legit.

/end rant

We discovered this too when our office was robbed and an accountant’s cheques were stolen. The robbers wrote a bunch of cheques to themselves and they all cleared even after stop orders were issued. Turns out they do zero checks on cheques.

[Fuzz]

^
Lol, they broke into a place then wrote cheques to themselves? Gee, I wonder who robbed us. Oh, hey, it's Bob Bobby.

[Shazam]

Yup, it was some of the crew that did the flat asphalt roof.

The roof was also done wrong which resulted in our office getting flooded.

[TorqueDog]

It's threads like these that make a person really appreciate the difference between the American and Canadian spelling for cheque.

"Did you check the check?"
"I didn't check it."
"What? Why didn't you?"
"We don't check checks."
"You're a bank and you don't check checks?"
"We don't check them, no one checks anymore so we barely check."

[afc wimbledon]

The trick is to draw almost all the money out over a few days, bury it in the back yard, and when they catch you confess to your massive coke habit and let them know all the money went up your nose, volunteer to go into treatment, you'll do very well, no relapses obviously, get a year or two of probation.

bobs yer uncle.

[lazypucker]

$120K is nothing. There was a girl in Malaysia who got $4.6 million and spent it all...

https://www.abc.net.au/news/2016-05-...-fraud/7385482

[Scroopy Noopers]

Originally Posted by GGG

I would say it’s life easing rather than life altering. Your day to day lifestyle doesn’t change everything just gets a bit lower stress.

Well, personally...That would be life changing!

[btimbit]

Originally Posted by GGG

I get the bank coming after people and them owing the money back but what law is broken by spending this money?

I don’t see theft as it’s in your account and I don’t see fraud as there is no deception.

What is the actual law being broken

It's the 'banks and insurance companies can do whatever they want and you can go #### yourself' laws

[CorsiHockeyLeague]

Originally Posted by GGG

I get the bank coming after people and them owing the money back but what law is broken by spending this money?

I don’t see theft as it’s in your account

It's not your money, you know it's not your money, and you're taking it and using it. How is that not theft? The fact that it's in your account does not mean it belongs to you, any more than my phone belongs to you if I accidentally leave it in your car.

[MoneyGuy]

I’d have Slava invest it for me. I’m told he can get me a safe, steady 30% return.

[afc wimbledon]

Originally Posted by GGG

I get the bank coming after people and them owing the money back but what law is broken by spending this money?

I don’t see theft as it’s in your account and I don’t see fraud as there is no deception.

What is the actual law being broken

My guess would be that as you don't 'own' the bank account, the act of taking money out of the account when you know it isn't yours would constitute the theft, I suspect if they physically gave you the money rather than transferring it you might have an argument you did nothing wrong.

[troutman]

Man stole $100Gs deposited in his bank account by mistake

https://torontosun.com/2014/10/07/ma...b-74c7b969c079

SARNIA, Ont. – A man who kept $100,000, that had been mistakenly deposited in his bank account was sentenced Monday to two years’ house arrest.

A restitution order for $94,000 was imposed.

Salisbury was also handed three years’ probation.

Mistake, Forged Cheques and Unjust Enrichment:Three Cheers for B.M.P. Global

https://digitalcommons.osgoode.yorku.ca/scholarly_works/1516/

[Sliver]

Originally Posted by Scroopy Noopers

Well, personally...That would be life changing!

Nah, you'd just find something else to stress about. It'd feel good for a few days, though.

[Scroopy Noopers]

Originally Posted by Sliver

Nah, you'd just find something else to stress about. It'd feel good for a few days, though.

Oh.

Starting to really believe the accuracy of the income poll results.

[WhiteTiger]

Originally Posted by Fuzz

^
Lol, they broke into a place then wrote cheques to themselves? Gee, I wonder who robbed us. Oh, hey, it's Bob Bobby.

This isn't as uncommon or odd as you think. It's not like a fake ID is hard to get or come by. If you've planned far enough ahead to steal and use cheques, you've likely got a fake ID/name/account number for them.

[Slava]

Originally Posted by MoneyGuy

I’d have Slava invest it for me. I’m told he can get me a safe, steady 30% return.

no problem! And what's the source of funds sir?