Fun With Banks! - Lehto's Law Ep. 2.36
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- Опубліковано 4 жов 2024
- No one likes dealing with banks. And rarely do you ever get the better of them. But here are a few true stories of times I've dealt with banks and lived to tell about it - and even come out ahead!
www.lehtoslaw.com
@stevelehto
These stories are so comforting and help me sleep
Love your vids... great banking stories... A teller once gave a friend of mine an extra $300... he noticed on the walk out of the bank... went back to tell her... she snapped at him and said he had to get in line... he said no.. I';ll just take the extra $300 you mistakenly just gave HOME... and turned to leave! She called him back and "allowed" him to skip the line! lol
Handled it like a BOSS.
Binge watching because I'm fascinated with law. Thanks, Steve. Policy is not law. A lot of people don't know this.
First time here..........I loved it!!
Thanks again for your interesting stories. I have some interesting stories about dealing with banks as well.
Grandpa cashed he’s SS check at small town bank where everybody knew each other.
The manager handled the transaction because his clerk had to leave early.
Grandpa counted the amount at the counter and said to Mgr I think you made a mistake.
The Mgr. Replied, Mr. C. We don’t make mistakes at this bank and refused to recount it.
Grandpa said thank you and walked out .... with an extra $100 bill.
As soon as Mgr. Realized the error was not in his favor, he pursued grandpa out the door, but grandpa ignored him and kept walking.
Love it, Love it.
owned by grandpa... love it
Loved it.
Wowzer, Steve! I’m shocked!
Having worked in finance for 50+ years before I retired...a check is valid unless one of three things have happened:
1) Payment has been stopped on the check
2) The account on which the check has been drawn has been closed
or 3) The maker of the check has died. // Period. End of subject.
Superb !
Great stories (and believable). As a former bank manager if I had a customer who’s points were logical, I would fight my own banks “policies” on behalf of my customer in the interest of customer retention at a minimum. It was the nations largest bank at the time and I never failed to get “policy exceptions” Love your channel!!
"They put HIM on hold - hahaha". That's Precious !!
Exactly why I never use a bank. I always use a credit union.
Awesome video here : )
Very good.. Banks are a nightmare..consumer beware !!!
Oh, you are filling the place that the original CourtTV played for me. That channel originally had teaching and live court feeds. Watching some of the lawyers "tap dance" in front of a judge was priceless. Or seeing a judge turn from genial to an irritated bear with a lawyer who pulled a fast one with an unapproved example to prove his point.
Great topic!!
It's times like these when I wish I was an attorney, and one who was as talented as you are.
Dear Mr Lehto: it would be lovely if you'd move to NE Nevada. We have no income tax. I'm sure you would like being near the Bonneville Speedway....
LOL. Less people, nice hiking, mountain biking.
Meanwhile, I generally hope to never get into trouble. So far, I've had a few traffic tickets. That's it. :}
As a moral thing banks are to implement mechanism that avoid any errors.
If you're curious, there is a law in france that said that it can only be collected within 1 year . L131-59 of the monetary code. The national assembly even debated reducing to 6 months back in 2017
Deuce-and-a-half, cool. I was a Deuce-and-a-half driver in the good old USMC. And I see in your video "No Title Does This Story Justice" that you have a model of one on the bookcase behind you.
An oldie but goodie! It's interesting to see how much your set as evolved over the years. Better lighting, sound and background nowadays but the content itself is better than ever! Thanks Man.
$35 K ? I used to have to pay alimony in cash each month. Let's call it 1/10th of your instance. EVERY month I would be told it was impossible, yet got the cash. Eventually, a new manager requested that I provide a letter, stating the need, so they could have extra cash on hand for my transaction. That lasted maybe 2 months, then I would have to call the manager to the teller window, have her look up the letter, and then get the cash. Eventually it became a routine.
Bank credited my mortgage $1000 and I did not trust it and continued making my payments anyway. Good thing I did, about 3 months later they took it back. It was no doubt a ruse to get me behind on payments to make big money in fees!!!!
Thanks for the video.
Every time I watch one of your videos, I appreciate your knowledge more and more. Sticking to the man, priceless!
Another interesting stories fun with banks. Your stories reminds me when I had fun with a loan company. I was renting to own a house to a tenant. We negotiated a price he would pay for the house. He wanted to pay me off and went to Loans company to get the money. The loans company wrote a check out for me but in the clients name. I could not deposit the check in my bank, so I went the Loans company across the street from my bank. And I asked for the check to issued in my name for their client who bought my house. They said they could not because it was written at another branch. So I told them if they did not correct the check I am going to reposes the house since I am the first lean holder. There manager quickly corrected the check.
When I was in college, the school would receive our financial aid money, deduct any tuition owed, etc...and mail us a check. I opened an account at the same bank, even going to the exact same branch they wrote the check off of...and they still held every single check for 14 days simply because they could. Same bank once mistakenly double credited a deposit, but they caught it within a few days and immediately took the money back.
I'd love for the bank to call within the 30 days after they made a mistake and ask for the money back, and have the person reply "I'll return this in 60-90 days, personal policy" :)
I was always pretty much broke for half my life so I hate banks. :)
I threatened to close my $150K WF account because they wouldn't erase some bogus fees. The teller said no. The manager said no, so I said, "cashiers check please" and put it into another bank. This was over about 30 bucks.
A couple months later, WF sent me an apology and a check for the charges plus100 bucks.
The manager cost the bank an extra hundred. It's not much but it made my day.
Ill also admit that Im an idiot had have let more than one check go past 90 days and gotten rejected. One was a $3000 insurance refund check from a company I no longer had an account with :). I got lucky and my my neighbor held a high position in one of the branches and she took care of it.
When I was about 18 I deposited a check for about 2,000 and almost a month later I paid some Bill's that were no more than about $300 and a few days later I got a letter that I over drafted my account and I would charged $30 for over draft fees. I went to the bank and said I had over $2000 in my account and here is the receipt of deposit from almost a month ago. She said it wasn't in my account yet. I said no check I had ever deposited was ever put on hold and to boot the check I deposited was from another account at the same bank and same branch. She told me the have the right to hold checks for up to 90 days! I said who can afford to have deposits held for up to three months? After some argument back and forth with her and the manager they gave me my money and "waived the fee just this once". I was so mad.
Talking about five years of background evolution.
Maybe you can make a short animation with the lot for channel leader while the lady speaks.
And your voice also has grown.
Good job!
I know this is a couple of years old but I have a story that my dad told me about a bank he was dealing with. Dad own a gas station back in the 1950s and had all his deposits in that bank. He wanted to buy a car so he went to that back to see if he could get a loan and sure enough he was told he can get a loan with say 2.5% interest. He proceeded to buy the car and went back to the bank to sign the papers and he was told that the interest was going to be 10%. He complained but they would not change the interest rate. He had a friend that worked at another bank so he went to him and got the loan for 2 1/2 percent. He went back to the original Bank and withdrew all of his deposits from the gas station and move into the other bank. Dad did not put up with any s***!
A bank pulled that one on me in Spain...
Never trust a banker or a politician, always get it in writing! I would have liked to have met your dad, Old School Americans, they WERE the backbone of our nation!
Jim Clark, N5QL sounds like my dad! good for him!! they will certainly run over you if they think for even a split second that they can!!
@@bmcclure0561dad
Yeah, and now our nation has no backbone, because people don't realize that it's We The People that reside at the top of the power structure.
Everyone in government is a PUBLIC SERVANT!
I know that this is long after this post was made but I have a simuler event. I cashed a check drawn on the bank in payment for work I had done for the bank. Later I was informed that they had dishonored the check and wanted the money back.I spoke with the branch manager and she refused to do any thing about it. A I already had gotten the money I did not persue the matter any further. A few years later I became an empolyee of that bank, the same branch manager refused to issue me an employee account as I had commited fraud aginst the bank. On HR looking into this manner my fraud history was removed and the manager had the oppertunity to refresh her resume. I don't know what her scam was but I sure would like to know.
Years ago Bank of America took $300 from my account and kept saying check back in 30 to 60 days for around a year until I gave up because I was moving in busy trying to work etc Chase Bank similarly said they never got $1,000 mortgage paymentthey took the funds for and again I was too busy scrambling with other life problems to fight for it before the statute of limitations ran out. Schoolbags
I really, really love your videos Steve. Thank you for making time to do this. It makes a difference to all of us "silent" people in the middle who don't usually leave comments.
Back in 2003 our bank deposited 70,000 dollars into our business account. They never asked for the money back. Years later we learned a teller was taking money from dormant accounts and putting the money into active accounts. Apparently she forgot our account information. We spent the money on a European vacation and a down payment on our current house.
I brought a bunch of rolled coins into the bank - I counted them out very carefully. I wrote out the deposit slip for $335 when they counted the rolls they said I have $340 (an extra roll of dimes) I informed them they were incorrect but they refused to listen and gave me the 340. then had to write me weeks later about the $5 correction to my account. banks are strange.
Many years ago I had a roommate who had cashed his tax return at his bank. The teller had given him exactly double the amount he was due. When he tried to correct her she told him she didn't make a mistake and the amount was correct. Later that evening the teller called him at home and demanded that he return the money. Since she threatened him with legal action, he made her wait for a few days before returning the money.
Love your stories-Thank you!!
marvelous
I wish I could move to Michigan. I would hire you.
So informative ...you're a true patriot and straight shooter ...keep em coming PLEASE !
This sounds horrible. I'm SO glad you got your audio sounding much better on more recent videos.
RE-20 is a helluva mic.
If this was the first video I saw of yours, it would have been the last.
Keep up the good work. Love the channel.
I know this is an older video, but this spring my neighbor put in for a building permit to add on to their home. This was during the "virus" but town hall had opened again. Said neighbor went to town hall to find out what the hold up was. After being told 3 weeks to return in a week, she said no, I am waiting right here until I get my permit! Three hours later she had it in hand!! Sometimes you have to play hardball.
Enjoy your videos. You can never stop learning and every time I watch your videos I learn something (retired cop here)
I like that part where you give them your account number to check your balance of $35,000, and say you will withdraw that if they dont fix the problem. That will never fail to work, money talks. I will keep that in mind.
After my Mother passed, I wrote checks out of her bank account to pay HER bills...phone, electricity, etc. I thought I had signature authority on her account as I signed a signature card about 18 months prior. I need to mention I was also the Executor of her will. (Turns out, she closed that account & reopened a new one that I was unaware of) Social Security had notified the bank that she had passed, so the bank(BofA) froze her account. I got returned check notices in her mailbox. I went to the bank with her will & explained the situation.. NO HELP & I was accused of check fraud. I explained that if they didn't rectify the situation I would close her account AND MINE. My balance at the time was $55,000. Her balance was $900. No help at all. After I got Letters Testamentary from the Probate Court I went back with the Letter and told them I wanted to close the account & get checks for both balances. THEN, they tried to get me to NOT close the account & told me it would be 30 days before they could close either account. I then got extremely agitated & told them I was not leaving without proceeds from both accounts. They threatened to call the law, but I told them I was already on hold to speak to a detective. (Ain't cell phones great) Twenty minutes later I walked out with 2 checks totaling about $56,000. SCREW BofA. I will NEVER do business with a national bank chain EVER AGAIN. not to mention I will never deal with a HOA, EVER AGAIN. Keep up the good work. I wish YOU were my next door neighbor. We'd be best Buds for sure.
I am not an attorney but as part of my curriculum at University, istudied the " law on Canadian chartered banks". I am Canadian, living in Canada. I also happen to love studying law, as a hobby. I cannot tell you how much fun you will have here comparing the law vs the day to day operation of banks. Ex: I recently deposited a big check in one account at bank X. From a customer bank account of another branch of bank X. I ask the Costco to withdraw some cash. Her answer: sorry the check is frozen for 4 to 5 days. Ask to talk to the manager, same answer. The ask him " you go to a store, pay with your debit card and it takes 30 secondes max to know if you have the money. You freezing my check for 4 to 5 days to make sure there is enough money, while you probably looking at your screen and can confirm the funds are there". To make a long story short, I walked out of the bank with the amount of money I wanted. 😀
I have a friend that got a letter from his credit union threatening to seize his accounts because he grows industrial hemp. In fact he went to 3-5 different financial institutions trying to open a new account and was turned down by all but one. It is 100% legal to grow industrial hemp in Minnesota, but still he had such trouble.
I actually found a mistake in my favor in my bank account. The bank said that I had $300 more than I said I had. I could not find the mistake. I was afraid to touch it so I decided to leave it just like that. Every month went by in that $300 was still there. I let it go a whole year. The money was still there so finally I decided it was probably mine and then I spent it.
If bank screws with you, you can always complain to the regulator. Usually it's the FDIC at the federal level and often there is a state regulator you can also complain to. Complaining is free; you don't have to pay a lawyer and that can often resolve problems very very quickly.
I was a teller at a Canadian bank. If a cheque was dated over a year ago we would not honour it. It is considered staledated. If it was within the month of January we would because we understood it may take some people some time to adjust to the idea of a new year. I do not know if it was "policy" or "law". Government cheques do not staledate.
That story about your $900 the bank screwed up; can you imagine what kind of chaos and turmoil that could cause to some poor soul barely getting by living paycheck to paycheck?? That's just soooo wrong that they would try to do you like that. After an experience like that I think I would have withdrew every last penny and closed my accounts. That's unacceptable.
Back in the late 90's I set up a savings account that culled out of my direct deposit that was used to pay on my car loan.
(I traveled a lot and had everything I could electronic deposit even back then.)
When the vehicle was paid off, I checked the account to see what was left, figuring on somewhere in the area around $400.00 or so.
I found $8000.00 and some change.
(On a $12,000.00 car loan, this was pretty remarkable in my book.)
I went to the bank, and they discovered that they had been pulling a monthly amount from some business account, and depositing it into mine.
(I guess I should have held off on reporting it for 60 days....)
;-)
Reminds me of a car loan that was with the bank with stagecoaches. It was for 5 years but when the first payment was withdrawn from my checking account they withdrew the entire loan amount. They actually paid me back all of the fees that my bank charged me. They were actually very nice about it.
I found a check in my work bench from my real-estate agent who helped buy the house i had lived in for the last five years and realized it was the earnest money I first plopped down to buy the house that I was about to sell because of a divorce. A five year old check for 4500 cleared without a hitch.
60 to 90 days. Got the exact same BS when a Chase ATM charged my account but did not cough up the cash. I went in to talk to the manager. Told me the same thing. The amt drawn showed up as a withdrawal. It took 84 days (according to them) , and of course, there was no rectification on my account at day 90. I had to contact the bank myself on day 90 before that withdrawal was put back in.
I have stayed away from "WallyMart" because of their I don't like the way they treat vendors and employees.
I needed a battery for my car and via research I will mention later. I also took old oil and filter from a lawn tractor to have recycled. NYS law states if you sell oil products you must take the used oil. I went to the service desk to turn in my oil and pay for the battery. The girl said she would not take my oil because it was not in a preferred container. The oil was in a stretchable garbage bag (tied shut) and the filter was in a ziplock bag. Neither was leaking after 2 years, She still refused to take it calling it store policy. There is no signs or wordage anyware mentioning proper oil return containers and she could not tell me what they were. I could have made a big stink but a service center I use for tires and oil changes was just down the road.
People just lie because they are lazy and or a-holes. ANy place that changes oil dumps it all in a 55 gal. can. regardless of how you bring it in.
Bye Wallymart. You'll never see me buy anything again.
Research - Check out "Farm Project" channel. Walmart was the cheapest and performed 2nd best "NEW". There are only 3 or 4 makers for all brands of batteries. I asked several auto part stores what battery gets returned the least and non state any brand as being good.
Also avoid Sears like the plague!
@Yumpin Yiminy -In my state, the oil has to be returned in the original containers and the original receipt, which I had. I had to print out a copy of the state law and show them before the store would take it back.
Before my wife and I were married, back in the 90's, she made a naïve mistake of not paying her car payment for one month when she didn't have the money. The next month she made her payment but thought skipping a payment was OK. Six months later she woke up one morning and her car was gone. She called the police to report it stolen and after several hours was informed that it had been repossessed. After speaking with her credit union she was informed that their moronic computer system had flagged her car loan as not being paid for six months when instead she had simply been one month late for six months. Beyond that the car was illegally towed over 60 miles and out of state. The credit union admitted their mistake and allowed her to go get her car but they didn't cover the hundreds of dollars in fees from the towing company. My wife was too embarrassed by her mistake to push the issue and just ate the cost of the tow.
This video was really entertaining AND informative. This attorney should have his own talk show!!
I had a bank charge me 200 for taking 1700 out of my account to pay a California tax bill on property I never had. California returned the 1700 after I proved I never had the property (even the town had no record of the tax bill or me) but the 200 I never got back.
Bank of America gave nine people the same account number they said they did not know what money was who’s and we lost $500 back in the 80s. We never got the money back would never deal with them again.
We send addition money toward principle every month via personal check to our local bank that holds our mortgage . On about 6 occasions they have applied it toward our next payment instead of towards principle, even though we check the correct box on stub stating principle, highlight it in neon yellow, draw big arrows pointing at it AND write "to principle" on the check. I kid you not. When I call and state my name they know exactly why I must be calling...again.
I had a bank pay a check I wrote 2 days before the date I had written on it . The check bounced . The bank charged me . I was told by the manager that the dates on checks were just for my record keeping and had no bearing on when they processed them . I wrote a check for cash for my full balance and went to a different bank .
I came across these videos just in the last week or two. I look forward to watching the others. They are definitely a public service, and thank you.
I had almost the same thing happen years ago, only I was depositing a third party check. They said it was against the law. I had been doing it for decades. Law vs. bank policy. They said law, I said it was not. I had rental property, and a lot of money passed through my account. Threatened to move my account. Problem solved, They would make an exception for my account. Most of the time all you have to do is call their bluff.
Very enjoyable Steve and Thanks
Through a bank error I bounced a $3500 check. The bank manager told me to call the merchant and tell them to send the check back through which I did and it bounced again. The bank manager again told me it was fixed and to call the merchant again, i said you bounced it twice and he thinks I am lying by now you call him which she did. I closed my accounts the next week.
I feel that if a bank makes a mistake like that, they should be legally required to start paying you interest for the amount of money they are withholding from you every single day if the issue is not fixed after 3 business days of being notified.
25% sounds like a good number. I'd bet that if that was the law, they would never allow a mistake to go unfixed for more than a day or two.
That's why you should use credit unions. They don't have to answer to some faceless policy written by a greedy exec 15 levels up the chain of command from them. At most, they have to go as far as a head office a couple hours away, who's staff they interact with on a regular basis, and the CEO/president is reachable by any manager should the need arise.
It's funny how some big banks have such problems dealing with people. I don't understand it. And I speak as a former bank employee. I worked 2nd shift at a bank call center for many years. We saw errors like Steve mentioned in the 2nd half of his monologue. Many times, they were just encoding errors. Someone wouldn't be paying attention on the payee side of things when they were typing in the 10 key. Though we did see teller errors from time to time as well. The bank I was a part of gave us phone bankers the ability to give those people immediate, though provisional credit for the amounts of those errors. Print a form, attached the copy of the check front/back, shove the money into the customer's account and debit the respective general ledger account.
That's all there was to it. If the amount were a great amount, there would be a day delay as the people in the back would plunk the keys and they would do the same thing. Go after the payee for the screwup. The reverse would happen if the payee encoded for a lesser amount. There were those incidents because the payee would charge late fees, so again we would negotiate the issue with the payee bank, no problem. Now I don't know about what all goes on in the negotiation, but the fact is, we fixed stuff quick. You only play with the GL accounts and whomever is watching can see where things went and why they went. The details were keyed in the transaction that would appear in the customer's account statement. No biggie.
Same thing with Reg E issues. The customer calls in saying something is rotten in Denmark, I'm all over that like a cheap suit. I'm not going to hee and haw about stuff because it wastes time. One guy called in about one transaction. It was clearly out of pattern because the transactions were occurring in various places he was not at, and these were not moto transactions. Again, he just reported one transaction. I saw something else, then something else and on and on. Traced the entire thing back to some nutty cabbie in NYC who had a skimmer on a merchant terminal in his car and things went from there. But it wasn't the customer who did the searching, I did it for him and he got his provisional credit (over $4,000) (I'm sure it took the full 10 business days to post the provisional) because of it was within the last 60 days from the statement date. And I wasn't going to quibble about it as it was obvious. Of course, I was a service banker and not a sales banker, so I kind of made stuff go away, instead of attracting business. Although does that kind of prompt attention make the person want to come back? Of course, if something doesn't make sense, I sometimes take a while to figure stuff out.
Great great great stories. So glad I found your channel.
I wish everybody could speak as clearly and as precisely as this guy WOW!
I was screwed exactly like this by my bank. They withdrew an extra car payment a week after I had cancelled automatic car payments. It only took them a day to steal my money, but it took 3 weeks to get it back.
Starting new business so deposited substantial funds. Went through the process of devolaping a new business in a new to me field. Business relations set, zoning changes, equipment loans in place, plans drawn, business plan, whole nine yards in just over 1 years time. Not touching the dedicated funds or any activity in that account. Earnest money check is cut for this new lot. Commerical loan app in with same bank main office. Purchasing lot and erecting the building key to several loans to make this work. Bank bounced the earnest money check, I had 100 times that amount in the account. This frightened the equipment lenders causing renegoation. Bank wanted 3 weeks to make my account active and release any funds. This deal was largely contengent on relations forged and abilibity to infuse cash. Wound up costing a point , 5k, 3 months, and a change in banks. The loan officer was no help in getting their red tape resolved in a timely mannor even though it cost them the servicing of a fair size business account. Bankers and lawyers you know what they say.
Why couldn’t you charge them interest for the 60/90 days?
+canton7180 Great question you bring up! My speculation and intuition is that the effort and time would not be worth it for the small overall interest payment-& that the real issue was addressing the "bigger, overall matter"-and amount of money.
===> But let's hear from the source!
60-90 days? Sure! That way the money is in their account - not yours - so they can use it, not you (invest to add interest, pay a bill down to avoid interest). When I was with Comcast, our Accounting Department would insist that debtors paid within 30 days or they would be dropped. But we never paid out earlier than 90 days. One of the hidden powers of a HUGE corporation.
Several years ago I made the mistake of co-signing a car loan on a hot rod for a female I got an annulment from. She blew the engine and abandoned it. The bank came after me (because I was the responsible one). I struck an agreement where I would pay half of it and they would go after her for the balance. They DIDN'T keep their promise and I kept getting collection notices from the bank. They said they wouldn't remove the negative report from my credit rating. All that was in Florida and I had moved to NC. I told them...OK. I will domesticate the suit in NC and see what a NC Judge has to say. They immediately dropped it and removed the bad debt (which wasn't mine).
sounds like a suspicious "error"...
more like the other guy called up the bank saying he put money in his account and it was gone and the bank tried to BS it back.
best "fun with bank" EVER, I didn't get to see the reaction but had fun imagining. Wells fargo accidentally deposited $1.3 MILLION extra (somehow) when I had deposited a check for $80.
My buddy said I better call them but I felt no obligation to correct them (being fairly certain they would miss that much). They had it corrected the next day but never said a word to me.
*Excellent and entertaining stories.* Even I live in the UK I can relate to the the way banks, other corporations and Councils think their 'policies' override the law.
_Nice collection of vintage microphones as well!_
.
Enjoyed the stories. Sure beats media politics.
I am Canadian, but I still enjoy learning rights of those living in the USA. Good work.
Ha Ha, I list to Viva Frei, the Montreal litigator on UA-cam, I live in the US. Learning about Canadian law. Cheers.
I suggest, a safe a real good safe, and that way no one can touch your money. The government, no on. Any time someone else has your money. They don't want to return it.
funny stories
For Australian viewers: The Federal Cheques Act (1986) states: Section 3 (5) Where, at any time, a cheque appears on its face to have been drawn more than 15 months before that time, the cheque is, at that time, a stale cheque. Banks are not obliged to accept stale cheques, but MAY CHOOSE TO DO SO. Why 15 months? Because of the number of people who do exactly what happened to Steve Lehto - out of habit writing last year's date at the beginning of a new year.
1980 I bought a '74 Corvette financed through one of the major local banks which no longer does banking but became a large New York investment bank. But any how, I get a phone call from my ARMY Corporal dad cursing me up and down. Between the verbiage I learn he thinks I am stealing from his funds, we both had accounts in said bank. After 45 minutes of being reprimanded by my dad he hangs up on me, and I pull my bank statements. The automatic deductions that should have been found were not taken. Next day I make a visit to the bank. I'm bounced around like the ignorant kid I was, I knew nothing. I finally sit down with someone who can generate the previous months statements and they're happy to apply the missing payments from my account to the bank. I told them some thing else is going on here. 'You need to look at my dad's account.' Three hours later and a parking ticket, I'm driving when it hits me that some one had set up the deduction by name and not account numbers. I go bank to the bank and explain. I was told it will work itself out. I knew personally these bank employees hadn't a clue, that if they did not call my dad, they will have hell to pay, with interest. No cell phones then, but when I talked to my dad explaining that I never would steal from him and what I believed to have happen at the bank between our accounts, he took over. From what I understand he cursed everyone there, customers left, police were called, his funds were restored in about 90 minutes not 90 days. My dad and I have the same first initial, middle & last name. I closed my ten year account, after they changed my name to Jr.
A few years ago I was on line checking my account balance and saw a deposit of $1200 in my checking account. I checked the scan of the deposit slip and check and saw the name of the person with his account number of the account it should have been deposited in. Not wanting karma to bite me in the ass and knowing how upset I would be if a $1200 deposit I made wasn't in my account, I called the bank. I was on the phone with the bank for almost 20 minutes and the money was still in my account for more then a week. I called again and told the bank I really didn't want to be responsible for someone else's money. It was gone in 5 minutes.
I once was at a bank and cashing it for 2k through the drivethrough. Well the 2 from my client kind of looked like a 3. The teller gave me 3k instead of 2k. Around i went and parked in the bank parking lot. Taking the amount in the lobby. Told her to pull up the check real quick and pointed the correct amount out and said here ya go. So yeah a one thousand dollar mistake. The last thing i wanted to see was her get into trouble or get fired over it.
This just shows however, that the rest of us non attorneys are screwed when dealing with the banks.
Lol. In Canada, if a bank told me “90 days to fix.” I would reply, ok. 30% yearly interests. Keeping the money without paying interest is illegal. And they don’t get to set the conditions after the fact.
It’s a little more complicated than this because there is a mandatory interest rate is set by the government in case of owed money. Lets pretend you are owed 1000$. And the owing party claims 0$. Stuff happens, and 2 years later they go “here is your 1000$”. Problem. It’s no longer 1000$. It’s 1000$ plus interests. The rate is set by the government.
Coincidentally...There's a Bank of America about a couple blocks from your office...No surprise there!
Dude, you are my new favorite channel...FRIGGEN LOVE IT
But I saw this in UCC § 4-404. BANK NOT OBLIGED TO PAY CHECK MORE THAN SIX MONTHS OLD.
A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customer's account for a payment made thereafter in good faith. So an ordinary check dies in 6 months?
I once wrote a check for $ 250, the person deposited it in an ATM, and drove away without looking at the receipt. The Machine misread my dollar sign ( $ ) as a FIVE, and $ 5250 was deducted out of my account, overdrawing it, even the longhand text said two hundred fifty dollars.
It took 30days to sort out.
I ran into the same problem with my bank and an "old" check. Just after the new year in February a regular customer gave me a check but they put the old year for the check's date out of habit.
The teller refused to let me deposit the check, telling me because it was a "stale check" it was too old to accept. I explained that the date was written by mistake as people often do early in the new year, but no dice. Since I never even heard of a "stale check" before, I called the main branch but nobody could tell me which law prevented them from depositing the "stale check."
I searched the Internet for "stale check" and found the reference in the Universal Commercial Code (UCC). But it turns out that the banks are NOT actually prohibited from accepting a "stale check."
The law says that the bank can decide for themselves to either accept the "stale check" or refuse the check at their own discretion and cannot be held liable in either case as long as they believe they're acting in good faith. (It almost sounds like the banks wrote the law)
I printed out the relevant part of the UCC with the '.gov' link and brought it to my bank and they accepted the check after all.
The silliest part of it all was that the "stale check" from my customer wasn't even from an account at my bank; it was from a different bank entirely and I was just depositing it. My customer's bank would be the one to decide whether to honor their check, not my bank. And of course they honored it.
Im SO GLAD YOU cover or touched UCC ! Omg... This is the least touched subject by most people that do not have a clue they are imvolved im commerce on daily, But im happy to hear you touch UCC
I graduated from Bremerton High school and Bank of America gave me a free LIFETIME checking and savings account as a gift. That only lasted 7 years!
Love your channel. This is my third video I've watched. New subscriber. Love this stuff!
Great stories, thank you, enjoyed them.
A few years back, I had to get a new debit card because a fraudulent charge was made. Before I went to my bank, I also checked my savings account for anything fishy just to be safe. And I noticed a withdrawal of $600. So... I got my new debit card and I inquired about the odd withdrawal. The banker opened up the withdrawal on the computer and we saw the signature. Turns out, because I'm from a small town, the bank mixed up my and my cousin's accounts. Oops! The issue got resolved fairly quickly.