4 ms·

I'm more curious how the author secured the $1m cashiers check during transport and deposit to the next bank!

by par 4y ago

samspenc 4y ago
And I'm curious whatever came out of the fraud investigation at Chase. I mean, there was some fraudster who had control of a well known startup's bank account (granted, the older one) and moving six-figure amounts out of it regularly, what in the world happened?
- rippercushions 4y ago
  Four-figure ("thousands of dollars out every few weeks"), presumably specifically to avoid tripping any automated checks on moving over $10k. But yeah, it's still kind of mind-boggling that they could do this for apparently years without anyone noticing. And not just on Chase's side: how do you not notice that the money customers claim to be paying you is not actually landing in your main bank account?
Aeolun 4y ago
Put it in his pocket and walk to the next branch over? What exactly do you expect to happen? He can make that trip a thousand times and never encounter any issues. Whether there’s a 1M check in his pocket is immaterial.
nodesocket 4y ago
Typically when buying a house the down payment is either a wire or cashiers check. I did a cashiers check, just drove right from the bank to the title and escrow company.
NSMutableSet 4y ago
Manhattan Beach is a nice city. The median for SFH is close to 4 million.
neilknowsbest 4y ago
I wanna know how he managed to initiate a wire for $35MM online (and approximately 100% of account balance), presumably to a brand new recipient, and only got a single phone call and the wire request wasn't rejected. Maybe things have changed, but my experience now is that I'd have to go into a branch to do that wire, and I'd probably get the normal verification call plus another from the account manager.
- astura 4y ago
  Yeah, I also this as weird. I opened a new account and ACHed $25k into it which triggered all sorts of "fraud alerts" and put my money in limbo for days. Ended up having to get on a three way conference call for the transfer to go through.

I'm more curious how the author secured the $1m cashiers check during transport and deposit to the next bank!

by par 4y ago

I'm more curious how the author secured the $1m cashiers check during transport and deposit to the next bank!

And I'm curious whatever came out of the fraud investigation at Chase. I mean, there was some fraudster who had control of a well known startup's bank account (granted, the older one) and moving six-figure amounts out of it regularly, what in the world happened?

rippercushions 4y ago
Four-figure ("thousands of dollars out every few weeks"), presumably specifically to avoid tripping any automated checks on moving over $10k. But yeah, it's still kind of mind-boggling that they could do this for apparently years without anyone noticing. And not just on Chase's side: how do you not notice that the money customers claim to be paying you is not actually landing in your main bank account?

Aeolun 4y ago

Put it in his pocket and walk to the next branch over? What exactly do you expect to happen? He can make that trip a thousand times and never encounter any issues. Whether there’s a 1M check in his pocket is immaterial.

nodesocket 4y ago

Typically when buying a house the down payment is either a wire or cashiers check. I did a cashiers check, just drove right from the bank to the title and escrow company.

NSMutableSet 4y ago

Manhattan Beach is a nice city. The median for SFH is close to 4 million.

neilknowsbest 4y ago

I wanna know how he managed to initiate a wire for $35MM online (and approximately 100% of account balance), presumably to a brand new recipient, and only got a single phone call and the wire request wasn't rejected. Maybe things have changed, but my experience now is that I'd have to go into a branch to do that wire, and I'd probably get the normal verification call plus another from the account manager.

astura 4y ago
Yeah, I also this as weird. I opened a new account and ACHed $25k into it which triggered all sorts of "fraud alerts" and put my money in limbo for days. Ended up having to get on a three way conference call for the transfer to go through.