Skip to comments.ATM Receipt With $1 Million Balance Shows Tale Of 2 Cities In New York
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 ...
The millionaire has no credit.
The media and the left want the person with the $1Million balance to feel guilty.
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.
Chase. Typical, have a million on account, can’t get $300 on credit.
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?
Just another piece of the media’s ongoing (and sadly, to this point successful) campaign to get Americans to hate the rich.
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.
That’s a great post!
Let them eat cockroaches - Queen Moochele
I suspect the one on the right is fake. Different format, no last 4 of the account # for example.
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!!)
Not that I needed any but here's proof that Business Insider is nothing more than thinly veiled communist propaganda.
What is shocking to me is that the guy with the $1 million dollar balance paid a $1.99 ATM fee.
That’s a light snack for her... :)
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?
And have to pay a $1.99 transaction fee to boot!
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!
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.
oh gosh, bollinger with lobster? terrible taste.
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?
What's this 'Thinly Veiled' bullshit?
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.
You have a point!
This guy and his buddy have serious envy issues.
> Assuming it isnt 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.
Posted a comment on the article:
“Good old Business Insider.
“Thinly veiled communist propaganda without the thin veil.”
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.
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.
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.
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!
Someone who keeps their real money in solid investments.
You can't buy taste.
I'm surprised she didn't get a nice bottle of Asti-Spumanti.....or, better yet, Moscato.
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.
N. Y. Post apologized for publishing that one because it’s fake.
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.
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
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.
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.
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.
“I’m surprised she didn’t get a nice bottle of Asti-Spumanti.....or, better yet, Moscato. “
Try to withdraw a million dollars on a three hundred dollar balance. Might work???
Bollinger is swill. I wouldn’t use it to wash my car.
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?
Someone who has so much cash that they don't need to worry about FDIC protection on one 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.
Business Insider puts up a front of being a balanced, conservative publication. It's not. If noticed their liberal bias for several years now.
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