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ATM Receipt With $1 Million Balance Shows Tale Of 2 Cities In New York
http://www.businessinsider.com/atm-receipt-1-million-cash-balance-2013-4#ixzz2RHpIz4L0 ^ | April 23, 203 | Jim Edwards

Posted on 04/29/2013 10:26:31 AM PDT by rightwingintelligentsia

OK, so a lot of rich people live in New York.

We know that.

It's not news.

But it hits home in a non-abstract way when, if you're not one of the very rich, it's rubbed in your face at your local bank.

These two ATM receipts were discovered at a local Chase bank by my old colleague Tony Case, the special reports editor at Adweek. He gave me permission to publish his photo of them. They show that someone recently withdrew $300 in cash on a balance of $1 million, just after someone else tried to withdraw $100 on an account that had insufficient funds.

(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events; US: New York
KEYWORDS: banking; receipts; sourcetitlenoturl
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1 posted on 04/29/2013 10:26:31 AM PDT by rightwingintelligentsia
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To: rightwingintelligentsia

The millionaire has no credit.


2 posted on 04/29/2013 10:29:43 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: rightwingintelligentsia

The media and the left want the person with the $1Million balance to feel guilty.


3 posted on 04/29/2013 10:29:57 AM PDT by mnehring
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To: rightwingintelligentsia

4 posted on 04/29/2013 10:30:13 AM PDT by 2ndDivisionVet (I'll raise $2million for Sarah Palin's presidential run. What'll you do?)
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To: rightwingintelligentsia

Let’s see.....how much money would you need in a SAVINGS ACCOUNT to take care of your retirement? The real message from this story is that the Democrats will louse everything up.


5 posted on 04/29/2013 10:32:22 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: rightwingintelligentsia

Chase. Typical, have a million on account, can’t get $300 on credit.


6 posted on 04/29/2013 10:32:36 AM PDT by null and void (Republicans create the tools of oppression and Democrats use them. Gun confiscation enables tyranny.)
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To: rightwingintelligentsia

What is the point that the author is trying to make? One person has money, and another does not. So what. Is he suggesting that we should spread the wealth, as Obama advocates?


7 posted on 04/29/2013 10:32:43 AM PDT by Cowboy Bob (Democrats: Robbing Peter to buy Paul's vote.)
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To: mnehring

Just another piece of the media’s ongoing (and sadly, to this point successful) campaign to get Americans to hate the rich.


8 posted on 04/29/2013 10:33:15 AM PDT by Buckeye McFrog
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To: mnehring

Was just about to say the same thing. Otherwise wow there are rich people and poor people. Good thing we have journalists that can find this out for us idiots.


9 posted on 04/29/2013 10:33:29 AM PDT by culpeper (I have sworn upon the altar of God eternal hostility against every form of tyranny... TJ)
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To: 2ndDivisionVet

That’s a great post!


10 posted on 04/29/2013 10:33:40 AM PDT by Lancey Howard
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To: 2ndDivisionVet

Let them eat cockroaches - Queen Moochele


11 posted on 04/29/2013 10:33:56 AM PDT by trubolotta
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To: rightwingintelligentsia

I suspect the one on the right is fake. Different format, no last 4 of the account # for example.


12 posted on 04/29/2013 10:34:06 AM PDT by null and void (Republicans create the tools of oppression and Democrats use them. Gun confiscation enables tyranny.)
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To: Cowboy Bob

I think so.

This “story” is making the rounds of the liberal blogs as an example of income inequality. (Oh, the horror! Some people have more money than others!!)


13 posted on 04/29/2013 10:34:13 AM PDT by rightwingintelligentsia (Truth/Lies; Liberty/Tyranny--WHAT DIFFERENCE DOES IT MAKE??)
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To: blueunicorn6
We don't know why one client is a millionaire while the other is broke. The pair may deserve their fates. Or not. But we do know that extreme, fixed, inequality is a recipe for disaster in a society that claims to be democratic and socially fluid. We'll leave it to you to debate the merits. Here's the evidence. The pauper and the millionaire at the same ATM:

Not that I needed any but here's proof that Business Insider is nothing more than thinly veiled communist propaganda.

14 posted on 04/29/2013 10:34:56 AM PDT by pgkdan (Some taglines never go away....)
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To: blueunicorn6

What is shocking to me is that the guy with the $1 million dollar balance paid a $1.99 ATM fee.


15 posted on 04/29/2013 10:36:24 AM PDT by Truth is a Weapon (Truth, it hurts so good.)
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To: 2ndDivisionVet

That’s a light snack for her... :)


16 posted on 04/29/2013 10:36:42 AM PDT by Mr. Jeeves (CTRL-GALT-DELETE)
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To: rightwingintelligentsia

Assuming it isn’t a photoshop fake, who would keep that much money in a mostly uninsured account and risk being kidnapped for their ATM card?


17 posted on 04/29/2013 10:37:21 AM PDT by fso301
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To: null and void
Chase. Typical, have a million on account, can’t get $300 on credit.

And have to pay a $1.99 transaction fee to boot!

18 posted on 04/29/2013 10:37:24 AM PDT by lonevoice (Today I broke my personal record for most consecutive days lived)
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To: 2ndDivisionVet

So what was the bank supposed to do give the NSF dude $55.00
out of the Million dollar account!
The have nots will whine forever. Obama has placed this in out society!
HAs there been any mention of sparking business or new jobs in any way in the last 30 days!
No the man just cries about guns!
America will not want to work again after figureing out they do not need to work with the Dole in place!
Americans no longer have aspirations of being wealthy just live day to day!
Obummer has brought the food lines of old Russia to America!
But in a different mannor! just figure out the difference betweeen min wage job and welfare it’s a wash and you don’t have to work!


19 posted on 04/29/2013 10:39:04 AM PDT by Conserev1 ("Still Clinging to my Bible and my Weapon")
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To: rightwingintelligentsia
OMG! HURRY UP, LET'S STEAL THE MONEY OF THE MILLIONAIRE AT FEDERAL GUNPOINT AND GIVE IT TO THE POOR GUY!!!1!! < /Liberal>
20 posted on 04/29/2013 10:39:22 AM PDT by Lazamataz ("AP" clearly stands for American Pravda. Our news media has become completely and proudly Soviet.)
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To: blueunicorn6

The guy had a million in a savings account? So what? I used to pick up discarded reciept slips laying around ATMs. I was amazed how many people had only a couple of hundred in the bank.


21 posted on 04/29/2013 10:39:34 AM PDT by ozzymandus
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To: 2ndDivisionVet

oh gosh, bollinger with lobster? terrible taste.


22 posted on 04/29/2013 10:39:38 AM PDT by absolootezer0 (2x divorced tattooed pierced harley hatin meghan mccain luvin' REAL beer drinkin' smoker ..what?)
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To: rightwingintelligentsia

1. This is news in NYC? Just walk north on 5th Avenue from 92nd Street and you’ll get the same effect in about 15 blocks. EVERYONE who lives there understands this concept and learns to live with it.
2. Who keeps $1 million in a savings account?


23 posted on 04/29/2013 10:39:57 AM PDT by BlueStateRightist
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To: pgkdan
Not that I needed any but here's proof that Business Insider is nothing more than thinly veiled communist propaganda.

What's this 'Thinly Veiled' bullshit?

24 posted on 04/29/2013 10:40:49 AM PDT by Lazamataz ("AP" clearly stands for American Pravda. Our news media has become completely and proudly Soviet.)
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To: Lancey Howard

FWIW, Snopes disagrees. I don’t trust the Hussein-loving Mikkelsons — at all — but unlike their usual defense ploys for their god (300+ per DAY), this one seems to be plausibly debunked.

http://www.snopes.com/politics/obama/roomservice.asp


25 posted on 04/29/2013 10:41:57 AM PDT by treetopsandroofs (Had FDR been GOP, there would have been no World Wars, just "The Great War" and "Roosevelt's Wars".)
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To: ozzymandus
I was amazed how many people had only a couple of hundred in the bank.

my atm reciept would only say a few hundred at any given time.. but that's the spending money. not savings, retirement, bill money, or kids college.
having smaller ammounts also helps in case of loss of card.
26 posted on 04/29/2013 10:42:16 AM PDT by absolootezer0 (2x divorced tattooed pierced harley hatin meghan mccain luvin' REAL beer drinkin' smoker ..what?)
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To: Lazamataz

You have a point!


27 posted on 04/29/2013 10:42:49 AM PDT by pgkdan (Some taglines never go away....)
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To: rightwingintelligentsia

This guy and his buddy have serious envy issues.


28 posted on 04/29/2013 10:44:37 AM PDT by Pan_Yan (I believe in God. All else is dubious.)
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To: fso301

> Assuming it isn’t a photoshop fake, who would keep that much money in a mostly
> uninsured account and risk being kidnapped for their ATM card?

Chances are that the Adweek special reports editor and Chase conspired to create the ATM receipt for some special report on inequality.


29 posted on 04/29/2013 10:47:02 AM PDT by Jyotishi (Seeking the truth, a fact at a time.)
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To: pgkdan

Posted a comment on the article:

“Good old Business Insider.

“Thinly veiled communist propaganda without the thin veil.”


30 posted on 04/29/2013 10:49:46 AM PDT by Lazamataz ("AP" clearly stands for American Pravda. Our news media has become completely and proudly Soviet.)
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To: Truth is a Weapon
What is shocking to me is that the guy with the $1 million dollar balance paid a $1.99 ATM fee.

Exactly. That is the real scandal here. You put a million dollars in a bank and they pay you a pittance in interest and then they rub salt in the wound by charging you a fee to transfer money from your savings to your checking account (which costs them nothing).

As for the other receipt, B.F.D. When I was in college a long, long time ago, I can't tell you how many times I got an ATM receipt that told me they couldn't process my request for insufficient funds. The bank is simply letting you know the reason why they can't process your request (as opposed to, say, the ATM being unable to distribute cash).

That Business Insider uses this as an opportunity to comment on social inequality just goes to show that even a "business" publication can demagogue on class warfare just like any anti-business publication.

31 posted on 04/29/2013 10:55:16 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: ozzymandus
I was amazed how many people had only a couple of hundred in the bank.

Why? I think it's foolish to keep large sums of my money in an ATM/debit-card accessible account. If my debit card number is compromised, that's going to be my money that's stolen. Sure I can contest the charges, but until the bank agrees, I don't have my money.

I keep most of my money at arm's reach from my everyday spending account; with online and phone banking I'm just minutes away from getting more money if need be.

32 posted on 04/29/2013 10:55:29 AM PDT by whd23 (Every time a link is de-blogged an angel gets its wings.)
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To: blueunicorn6

This happened to me. I was running a business whereby I needed close to or over a million in cash, but because I missed a mortgage payment and a few other small things - each unnoticed by me - My credit line plummeted to about a thousand bucks. (Which meant in those days I could not rent a car.) Moral? 1. Get an accountant as soon as you can afford to. 2. Banks are not your friends.


33 posted on 04/29/2013 10:58:43 AM PDT by golux
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To: Truth is a Weapon
...paid a $1.99 ATM fee.

I saw that. I don't take cash from my bank's ATM machine very often, but I don't think I pay a fee when I do. At my own bank!

34 posted on 04/29/2013 11:00:14 AM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: BlueStateRightist
Who keeps $1 million in a savings account?

Someone who keeps their real money in solid investments.

35 posted on 04/29/2013 11:02:05 AM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: 2ndDivisionVet
Bollinger Champagne? LOL! She can order anything on the wine list and she chooses that?!

You can't buy taste.

I'm surprised she didn't get a nice bottle of Asti-Spumanti.....or, better yet, Moscato.

36 posted on 04/29/2013 11:05:57 AM PDT by Mase (Save me from the people who would save me from myself!)
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To: mnehring
Wish I had a million bucks in the bank.

Though the author would prefer otherwise, my not having a million bucks doesn't make me hate the person who does. Good for them. They must have worked hard to get it, or managed what they were given fairly wisely.

37 posted on 04/29/2013 11:06:55 AM PDT by wbill
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To: 2ndDivisionVet

N. Y. Post apologized for publishing that one because it’s fake.


38 posted on 04/29/2013 11:11:04 AM PDT by wideminded
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To: rightwingintelligentsia

So what? It could be that the millionare is a person that has been working and saving for 30 years and the pauper is a broke college student. This is nothing more than fomenting class warfare.

On the flip side, it is also a reflection of a great country. A country in which the rich and poor mingle in the same area and are most likely not even aware of each other. A country where it is possible for that pauper to become the millionare.

This article should reflect the greatness of this situation, a situation that would not be found in Cuba, North Korea or Venezuala.


39 posted on 04/29/2013 11:11:19 AM PDT by CSM (Keeper of the Dave Ramsey Ping list. FReepmail me if you want your beeber stuned.)
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To: rightwingintelligentsia

So what? Does the media somehow think that it’s wrong for someone to have a million dollars and someone else doesn’t? Rhetorical question - of course they do, unless it’s one of the media or a politicial like that disgusting little Napoleon Bloomaparte


40 posted on 04/29/2013 11:12:39 AM PDT by from occupied ga (Your government is your most dangerous enemy)
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To: rightwingintelligentsia

OMG! You are telling me that someone tried to withdraw $100 and the bank DENIED it all the while the bank has another depostor with over $1M. The bank should have withdrawn the money from the rich account and then gave it to the poor individual who is truly struggling to get by in this heartless world. The rich person would have gladly paid the $100 because it is the patriotic thing to do.

In fact, since the reported for this crap article makes a lot more than me he should send me $100 because I deserve it and it is also the fair and patriotic thing to do.


41 posted on 04/29/2013 11:14:43 AM PDT by dirtymac (Now is the time for all good men to come to the aid of their country.)
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To: rightwingintelligentsia

100 withdrawal coming from a checking account
300 withdrawal from a savings account

Checking accout = no interest paid = minimal balance maintained

Savings accout = interest paid = more money in there

Apples and Oranges being compared here.


42 posted on 04/29/2013 11:15:23 AM PDT by dmz
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To: Mase
I'm surprised she didn't get a nice bottle of Asti-Spumanti

I prefer "Chateau Boone", the 'strawberry' infused version. Though, if the vintage is right, 'peach' can make a piquant, yet fruity change that pairs nicely with a lobster dish.

A decent second choice to pair with lobster would be a recent bottle of "chien enragé vingt-vingt". I've not tried it, but I hear that March 27th is a decent vintage.

43 posted on 04/29/2013 11:16:05 AM PDT by wbill
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To: Mase

“I’m surprised she didn’t get a nice bottle of Asti-Spumanti.....or, better yet, Moscato. “

Or,,,,, Ripple!


44 posted on 04/29/2013 11:18:39 AM PDT by Dr. Bogus Pachysandra ( Ya can't pick up a turd by the clean end!)
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To: rightwingintelligentsia

Try to withdraw a million dollars on a three hundred dollar balance. Might work???


45 posted on 04/29/2013 11:19:32 AM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough)
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To: 2ndDivisionVet

Bollinger is swill. I wouldn’t use it to wash my car.


46 posted on 04/29/2013 11:26:35 AM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: rightwingintelligentsia

For all we know, this could be the SAME ACCOUNTHOLDER! Less than $100 in checking, can’t get a cash advance on the credit card, withdraws cash from savings account. Question: why would anyone with a million in savings take a credit card cash advance? Don’t they charge payday-loan type interest rates for those?


47 posted on 04/29/2013 11:31:05 AM PDT by informavoracious (The ancient Greeks and Romans thought they were on the "right side of history.")
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To: BlueStateRightist
2. Who keeps $1 million in a savings account?

Someone who has so much cash that they don't need to worry about FDIC protection on one account.

48 posted on 04/29/2013 11:35:27 AM PDT by wideminded
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To: BlueStateRightist
Who keeps $1 million in a savings account?

It all depends on how much they turn over and how quickly they do so. We really don't know the situation involved. This could be someone of whom, this is all they have and they aren't bright. This could also be someone who has tens of millions or more in various investment vehicles and $1 Million you see here is what they need to have somewhat liquid to pay various expenses over the short period. Imagine, for example, a commercial plumbing contractor in NYC. They may need to have a large sum liquid to immediately pay suppliers for large jobs over several months. Just this one number really doesn't tell enough of a story to make a call on the wiseness of keeping this amount in a savings account.

49 posted on 04/29/2013 11:39:24 AM PDT by mnehring
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To: Opinionated Blowhard
"That Business Insider uses this as an opportunity to comment on social inequality just goes to show that even a "business" publication can demagogue on class warfare just like any anti-business publication."

Business Insider puts up a front of being a balanced, conservative publication. It's not. If noticed their liberal bias for several years now.

50 posted on 04/29/2013 11:47:24 AM PDT by StormEye
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