5 ms·

I would blame the loaner for giving malicious loan that can't be legal. If someone here is not careful with money, it's the bank.

capableweb 4y ago
The whole "bank said my identity has been stolen, they took all my money" fiasco makes it pretty clear banks can blame whatever on whomever, and the judicial system won't do squat.
- MonkeyMalarky 4y ago
  Yeah, it's very asymmetrical with banks. Say you wire a large amount of money to the wrong account number? Too bad, you don't get it back. A large amount of money is mistakenly wired to your account? You're in for a world of hurt.
  - jtbayly 4y ago
    This isn’t true in my experience in the US. House purchase wired to slightly wrong account number. Stressful that money hadn’t shown up at closing, but it was resolved within a day.
    - FireBeyond 4y ago
      Yup. My parents wired me some funds from Australia to the US for a gift for part of a house downpayment. Something got screwed up with the numbers and the intermediary bank concept. But was able to call someone in the bank's operations department who was able to correct the issue and forward the wire on (I want to say it was sent to the intermediary bank's bank number, but the recipient bank account number, so intermediary said 'this is for us, but this isn't a valid account' - thankfully even though I wasn't the sender I was able to update them, because the comments on the wire had the correct "intended destination" so there was no ambiguity).
      - elcritch 4y ago
        It seems a bummer that bank accounts don't include "checksums" as part of the standard numbering system like CC numbers. If you get a digit wrong it'd fail to even initiate.
  - Enginerrrd 4y ago
    https://www.youtube.com/watch?v=-c57WKxeELY https://www.youtube.com/watch?v=-c57WKxeELY
    - maneesh 4y ago
      Hilarious. Thanks for this.
    - s3p 4y ago
      Made me laugh. Thanks for sharing.
  - bhedgeoser 4y ago
    Seriously how does that work? Any lawyers in here?
    - MonkeyMalarky 4y ago
      When you make a transfer there's a bit in the fine print where the bank doesn't take responsibility for a mistake on your part.
      - bhedgeoser 4y ago
        So google made a mistake and the money now belongs to this guy.
        rebuilder 4y ago
        No, it’s just not the bank’s fault. Probably (jurisdictions may differ) the recipient is required to return funds unintentionally sent to them.
  - warent 4y ago
    How can both be true?
    - MonkeyMalarky 4y ago
      Compare this to any other situation where it is a random person that makes a similar mistake: https://news.ycombinator.com/item?id=32645934 https://news.ycombinator.com/item?id=32645934
  - mvc 4y ago
    Depends where you live and why you were wiring the money. Banks in the UK are on the hook if it's a scam induced transfer.
  - swozey 4y ago
    I had a friend who wired hundreds of thousands to the wrong account and it was returned after what I recall a lot of stress and wondering if it would come back and him on the phone a lot. Worked out in the end. I don't know if they'd put as much effort into someone only wiring small sums.
  - toss1 4y ago
    YUP That's why with any payee over a few $hundred, I first send a tiny test ACH transfer and get them to tell me that it worked and how much. It'll take hundreds of those extra efforts to outweigh just sending one big payment astray. Also, since there are now so many scams with advance payment, if by surprise some large check or pmt lands in my acct, I'm definitely NOT sending it back with any speed, IDK what kind of pitiful story they tell. I'll transfer it to a new interest-bearing acct (possibly by cash w/security guard), then hold it pending full identification of source, actual error, and the outcome of any investigation. I'll hold onto it both because it may be an error that would be right to return, and because I don't want to get caught out having to return something I already spent, but the presumption that I'll just send it straight back is no longer valid.
  - cronix 4y ago
    Thank goodness you have to enter more than just an account number, like a name! Ive done this once and it was all returned because all of the info didn't match.
- cestith 4y ago
  They will, eventually, if you can afford to outspend the bank on lawyers. It's yet another case of financial might making right.
- wdb 4y ago
  I had the problem that bank didn't update my communication postal address to my new address so they send all kind of important paperwork (like new access details for banking etc) to the old address and then blamed me. When these paperwork was used to sell my stock portfolio

capableweb 4y ago

The whole "bank said my identity has been stolen, they took all my money" fiasco makes it pretty clear banks can blame whatever on whomever, and the judicial system won't do squat.

MonkeyMalarky 4y ago
Yeah, it's very asymmetrical with banks. Say you wire a large amount of money to the wrong account number? Too bad, you don't get it back. A large amount of money is mistakenly wired to your account? You're in for a world of hurt.
- jtbayly 4y ago
  This isn’t true in my experience in the US. House purchase wired to slightly wrong account number. Stressful that money hadn’t shown up at closing, but it was resolved within a day.
  - FireBeyond 4y ago
    Yup. My parents wired me some funds from Australia to the US for a gift for part of a house downpayment. Something got screwed up with the numbers and the intermediary bank concept. But was able to call someone in the bank's operations department who was able to correct the issue and forward the wire on (I want to say it was sent to the intermediary bank's bank number, but the recipient bank account number, so intermediary said 'this is for us, but this isn't a valid account' - thankfully even though I wasn't the sender I was able to update them, because the comments on the wire had the correct "intended destination" so there was no ambiguity).
    - elcritch 4y ago
      It seems a bummer that bank accounts don't include "checksums" as part of the standard numbering system like CC numbers. If you get a digit wrong it'd fail to even initiate.
- Enginerrrd 4y ago
  https://www.youtube.com/watch?v=-c57WKxeELY https://www.youtube.com/watch?v=-c57WKxeELY
  - maneesh 4y ago
    Hilarious. Thanks for this.
  - s3p 4y ago
    Made me laugh. Thanks for sharing.
- bhedgeoser 4y ago
  Seriously how does that work? Any lawyers in here?
  - MonkeyMalarky 4y ago
    When you make a transfer there's a bit in the fine print where the bank doesn't take responsibility for a mistake on your part.
    - bhedgeoser 4y ago
      So google made a mistake and the money now belongs to this guy.
      - rebuilder 4y ago
        No, it’s just not the bank’s fault. Probably (jurisdictions may differ) the recipient is required to return funds unintentionally sent to them.
- warent 4y ago
  How can both be true?
  - MonkeyMalarky 4y ago
    Compare this to any other situation where it is a random person that makes a similar mistake: https://news.ycombinator.com/item?id=32645934 https://news.ycombinator.com/item?id=32645934
- mvc 4y ago
  Depends where you live and why you were wiring the money. Banks in the UK are on the hook if it's a scam induced transfer.
- swozey 4y ago
  I had a friend who wired hundreds of thousands to the wrong account and it was returned after what I recall a lot of stress and wondering if it would come back and him on the phone a lot. Worked out in the end. I don't know if they'd put as much effort into someone only wiring small sums.
- toss1 4y ago
  YUP That's why with any payee over a few $hundred, I first send a tiny test ACH transfer and get them to tell me that it worked and how much. It'll take hundreds of those extra efforts to outweigh just sending one big payment astray. Also, since there are now so many scams with advance payment, if by surprise some large check or pmt lands in my acct, I'm definitely NOT sending it back with any speed, IDK what kind of pitiful story they tell. I'll transfer it to a new interest-bearing acct (possibly by cash w/security guard), then hold it pending full identification of source, actual error, and the outcome of any investigation. I'll hold onto it both because it may be an error that would be right to return, and because I don't want to get caught out having to return something I already spent, but the presumption that I'll just send it straight back is no longer valid.
- cronix 4y ago
  Thank goodness you have to enter more than just an account number, like a name! Ive done this once and it was all returned because all of the info didn't match.
cestith 4y ago
They will, eventually, if you can afford to outspend the bank on lawyers. It's yet another case of financial might making right.
wdb 4y ago
I had the problem that bank didn't update my communication postal address to my new address so they send all kind of important paperwork (like new access details for banking etc) to the old address and then blamed me. When these paperwork was used to sell my stock portfolio