Posted on 01/15/2022 8:09:36 AM PST by ChicagoConservative27
I did a wire transfer of over $100K for a real estate deal.
The guy from the bank spent over 45 minutes with me, verifying the destination account, and asking me if anything was abnormal, and If this was what I was really trying to do.
He asked these type of questions about 10 times. It took a while, but I was encouraged that the bank cared, and that the money went to the correct place.
My old company used to have special procedures for wires to specific countries. We’d have to call them, and ask them what is was for, whether they spoke to someone on the phone, and we then told them that if it’s a scam, we’re not liable, since they’re signing to have this money transferred. It made a few people rethink their wire plans, and we many people had “trusted contacts” in their family we could call for elderly clients in those situations.
In any case-we are in the phase where NEA failures are coming home to roost
MY bank would’t cash a check I made out to the guy who remodeled my kitchen. They were not used to seeing me make out checks that large so they called me
speaking of scams:
A friend’s wife got an email saying her Norton AV was expiring and they were going the debit her account for $450.
So she calls. They bounce her around on hold for an hour. (building investment of her time)
Then they get on her computer to ‘help’ remove the software, and while there they bring up a ‘company webpage’ to refund her the $450. While she watches, they enter in $4500 and hit return.
“Oh no! Ma’am, I’ve screwed up and refunded you $4500. If I don’t fix this I’m going to lose my job! And, you’ve now got $4000 of my company’s money!”
You know what happens next. Fortunately, she sought advice and never sent the money, even though they called back and tried to lean on her... careful to never cross the line.
It’s your money. The most the bank can do is make sure it’s really you and this is really what you want to do with your money.
So do we want banks not allowing people over a certain age to move money? What age would that be? Not sure what the bank did wrong.
“My solution: No business deals over $100 for old folks. Pass a law.”
Lay off the booze.
““Chase told me they don’t question their clients,” Spanierman recalled. “But why not? What would it hurt for them to ask more questions and to do something?””
Do something? It is not the bank’s job to babysit their clients. If any babysitting is required that should be done by the family. It looks like the family is just trying to blame someone else for their failures.
Another friend said confidently, “I paid $500 to have a company scan and secure my network, so I’m good.”
What network? You have two computers, a printer and a router. You have no ‘network’ to scan, but if you want to pay someone to run a public source scanner app on you machine, go ahead.
Several things here that could be improved.
1) Families with elders who have significant assets should setup a 2-step confirmation for large transactions. If the brokerages and banks want it for THEIR protection, so should YOU!
2) Banks & brokerages should make such 2-tiered authorizations readily available and PUBLICIZE said tools! A tool that exists but is not visible is not an answer.
3) Yes, a large bank like Chase may do large transfers routinely BUT NOT FROM an 81yo’s individual non-business account going out-of-country. I doubt if even Warren Buffett would do a transaction like this from a personal account!
In “the old days” when someone’s bank was not some giant corporation but more of a “local” bank, where the customers and bank employees knew each other by name, someone would have strongly questioned the old woman and spoken to her daughter.
Living in the age of the “impersonal” community, everyone is an island and has little personal knowledge or contact with either the business people they deal with or conversely the customers they deal with, and as “autonomous” individuals it is “rude” to dare question someone’s actions.
But I am sure when I was a small child my grandmother’s local bank would have strongly questioned such transactions from her and called my mom.
Paging Dr Phil.
Please pick up the white courtesy phone.
IF they are buying or selling a home-—the transaction should have a TITLE COMPANY in the middle.
Being "elderly" is no excuse for the bank to tell you what you should or should not do.
BTW, what is the legal definition of "elderly"?
Was it that large in a one lump sum? Or spread out in smaller amounts? I didn’t read the latimes not going to, site, but the excerpt doesn’t mention of it,was onemwire transfer or not.
If that is the case and it was that obvious then why didn't Spanierman take over managing her mother's finances? Especially if she had been the victim of a smaller fraud the previous year?
Never trust a phone call from out of no where.
^ This I don’t even answer my phone.
Look it up yourself.
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