10 ms·

Anyone can do this with a canceled check. If she didn’t authorize the withdrawal she calls the bank and they put the money back. And they start their own invest

by yardie 6y ago

Anyone can do this with a canceled check. If she didn’t authorize the withdrawal she calls the bank and they put the money back. And they start their own investigation. Our banking system is trash but it’s not lawless. The company committed bank and wire fraud. They’ll get dealt with by the secret service and FBI.

SilasX 6y ago
No? I was defrauded by wire and reported it immediately to the bank and law enforcement but “they couldn’t do anything”.
- ianhawes 6y ago
  "Direct deposit" is ACH and it is reversible up to 180 days. The parent comment is referring to ACH. "Wire transfer" could be either Fedwire or SWIFT and it is not reversible.
  - simonebrunozzi 6y ago
    Correct. Came to write exactly this. Also, since this is HN: no, Bitcoin or other crypto "transfers" are not reversible.
  - SilasX 6y ago
    Parent also said that law enforcement will investigate all wire fraud. My experience shows that is false, and that is independent of the ACH point. See my downvoted follow-up reiterating this obvious point: https://news.ycombinator.com/item?id=24009403 https://news.ycombinator.com/item?id=24009403
- yardie 6y ago
  That would be a non-standard account with a non-standard way of withdrawing money. EFT and ACH withdrawals are fully protected. Money wires are different, all the action is sender side. Even for me, Fidelity accountholder, a SWIFT money wire takes days to set up and I have to confirm it multiple times. I get the impression the bank hates doing them and will throw as many roadblocks as possible unless you are absolutely committed to it.
  - SilasX 6y ago
    You specifically said: >The company committed bank and wire fraud. They’ll get dealt with by the secret service and FBI. And: >Our banking system is trash but it’s not lawless. My experience is directly counter to that, given that it was a non-investigated wire fraud despite being blatant and the money going to a known local address/account. Saying that ACHs are better doesn't correct those overstatements of yours.

by yardie 6y ago

SilasX 6y ago

No? I was defrauded by wire and reported it immediately to the bank and law enforcement but “they couldn’t do anything”.

ianhawes 6y ago
"Direct deposit" is ACH and it is reversible up to 180 days. The parent comment is referring to ACH. "Wire transfer" could be either Fedwire or SWIFT and it is not reversible.
- simonebrunozzi 6y ago
  Correct. Came to write exactly this. Also, since this is HN: no, Bitcoin or other crypto "transfers" are not reversible.
- SilasX 6y ago
  Parent also said that law enforcement will investigate all wire fraud. My experience shows that is false, and that is independent of the ACH point. See my downvoted follow-up reiterating this obvious point: https://news.ycombinator.com/item?id=24009403 https://news.ycombinator.com/item?id=24009403
yardie 6y ago
That would be a non-standard account with a non-standard way of withdrawing money. EFT and ACH withdrawals are fully protected. Money wires are different, all the action is sender side. Even for me, Fidelity accountholder, a SWIFT money wire takes days to set up and I have to confirm it multiple times. I get the impression the bank hates doing them and will throw as many roadblocks as possible unless you are absolutely committed to it.
- SilasX 6y ago
  You specifically said: >The company committed bank and wire fraud. They’ll get dealt with by the secret service and FBI. And: >Our banking system is trash but it’s not lawless. My experience is directly counter to that, given that it was a non-investigated wire fraud despite being blatant and the money going to a known local address/account. Saying that ACHs are better doesn't correct those overstatements of yours.