G’day Bruce!
Aaaannnd....it’s gone.
In the U.S., if the bank gives away your money without your authorization, the bank is liable for the full amount.
Maybe the bank thought the Nigerian Princess was legitimate.
What incompetent nitwit at a bank processes that kind of transaction without thorough documentation?!
Out of curiosity, I just looked it up. Ubank is evidently a virtual bank. There are no actual brick-and-mortar locations. All transactions are done over the internet or by phone.
I guess I’m old-fashioned, but I’d never consider banking that way. I want to be able to talk face-to-face with a bank officer if I need to.
But on the plus side Ubank‘s deposits are guaranteed by the Australian government. So there’s that.
Wonder what amount the Aussie government insures individual accounts. US FDIC insurance is $250,000 per depositor, per insured bank.
If I lost $600,000 to a “glitch” I sure wouldn’t be calling customer service. I’d be standing in the President’s office demanding an answer.
EBH :" Not scammed. Bank really lost their money!"
Imagine how this scam occurred ...
Now imagine how a national digital currency exists without any safety precautions
Thievery can exist through 'hackers' or rogues in government agencies.
IIRC similar happened recently to a crypto account also in Australia because an account number was entered MANUALLY incorrectly.
In this day and age you’d think manual data entry would be a thing of the past.....especially when it comes to money accounts.
They should have contacted him BEFORE emptying and closing the account to verify this transaction.
That’s a horrible experience. Then being ignored by the bank, would be enough to turn some people to extreme violence seeking revenge.
What kind of bank, when referring to that much money would send an email:
“Just wanted you to know...”? That sounds very unprofessional and shady.
I won’t ever have his level of savings, but the “crumbs” I do have, I wouldn’t trust any virtual bank to hold them.
Never with my life’s savings.
Unless the “bank” can prove he authorized the withdrawal I expect he’ll get his money back. BTW Bruce, never put all your eggs in one basket.
Was he vaxxed?
I am regretablly at the point where bank regulations should mandate that any withdrawal above X amount (1) require contact with and confirmation with the account holder before the amount may be withdrawn, and (2) the withdrawal does not even happen if the account holder has not personally confirmed it within 24 hours.
I have such alerts with my bank and my account is not closed, activity is just suspended, until I and and the bank confirm the transaction is legit. The law did not force my bank to make such alerts. I see so much fraud and so many scams lately that I think the law should require such things.