Police hunt ‘accidental millionaires’
p2pnet news view | Off Topic:- What would you do if your bank accidentally dropped millions of dollars into your account?
Take the money and run?
That’s what a New Zealand couple did when their Westpac Bank branch “mistakenly” handed them a $6.1 million credit limit, says Associated Press.
Now, “An international police search is under way for the couple, who are believed to have gone on the run to avoid having to give the money back,” says the story, adding »»»
The bank said in a statement that the couple, who ran a gas station in the city of Rotorua, had a bank overdraft of New Zealand $100,000 ($61,000). Westpac had said on Thursday that the couple’s overdraft was worth NZ$10,000.
The bank “sought to formalize that limit, at which stage an error occurred, the consequence of which was opening up that limit to” NZ$10 million ($6.1 million), the statement said.
The account holder had tried to transfer about NZ$6.7 million ($4 million) out of the account, but the bank had been able recover NZ$2.8 million ($1.7 million) of it. The statement did not specify just how it got the money back.
“Westpac is continuing to vigorously pursue the outstanding amount,” of NZ$3.8 million ($2.3 million), AP has a bank spokesperson saying.
Associated Press – Accidental millionaires in NZ escape with $2.3M, May 21, 2009
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May 22nd, 2009 at 5:12 pm
What would I do?
First, bring it to the bank’s attention. There is a long history of this type of thing happening and usually when it does, the bank believes the computers over the customer. If that were the case and the bank insisted that the balance was correct, I would have them put it in writing and have it signed by the manager. Then I’d withdraw as much as I could. When they finally find the mistake, as they always do, I’d tell them to talk to my lawyer since I was personally assured that it wasn’t a mistake and the money was mine.
May 22nd, 2009 at 7:21 pm
“…the bank believes the computers over the customer…”
That’s only when the system errs in the bank’s favour.
You think they’d assume the money belonged anywhere else but in their hands?!
If you came in with a similar story, you’d get a big “thank you”, along with hearty pat on the back, and maybe an offer for a discounted bank product.
May 22nd, 2009 at 9:13 pm
Those evil banks, when they screw and give your money to someone else, or give you less money its a bureaucratic hell to get it back. When they screw and give you more money, you become a criminal??
(maybe they shouldn’t have run)
May 23rd, 2009 at 2:26 am
I wonder if some scheme involving bankruptcy would work… anyway, it might slow them down, LOL!
May 23rd, 2009 at 3:40 am
I’d say report it and try to give it back, then if they insist, hold onto it but not spend it. Transfer it to another bank and earn risk free (bonds/CDs etc) interest on the money. When they ask for it back, give them every penny they gave you but keep the interest.
Definitely consult a lawyer, and this method may be too direct, but there should be a legal way to leverage the money in your account to get more risk free money that would actually be yours. Secured loan for a portion of it and risk free invest that, keep that interest and close the chain when the money is requested back?
For big numbers and small banks, how about you take the money and buy a controlling interest in the bank’s own stock and vote that they not check your account or check it only using YOUR pet audit company that finds nothing irregular…
May 23rd, 2009 at 12:11 pm
When it says the bank gave them an overdraft of NZ$10 mil, it doesn’t mean they deposited that money into their account. It means the bank issued them a line of credit for that money. The problem with drawing it off and investing it elsewhere is, typically, the bank will be charging you more interest than you are earning on your investment. The point is, this isn’t a case of a mis-deposited item or anything else like that. The bank’s error was increasing the man’s credit line instead of decreasing it. Then the man took the money and ran. It would be like maxing all your credit cards, taking out an auto loan and/or maxing out a home equity/cash-out refi and then heading for the border. It’s only criminal because his agreement with the bank to get the line of credit in the first place would have included some sort of guaranty of repayment. If they start paying the money back (instead of running away with it) then they won’t really have done anything more ’sinful’ than charging something large on a credit card and then paying it back. The key is that it wasn’t a deposit, it was a credit line increase.