But that’s so simple to validate. I mean, I have funds in a few accounts and every one of them shows up in FDIC’s bankfind tool and “member fdic” is advertised by the banks.
The link you posted does mention fdic but it says Gemini’s deposits are fdic insured (probably true as what kind of a crazy company keeps cash in uninsured accounts). Definitely shady of them to word it like that as it’s likely meant to confuse and mislead. But again, pretty easy to validate and disprove before sending any funds.
I hope you get something back and I guess the good news is that you only make this mistake once in life and teach everyone in your family how to avoid.
thanks for sharing and sorry it happened to you. sad to say but, i would be suspicious with if any interaction with a bank is going this easy and is this convenient...
Same thing happened to my wife earlier this year. She deposited a check (from an insurance company), Chase apparently deemed it fraudulent (it was not) and with absolutely zero notice simply closed her account. She pulled open the app one day and noticed that the account was just missing, with all the money that was in it.
Hours on the phone with no resolution. They told us we had to get the insurance company to contact them and verify that the check was valid. Like wtf is that. That’s not how checks work. And we’re not talking about a large sum of money. I think it was around $4k. Not particularly abnormal.
We finally walked into a branch with our 4 month old daughter, plopped ourselves in the manager’s office and told him we weren’t leaving until it was resolved. A few hours later we were told that the account was permanently closed and could not be reopened. But that we would receive a check in the mail for the funds that they quite literally stole from us.
As soon as that check cleared we closed all our accounts with Chase. Fuck them.
I've had people send me $ to the wrong account, and it gets rejected by the receiving bank, I believe because the name / information doesn't match what's listed on the receiving bank.
Chase closed my account because I deposited a valid check, but chase fraud dept closed my account with close to 13k in it.
I made a lot of trips to the bank, countless hours on the phone and what I found is different departments don’t communicate or share data.
Every time I call or go to the bank the first agent would say a check was mailed and I should wait for it in the mail, but wouldn’t give me an ETA. After I insist they never mailed anything, I get transferred around and finally someone says they have not received the requested document - which I had submitted in person at a local branch.
This process repeated few time and got escalated to their “executive office” twice - which restarted the process.
It felt like I would never get my money and after two months found out about CFPB and filed a complaint. About 3 weeks later chase magically found all the documents and mailed a check for the balance.
Hmm, you’ve been robbed by banks? That sounds like a big deal, you should file a report with the inspector general of the FDIC if you’re US based: https://www.fdicoig.gov/
I just gave an example based on what I read on reddit, as I never deposited $500K in my life. I have no problems with banks' closing accounts, as I have accounts with a couple of local credit unions, who are nice to me.
What caused the closure? A legitimate transaction that they find suspicious. Conjunction of two issues--not sending the funds back and closing the account without releasing funds to the customer--is real 'thievery' in my opinion. Since big banks are NOT interested in resolving disputes about funds by lying to customers, better file a complaint with CFPB right away with many details and documents.
Disgusting. What you should do is call your bank and reverse the charges for fraud. Unless you bank at Mercury in which case customer service will just laugh at you because they’re a shit bank (that I’m ditching today)
I don't think that I have there something worth transferring, but I just wanted to check and close the account. But I know people that have a lot of their life savings there, and that is why I shared this situation. How it can be trusted if they can even let transfer the funds out or give a proper explanation?
> If both you and your competitor bank can come back 90 days later to withdraw fraudulent funds, you can advertise that your deposits are available immediately while theirs aren't. What is the risk to you? You can just pull the money back.
The risk is insufficient funds in the account to cover the deficit
> There is no technological roadblock from verifying within seconds that a) a bank account exists with the given account and routing number; b) it is associated with the name on the check being deposited; c) it has available funds to cover the balance of the check. As it stands the banks give you the money as soon as its deposited (or very shortly thereafter), but that's no risk to them. They can come back and get it whenever should they need to.
You missed "d) was printed by a forger with otherwise valid information"
I’m surprised banks literally don’t have the ability check for suspicious behavior like blatantly having the same account receive multiple unemployment benefit dollars from a state that the person doesn’t reside in...
Oh yeah, I forgot that some banks allow that. Maybe an even easier thing to try is telling the scammer you need their ACH so you can whitelist it with your bank own bank?
The scammers wire the money out of your account into a bank account they control, and then put it in another bank, and then
move it further on from there. Knowing which bank they have their account at doesn't help you avoid the problem.
Except they didn't say that. They sent it by accident. And there's decades of case law siding with banks against "bank error in your favor" situations.
The link you posted does mention fdic but it says Gemini’s deposits are fdic insured (probably true as what kind of a crazy company keeps cash in uninsured accounts). Definitely shady of them to word it like that as it’s likely meant to confuse and mislead. But again, pretty easy to validate and disprove before sending any funds.
I hope you get something back and I guess the good news is that you only make this mistake once in life and teach everyone in your family how to avoid.
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