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Subject: The BANK of "Asshats" rss

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Robert Wesley
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angry I'll state right out the gate here that I don't like ANY of these "institutions", mainly because of the manner in which they get away with ripping off the many smaller 'clients' of theirs. Here's a fine example in fact, because of course THEY aren't "responsible" for 'suspect' spending habits.

http://tinyurl.com/2gy3cx

While YOU can expect something more reasonable to take place, unless it don't! They you're screwed as well, or worse.
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Scott A. Reed
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Grogs, I'm right there with you, but one bit that does stick out in my mind on this one is that these frauds happened over August to October... a period of at least one month (end august to first October) or over as many as three months (first August to end October). Did the consumer not read her bank statement in the interim? I just finished up a law school class on Payment Systems/Commercial Paper, and there are affirmative duties for consumers in the Uniform Commercial Code to keep tabs on their bank accounts in cases of Check Fraud (UCC 3 + 4) and through the Electronic Funds Transfers Act.
 
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Robert Wesley
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Yes, while WHO is "responsible" to *alerting* someone that this 'activity' was ongoing? The person unaware from the get-go, or the BANK where it is taking place? Also, they should be able to track where the purchases had been sent, wouldn't you believe so? There may be ways to avoid that, but then anyone who was SENT this stuff had to pick it up from somewhere. They aren't just waiting on the corner of some street for the "Delivery Man/Woman" to drop that off right? The MAIN point was that this BANK didn't take enough precautions for their customer like they should have, in protecting each of them from what transpired, while yet they felt it worthwhile to "dun" her wrongedly as well. Pretty petty underhanded thievery on their 'part', would you say?
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Scott A. Reed
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Grog- I agree with you on the point of outrage that it would seem that the bank has failed in their duty to the consumer by allowing the consumer's account to be drained, as well as to rack up tens of thousands of dollars in overdrafts and overdraft fees. But, between the consumer and the bank, the one who has the easiest burden to avoid the situation is the consumer; only the consumer knows which of his or her purchases is legitimate, and through examination of her statement, would have known and could have notified the bank that unauthorized charges had been placed on her account.

I won't say that the bank was not culpable for the loss, especially with modern programs which are designed to detect out-of-the-ordinary spending. Perhaps a simple phone call from the bank notifying the customer of the spending could have halted this, but the bank is also not in the position to tell the consumer how to spend her money. Yes, the cost-benefit analysis comes out on the side of making a simple phone call versus opening the bank to the possibility of a great loss (which the bank will bear if it is found that they violated a duty, or if the consumer notified them of the unauthorized transactions within the time specified in the Commercial Code and related statutes). But, the bank also does not have an affirmative duty to mind their customers' spending habits.

If the consumer did indeed allow time too much time to lapse between the instigation of the fraud and her reporting of the loss to the bank, she could well have troubles, as with her inaction and inattention she may have given tacit approval to the transactions by not objecting to them in a timely manner.
 
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