How NOT To Bank.

Diggin It · Dec 21, 2020

Swanigan saved at least $18,000 in the account before criminals reportedly withdrew $23,000. These transactions apparently took place in places around the world that he had never visited.

He told the broadcaster: "It was 2, 3, 4,10 transactions a day. Every day of the week."

At first, you sort of feel sorry for this guy until you read:

The mechanic was also reportedly unaware of the withdrawals because the deposit slip he receives when he puts money in his account does not have a bank balance. He said he does not use online banking services.

Swanigan added that he had not opened stacks of bank statements recently because he believed his account was secure.

He said: "I just don't have time, I mean, I know I got money in the bank. And why do I have to check it if I feel comfortable with my money in the bank."

The bank also said it was a whole year until he told them of unauthorized transactions.

Man Loses $18K Savings After Bank Says He Waited Too Long to Report Theft

He takes no responsibility whatsoever for checking his account or balance. It's fine to not use on-line or digital services, but he had the paper statements and never even bothered to open them. I suppose you could fault the bank for not asking about foreign transactions, but is that really their responsibility for small amounts? Some people have family overseas that they allow to use their accounts. I'm sort of mixed on the bit about no current balance on deposit slips. Some have them, others don't. But why didn't he ever ask?

oosik · Dec 21, 2020

That is sad. The bank should have been more proactive in notifying their customer.

3Ts · Dec 21, 2020

He takes no responsibility whatsoever for checking his account or balance.

While I feel sorry for him, he also bears some (most) of the responsibility of making sure his account is as it should be. Periodic checking of account status to ensure his account is secure is simple and does not take long. Just opening the statements and checking the balance takes less than a minute. Anything within the last 2 months the bank should fix. Anything beyond that is on him. This is similar to warranty issues and workmanship on projects - just how long should one be "on the hook" after a job is completed?

seville009 · Dec 21, 2020

part of my morning routine is to check my bank and credit card activity online; I’m the one affected by any mistakes/thefts, so it’s my responsibility.......

takes all of five minutes at best

kenmbz · Dec 21, 2020

When you give money to a bank, they are holding it and making money off of it.
They should be responsible for it at all times.
I don't see why the person with the account is at fault.

I went paperless and the bank gave my money to the state, in under the 2 years that is mandated. They told me to talk to the State and file a claim. I wish it were enough to sue them and make it VERY public. I no longer do paperless banking. Although most of my bank transactions are on line.

grsthegreat · Dec 21, 2020

Oh brother. I reconcile my accounts every month. On top of that, i get an email notification whenever a withdrawal or deposit exceeds $0.01. Ive had this set up for years.

Anyone who trusts all their money to someone else is asking for trouble.

Fuddy1952 · Dec 21, 2020

3Ts said:
While I feel sorry for him, he also bears some (most) of the responsibility of making sure his account is as it should be. Periodic checking of account status to ensure his account is secure is simple and does not take long. Just opening the statements and checking the balance takes less than a minute. Anything within the last 2 months the bank should fix. Anything beyond that is on him. This is similar to warranty issues and workmanship on projects - just how long should one be "on the hook" after a job is completed?

I agree with this.^^^^^. As my late Dad used to say it was "a comedy of errors".
Too many mistakes here but to list a few:
1) he should have had interest checking, not a debit card.
2) have a cashback credit card
3) deal with one branch near your home. Know the people there, they know you, etc.
4) check every statement
5) never keep your life's savings in one account that doesn't pay interest/dividends
6) in life never assume anything, always think "what if". As Ronald Reagan said "trust but verify".
7) The bank isn't your Mommie. How can they know suspicious activity? How can they call 1000's of customers "did you buy this or that?".

kenmbz · Dec 21, 2020

Banks have algorithms to find these things, they probably knew and did not care.
Same bank who Escheated (yes a real term for stealing by the State), also gave my wife's money to another person since they put her account number instead of hers (off by one digit).
They did not catch the error, they did not check the signatures (or name, since I doubt the male they gave the money too had a female name).
They also did not apologize and made it difficult to get the money back and fought us on the bounced check charges.
This was the "most convenient" bank to give your money to someone else and then walk away instead of helping when they made the mistakes.

ruffdog · Dec 21, 2020

With the latest government hacking through security software (solarwinds), people should assume nothing is secure anymore.

Trump'''s reluctance to name Russia in SolarWinds hack will hamper recovery - Axios