Comments on: Police hunt ‘accidental millionaires’

By: Jon the Banker

Jon the Banker — Sat, 23 May 2009 15:11:28 +0000

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.

By: Robin Hood Corp?

Robin Hood Corp? — Sat, 23 May 2009 06:40:01 +0000

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…

By: Andy

Andy — Sat, 23 May 2009 05:26:45 +0000

I wonder if some scheme involving bankruptcy would work… anyway, it might slow them down, LOL!

By: Vato Loco

Vato Loco — Sat, 23 May 2009 00:13:14 +0000

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)

By: Devil's Advocate

Devil's Advocate — Fri, 22 May 2009 22:21:23 +0000

“…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.

By: Reader's Write

Reader's Write — Fri, 22 May 2009 20:12:52 +0000

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.