Quote from oraclewizard77:
Just for fun, I will relate some of my past experiences with a bank that was so stupid and irresponsible with client money, it went chapter 11.
1) I receive a fee for a bounced check that was deposited into my account.
However, I never deposited the check. I contact the bank and come to learn that some scum have found a loophole in the bank's security in that the bank did not require any identification not even you have your bank card to withdraw money as long as it was less than $ 200. So these criminals would deposit a fake check and take out money less than the $ 200.
2) The bank cleared this up and issued me a new account, but if I did not notice this, I would have been out the fee and the money.
However, this happened again at the same bank, later on I found out that this even happened to a bank manager. They finally changed their policy and I remember watching on the news, that some bank employees were later arrested for giving out customer account information to their partners in crime.
3) A fake check which was endorsed with just my name printed not even signed on the back. It was for $ 495 which I believe was just under the limit for federal wire fraud charges from a fake company out of Florida.
I complained to my bank, yes the same bank, and they said they were not going to do anything about it even though I showed them that it did not even have my signature just my name printed by a computer on the back.
I did not take this lying down. I found an inexpensive legal place which helped me file a small claims suit against the bank and I was able to serve papers against the bank manager to appear in court on this issue.
Well, 1 day before trial, the bank manger calls me and tells me that they have put the money back into my account.
3) There is a 3rd issue, and its the reason I am no longer at the bank, but I don't want to post it on a public forum since many banks still have not implemented security to prevent this from happening even though credit card companies have solved this issue.
The bank in question is out of business after destroying the value of stock for any of its investors which I was not one of. Blue Chase signs are now on the buildings that remain.
Banks could avoid many of the problems related in this post if
1) Always have customers type in their pin number and/or present id whenever they wish to take money out of their accounts.
2) Always require a password like the credit card companies do before the are willing to talk to you.
3) Don't give people with bad credit scores zero down interest loans on houses since if the housing market goes down, these people will walk away from the house, and the bank will lose money.
