Court Says TOO BAD to Bank's $500M Mistake - Ep. 7.308

[@goliathcleric]

It's a shame none of these mistakes ever end up in my bank account.

[@George4943]

$500 appeared as a wire transfer in my account. I had already received an expected wire transfer in that amount a few days before. When I called it to the bank's attention they thanked me profusely saying that they could not have discovered the mistake without my honesty. Did I do the right thing? Or should I have spent the $500?

[@analogidc1394]

@@George4943 You did the right thing, but I wouldn't think any less of you if you had spent it. lol

[@steveschlackman4503]

It's humorous that both are crappy companies. Revlon has been a weak company for many years. Citibank has been in retreat from being a major bank for a long time.

[@plexisgaming]

@@George4943 Notifying them probably saved you from being criminally charged when they found eventually found it.

[@JohnLinneball]

@@George4943 You did the right thing. Most banks (maybe not that one) would discover the error eventually. I did the same with a deposit where they credited me quite a bit more than the actual amount I deposited. The banker said "Thank you for your honesty, but we would've caught it and debited your account eventually." And a bank did just that many years before- they credited me $300 mistakenly, then took it back before I even realized it was a mistake (much like you, I was expecting money, so...). Anyway- TL;DR version Yes, you did the right thing - (1) it was morally right; (2) you would've gotten "caught" eventually if you hadn't.

[@TearDropNebraska]

Once when young and struggling, I had the bank put $100 in my account by mistake. After I had written four small checks. The bank pulled the money out , charging me over $60 in overdraft charges. The bank manager told me it was my responsibility to know the amount of money in my Account at all times. The next morning I began calling her every 1/2 hour to request my account balance. After pulling her from a meeting (emergency request), she agree to return all charges if I closed my account, which I was more than happy to do.

[@NoSpam1891]

Biden wants to fix that.

[@jeremykothe2847]

Did you reopen the account the next day at a different branch?

[@TearDropNebraska]

Nope

[@jeremykothe2847]

@@TearDropNebraska actually that's good too. Better, really! Carry on.

[@stephanreiken9912]

If you paid a bank 500$ million by mistake they wouldn't give it back either.

[@airplane312]

I be happy if debt got paid up in advance because what if they declare bankruptcy day of loans owe like two years later.

[@zatoth13]

actually, if it was clear t was an error, they do. The regulations favor the consumer, believe it or not.

[@zatoth13]

@mspider12 that is not good faith though. The term “reasonable” and “expected” come into play. If one gets a double pay, it is not reasonably expected funds. I find it surprising the amount of people who think otherwise though.

[@jupitercyclops6521]

@@zatoth13 You just provided a perfect example of why the word "reasonable" is a crock of scat. You said something to the effect of you being suprised at how many others think a certain way. "Reasonable" should not come into play yet its over used all over our legal system. It's steep in it. Reasonable to one person or group might be completely unreasonable to another's. I don't like the notion that so many of my freedoms hinge on what Tom. Dick, & Sally think is or isn't Reasonable. Our laws should be more concrete/ specific. It won't happen because Grey areas leave room for argument & lawyers make their money by arguing and by making laws.. They won't change them if it cuts into their walletts.

[@CarrackPilot]

This is actually untrue. I mistakenly double payed a payment. I called the bank and they readily paid the money back without any problem.

[@BrandHilton]

Soon after buying my first house, I accidentally paid my house payment twice one month. I called the mortgage company and was told, basically, "Sucks to be you." They refused to refund me and treated it as me paying down my principle, so I still had to come up with a house payment the following month. Bastards. Edit: Can't believe I forgot to include this detail. My mortgage company was CitiMort.

[@davidturk6301]

That’s why today, when you make a mortgage payment, you have to indicate, “principal only”, or regular payment. “Principal only” payments reduces the principal amount but does not eliminate the next payment due.

[@DeronJ]

I was wondering how Citi would act of they were on the other end of the transaction. Thanks for posting this.

[@briant7265]

On the plus side, you probably knocked most of a year off the end of the loan.

[@Scott-by9ks]

I always pay extra. I'm gonna have all my houses paid off early. 😁

[@volvo09]

I tossed all my spare money at my first car loan once and paid it down about 25%. I was out of money and didn't think i needed to pay next month, then i get the late notice 2 months later saying i've missed 2 payment, pay up! Live and learn :) now i know.

[@yellowlabdavis7170]

A bank rips themselves off!! Justice served!!

[@abn82dmp]

Kind of like Jim Carey in Me, Myself and Irene, where he's in the bathroom "I'm kicking my own ass!!!"

[@MikeBrown-ii3pt]

@@abn82dmp I've never seen Me Myself and Irene but, he did that in Liar Liar too.

[@8thdayadventist911]

Not really. They can just add as much money as the Federal Reserve would give them, which usually is as much as they want.

[@jerrywary6090]

Agreed

[@vinjulieann1]

That's nothing compared to how the Federal Reserve rips us all off.

[@lq7777]

Someone accidentally selected “Balance in full” instead of “minimum payment”. 😂

[@bradmiller6507]

This is absolutely hilarious. A bank that’s famous for its long and storied history of involving itself in criminal conduct gets a bit of karma. Let’s hope it keeps happening!

[@FrosteMelon]

This would be a good scam. Pay back investors then ask for the money back. Your "inside" investors refuse as they have been payed with the others investors money. Bank declares bankruptcy cash in without a loss.

[@shentino]

That doesn't justify not letting them out of their mistake, but it's probably responsible for why they got screwed in the first place. Karma serves the interests of God, who often lets sinners suffer consequences from other sinners. EDIT: oh wait they didn't even get screwed because they already owed the money in the first place! But it's still karma, because banks by definition LOVE taking advantage of the maxim "the borrower is slave to the lender" and now they're getting a taste of their own medicine. As for criminal conduct I'd like to see law enforcement step up to the plate. How much of that criminal conduct wound up with anyone going to jail?

[@bradmiller6507]

@@shentino committing crimes on behalf of a bank does not result in criminal prosecution. Deposit insurance cannot be given to a bank that has been found guilty of a crime which is why enforcement against banks and their employees who commit those crimes is always a civil case and not a criminal case. Commit a crime against a bank though and the case will be both criminal and potentially civil as well.

[@davidbuffum4887]

Turnabout is fair play. If you would have done that to them, they would have said "Tough luck, sucks to be you".

[@stevef68]

They sent the EXACT amount that was owed? Someone was looking at the wrong line on the spreadsheet!

[@tammymathews3407]

Or they probably embarrassed it.

[@tvojslauf]

@@tammymathews3407 ???

[@NorthernKitty]

Normally, I wouldn't keep a payment made due to an error once I was informed, but knowing how often banks swindle customers I would have made an exception in this case. Bravo, Revlon.

[@User-z3d]

I love any story about the banks losing.

[@donwayne1357]

I have never know anyone that had the bank come and take their house. I know a lot of people that gave their house back to the bank. The bank don't hafta give you a loan. They don't hafta open an account for ya! They don't hafta issue ya a credit card. They do these things for business. Grow up, you look like an adult so think like one, not like a child.

[@---cr8nw]

It must be strange to live in a world where "the banks" are amorphous, intangible things. I hate to burst your bubble, but banks are made up of people. My wife works for Citibank. Just this month, they've announced layoffs of half the people in her department and she'll be responsible for training their overseas replacements. But hey, as long as you're glad to hear of the demise of a company.

[@zatoth13]

the big banks screwing up is always an interesting source of amusement. Credit unions and community banks, not so much. The credit unions try to work with their members and community banks are not the same as a Citibank or a Wells Fargo in that most community banks are not predatory.

[@User-z3d]

@@zatoth13 Arizona Federal Credit Union bank closed my account without notifying me. They later said it was simply because they hadn't heard from me for a while. I never got my money from my account's balance at closure. They only pretend to care in social media when I tag them during my warning to others to avoid that local credit union.

[@zatoth13]

@@User-z3d financial institutions do close an account for dormancy and they should have contacted you. If they did not receive a response, the money is escheated to the state of your last known address and no longer in possession of the funds. Depending upon the state of your last known address, the period before escheatment from the time the account goes dormant is 3-5 years. If escheated, contact the state in question concerning unclaimed property.

[@FlatFifties]

This reminds me of an experience I had many years ago when I was a small self employed dairy distributor for Meadow Gold Dairy. Meadow Gold had the contract to supply dairy products to a local college. During the nine month school year the account was big enough to sustain a dedicated company milk route with a company owned truck and company driver. However, during the summer semester it was too small for a dedicated company route to be profitable, so they normally used that company driver as a vacation route skipper, and they would give the business over to me for the summer to deliver in return for a $1 per case charge. Meadow Gold computerized their accounting and billing system, but they did it really badly, and so each week I would receive an automatic settlement for case charge deliveries that I made for the company. When the fall semester started, the company driver took back the account. My book keeper, (who was also my wife), informed me that Meadow Gold was continuing to pay me case charge for deliveries to the college, even though they were being delivered by a company route, and it was amounting to a couple of thousand dollars per week. I told her to set all that money aside, that I would take care of it. I waited until the end of the first full month, then I made a phone call to the company and asked to speak with the boss. I was told he was out of the office and could she take a message. I told her to tell the boss that I wanted to deliver the college for them. She laughed at me and said that she was sure that would not happen. I told her to tell the boss that he might as well let me deliver it since he has been paying me a case charge to do it for a month now. I knew they would not turn the account over to me, but the chance to tweek some noses and illustrate how screwed up their computer system was, was just too irresistible to me. Of course my wife had the money set aside ready to fire off a check to Meadow Gold after I had my fun.

[@scottwojo7881]

They will make it back in real estate repossessions in two quarters.

[@zatoth13]

real estate repossessions are actually money sinks. When a house is claimed by a financial institution, the financial institution is responsible for taxes, upkeep, getting the property up to code for resale, etc. until the property is sold, usually at a loss. The borrower is responsible for the difference on the loan and fees involved for the foreclosure, not for the other expenses.

[@brendanberto-jones3352]

They lose money on foreclosures

[@tman1129]

Plus I'm sure foreclosures will be delayed again by the feds.. anyone who thinks we live in a free market society is delusional...

[@tman1129]

Meanwhile, whose account did this come from, Revlon's?

[@PvblivsAelivs]

@@zatoth13 The banks had to pay a large settlement for fraudulent foreclosures some years back. If the property has become significantly more valuable than the loan amount, a foreclosure can be quite profitable. I'm sure the banks still made out like bandits over that. But I will recognize that those are... exceptional circumstances.

[@songyardbird2513]

No worries, the banks will still be in the green from all of their “legal” high interest loans that they exact upon the poor better known as overdraft fees.

[@stuartd9741]

Yep 💯

[@stuartd9741]

@David Bryant r/woosh

[@stuartd9741]

@@harorider96 r/woosh

[@dknowles60]

and huge profits on mortages. a 70k mortage will be paid back at least 140k

[@daltongarrett7117]

@@dknowles60 I would blame the dumbass who signed the contract. they don't hold guns to your head and make you sign away your hypothetical farm. you make that decision and judgement that the 70k thing you wanted a loan for will come back to you 10 fold the loan amount or more. and the risk that it won't and your hypothetical farm is screwed. I see mortgages as a gamble.

[@martyk1156]

This story would be better if a Nigerian prince was involved.

[@jbwolfgram]

Obituary: Nigerian prince worth over 10 million dollars died yesterday. He had been trying to get his money out of the country for years, but no one would help him.

[@stocktawk]

Laughed out loud when I read this comment. Thank you

[@SIMONP1965]

😂😂

[@elainechubb971]

I still occasionally get the Nigerian e-mails, but now the person who wants to help me become very rich is a Cabinet minister or an ambassador. I guess the scammers realized the prince shtick was losing its believability but hadn't figured out the assumed suckers were getting wise to the whole scheme, not the part about needy royalty!

[@RRinTN]

Years ago I had a CO worker that got an almost $15,000 pay check. Ten times his normal check. Since he didn't keep up with his bank account by checking it regularly he didn't notice the error for over 30 days when the employer made him aware of the mistake. It got worked out.

[@michaelwalker4667]

Mr. Steve. Back in the late 90s I went to the atm to withdraw some money. When I looked at my balance I noticed a discrepancy. I called the bank on Monday. It was on a Sunday when it happened. When my direct deposit was deposited there was a mistake. Instead of $1700+ it was $17000+. The person at the bank thanked me for pointing this mistake to them. The person said they would have found the mistake eventually. Maybe I should have held onto it for a little while. Still addicted to your videos. Michael

[@darrellpatton4008]

The hedge fund probably thought that Revlon would go into bankruptcy and they would never get most of the money. When the full amount due showed up, to the penny, they saw it as a prayer answered.

[@afriedrich1452]

The lenders should have added a prepayment penalty.

[@jacobleeson4763]

You can’t. The idea of a prepayment is that you pay early to avoid interest payments. So if you pay early the bank loses out on money and charges a fee. It is my understanding that the bank paid them the entire amount including interest and that is why they were so upset. Because they paid interest as if they borrowed for a certain amount of time when they actually borrowed for significantly less time. Otherwise they could’ve just taken out a new loan from somebody else and lose no money. If they are trying to fight it in court that means they lost a whole bunch paying interest for time that they didn’t actually get.

[@bergmanoswell879]

I've read several stories in the past where a bank makes an error in a customer's favor, and that customer gets a visit from police because the bank reported it as a bank robbery. I've also seen even more stories where the bank makes an error - often very clearly negligence rather than an honest error - in the bank's favor, but when the customer calls the police the police say it's just a civil matter. In one case, both happened to the same guy in two separate incidents - how can it be a matter for police if the bank freely gives you too much money and only a civil matter if they take too much from you?!

[@hankkingsley9300]

He who has the gold makes the rules

[@stukksmith122]

The hedgefund quickly turned around and shorted Citibank AND Revlon stocks!

[@dbeekman9738]

"Thank you for paying off your loan early. Normally we would be happy to lend you more money since your loan is paid off, however, we have zero confidence in your accounting procedures so we will not be lending you any more money now or in the future."

[@zanderpell3636]

Well, the contract very clearly states overpayment will be applied to loan. It's right there on page 172, subsection 17, bullet point "F".

[@bones549]

One of the funest classes in my MBA program was bus law. My professor was retired irs auditor. He said "..its not what's right...its whats the law!". That really stu k with me the rest of my career.

[@Mavendow]

We don't worry about the law being right or proper nowadays.

[@prjndigo]

I had a Taco Bell insert and back-date a debit draw by 6 months which caused a cascade of account bounces through Wachovia. I explained the problem to them then explained the problem to the bank's national policy hotline for the banks to call. I then put in money to cover the supposed bounce. They tried to remove the price of the Chalupa but keep the 14 overdraft charges. So I went back to the bank and talked to that legal department again and said, I quote: "So, now that you've removed the illegal draft from the taco bell, you have fraudulently charged me $350 in punitive fees for no violations of contract. You have 90 minutes to correct that or 91 minutes to deposit $16,000.00 for each overdraft charge. Your choice, but at 92 minutes my lawyer will hand this bank manager a lawsuit for a couple hundred thousand dollars plus a notice of petition for federal investigation AND a class action lawsuit representing all your customers nationwide and international." Ever see a bank fix something in 6 minutes? If the computer back-dated a draft illegally on me, it would have automatically done it to every account they held. It isn't the individual action the bank was responsible for, it was the universal exposure to risk.

[@darnation8650]

The universe owes me Trillions...so any millions that accidently show up in my bank account i assume in good faith are my due :-)

[@jupitercyclops6521]

Bank of America owes me tens of thousands from their dishonesty , tar & featheable credit card scams where they took a 0% interest to over 20% interest over night & for no legitimate reason. Probably compounded minutely. Paying extra every month and the balance still grew! It's illegal now, but then it was standard.. Got a 2nd mortgage, paid em off, made wife clp the card, & made double & triple payments on the 2nd mortgage. Yeah, people thinking gov shouldn't regulate business.....only if we bring back tar & feathering & dueling first. Then maybe. But those come first

[@daltongarrett7117]

@@jupitercyclops6521 yeah mom fell in those traps, they were kinda dumb for giving a broke woman a credit card in the first place. they got filed bankruptcy on twice. different banks each time dumbasses learned their lesson after twice lol

[@AvgDan]

Many years ago, my grandmother deposited a check made out to the family business. Instead of the bank teller depositing the amount on the check, they deposited a very large amount consisting of many of the numbers in the routing number.

[@bradenculver7457]

Of course, when banks accidentally wire extra money to random people, they commit wire fraud if they spend it even by accident, but it happens to investors in large corporations? How could they know it wasn’t their money? We live in a corporatocracy.

[@robertjkuklajr3175]

Does Revlon have to pay Citibank back the money since they paid on their behalf? And, would there be interest charges on that amount paid on their behalf?

[@TriCountyMotorsEastman]

That would be my question. It almost like they bought the loan.

[@joshnabours9102]

I love the Canadian robot lady. She has the best zingers, groaners and one-liners. It has become half of why I watch Steve's videos.

[@dorkusmingus]

What about interest? Do the lenders get to keep the interest accumulated during the litigation and while waiting for the appeal? Even at 1% that's 5M per year, how long did the first litigation and added to that the appeal will it be total time interest earned.

[@silvergreylion]

He said the money was still frozen due to possibility of appeal, so no interest would accumulate since the money can't be lent out.

[@rnreajr9184]

I heard about this yesterday on the news, and immediately thought of you! Glad somebody else happened upon it and said, "Lookit, Steve!"

[@Dumbluck14]

My sister years ago kept getting threatened by IRS that she had to pay taxes that were actually her Ex husbands. She went to IRS office and they ranted up and down she owed the money so she paid it. She had to go to another floor to get a receipt and the woman there asked her why she paid that and that she didn’t owe it. She said give me my money back and she said “it doesn’t work that way”. They refused to refund her money

[@jeffw1267]

That's why you have to hire a tax lawyer. If you do that you don't ever have to deal directly with the IRS, and potentially make a mistake because you don't know the laws.

[@law4nyc]

Peter, Frank, Paul and Richard. Sounds like a great name for a band.

[@stevelehto]

Hamilton Joe Frank and Reynolds?

[@calvinwalker4654]

They didn't really lose any money. It was just an early payment on a loan. It would be like me sending my car loan company 10k to pay off the loan then asking them for it back.

[@ronstill3868]

There cost of litigation seams to me that it would not be worth it to appeal. Work it out with Revlon to be the lender on the debt.

[@boikatsapiens499]

Ben peeking out from behind the top left of the new "Speed" sign.

[@yadayada752]

🍹😎👍🥈 2nd

[@jospehjack]

If you make a deposit into a bank and have the deposit slip(all info correct on the slip including account number.) and the bank didn't deposit it into your account and refuses to credit the deposit. What recourse do you have? (bank in question Wells Fargo and state Colorado).

[@jasonbaber1]

Once, I got a Community Chest card that said " Bank error in your favor, Collect $200"

[@Adeptzed]

Heard about this article and was happy to see your take. What a bizarre issue...

[@jimnotter6046]

I remember some decades ago, my checking account suddenly had $9,000 dollars more than it should have. I called and they said they would have to get back to me. They did, and removed the money. They claimed that they had started using paper for some form that was a different thickness and that is what caused the error. Also, this happened to other accounts, but I was the first one to call them. I'm not sure if I called because I was honest or because I knew if I spent it, it would be VERY hard to pay it back.

[@SGTJDerek]

I call it Karma. Citi was part of the housing crash and subject to the Lawsuits that followed. Along with BoA, they still haven't paid the Judgements against them.

[@MarkMYoung]

"To [make] a mistake that had never happened before" is the most common mistake to overlook, Your Honor.

[@russellstephan6844]

I was consulting for IT work at a big financial company a couple of decades back. The company was closing down some foreign businesses and transferred a severance payment to one of the foreign businesses executives. It was a little less than a million bucks... Then, they duplicated the payment accidently. The foreign executive quickly moved the excess money making the error irretrievable. Smart on them. Oops!

[@btbingo]

Many years ago a bank made a mistake which cost me money. I complained and after much grumbling the mistake was corrected. I then informed the bank of my intention to penalize the bank as they would have penalized me had I made a mistake. I was invited to get lost.

[@kurtshellhorn7636]

I managed a branch of a large national bank for many years. One day, a customer made a $10,000 cash deposit using a counter deposit slip and wrote the wrong account number down. Two days later, our legal department asked me to make a call to recover the money. Repeated calls were not returned. I drove over to the recipient's home to ring the door bell. No answer. The following day, the lawyer for the recipient called to inform me the recipient thought the money was an "act of god" and had spent the money. Our legal department decided to drop the matter rather than go the court route because: 1) Unlikely we'd ever get it back, 2) the bank didn't want the mistake to become public and, 3) it would have cost more than $10K in legal fees. If you get a magic deposit, folks, take it and run.

[@cloisterene]

"Borderline irrational" -- Literally held my breath until I made sure it wasn't my bank.

[@davidbaldwin1591]

Good job Steve, anddd...thanks for the education

[@gene8172]

Never underestimate the power and the utility of excellent letter writing prowess.....

[@JP-uu2rw]

well all those people who learned common core math are now entering the workforce and this is what you get

[@a23b46]

This is why I’m surprised when it happens to random people they get arrested on theft charges

[@robertadams8192]

There was a case in Canada, back in the 1980's, where a bank accidentally deposited $500,000 in to the wrong bank account. The account holder, thinking this was just a customer payment, spent it. The bank demanded an immediate repayment. The account holder asked to have a repayment schedule set up as it normally did not have this much cash on hand and immediate repayment would force them out of business. It went to court as the bank would only accept immediate repayment, and nothing else. Normally the court would have ruled in favour of the bank except for two things. First it was revealed that the error was a rare but fairly common one caused randomly by the banks computer system. It was a glitch that the bank knew about and had proven itself prepared to put up with (cheaper than fixing the problem). The court ruled that since this was a problem "caused" by the bank, and not the account holder, it was reasonable for the bank to be the inconvenienced party and not the account holder. And, second, as the account holder had always been prepared to pay the money back if given (what the court saw as) a reasonable repayment schedule but that the bank was only interested in immediate repayment, and nothing else, the judge gave the bank one of its choices: nothing, and ruled for the account holder. As a side note, the amount of the deposit was mentioned in the courts decision. The amount, although high, was not unheard of for this account. Therefore their was nothing suspect about it being spent right away. However, had it been a much larger amount, say $2,000,000, the court would have suspected the account holder knew there was an error and had hoped to spend it before anyone noticed, and would have been order to repay it.

[@theagemaway]

I'm really interested how this will affect the client Revlon. Will they be held responsible for the mistake? Will Citibank take on the loan? Will Revlon have to pay it back? I think this deserves a follow up video

[@danepcarver4951]

Yes, I would think Revlon owes Citi bank the amount of the loans not its original lenders. How does anyone lose unless Revlon defaults on the loan & files bankruptcy?

[@BozesanVlad]

Are different things the bank and creditors on one side, revlon and bank on the other side. So citibank mistake is them. Revlon should only respect the contract with the bank, cos they didn't had any involvement in bank's mistake.

[@standriggs2420]

You left out the fact that Revlon claims they did not authorize the bank to pay off their creditors, so that money is Citibank's loss. It sounds like Citibank intended to pay off the loans, and then changed their mind after the fact.

[@papatutti59]

Back in the earlier 80’s I took out $20 from my $350 saving account. The next day as I’m looking at my bank receipt, my balance is $3,300 dollars. I held on to it for a month. Then I got a letter in the mail. They took that money back. I was only 16 and I was to scared to spend the money knowing I may go to jail for it.

[@briangarrow448]

I’ve never had a bank make a mistake in my favor, not even a ha’penny nor farthing!

[@---cr8nw]

If it ever happens, pull the money out immediately. Don't spend it. But if you leave it in the account, they can just take it back and mark it as a bank error in their system. If you pull the money out, they have to come ask you for it. That gives you a chance to lawyer up and review exactly what happened and exactly what protections you have.

[@masterx11a]

Had a bank give me an extra $100 once, I didn't pay any attention to it because I honestly wasn't even sure how much I was getting so they decided to close my account. I found out next Friday when I attempted to cash my paycheck. I Fing despise banks.

[@PC-vx6ko]

You've been waiting for a chance to write that last part.

[@NeoTechni]

"or I write really good letters" Dude, I almost choked to death (on my laughter at that, as I was eating pizza)

[@BigMike67]

Hey Steve , Wouldn't the original loan contract supercede the court ruling ?? As you mention the repayments where agreed to in a certain series of repayment?? Not pay all at once .

[@camperjack2620]

You don't have to work in a really large company to see this. They cut staff, they increase workload, they rely on computer systems that really aren't perfect, they consolidate different operations and cut more staff, and then things just don't work as well as they used to. This would not have gone down on paper that you had to carry through three bosses for the OK back inn 1960. This would not have gone down if they had a computer system that 5 accountants signing off on the computer screen the first person typed in. Some of our modern improvements just aren't real good. We still have not heard the real story about the big computer hack a couple of months ago. Some stuff, shouldn't even be connected to the internet.

[@stevecannon4780]

When I worked at one hospital, all of the direct deposit payments for payroll were somehow deposited into one nurse's account. She was going on vacation that day and stopped at the bank to withdraw cash for her trip. She had thousands more in her account than she should have had. She went to the hospital payroll department and they informed her that they were dealing with an emergency and she would have to come back the next day. She asked if it had to do with some thousands of dollars and they freaked out. One woman actually accused her of stealing the money and she asked how the hell she would manage to get everyone's paycheck deposited into her account. She had to go with them to the bank and it took some hours to clear things up. At the end, everyone got paid, the money not entitled to her was removed from her account and she left only half a day late for her trip. This wasn't a bank error, but a mistake in depositing on-line by a payroll clerk, who didn't last long at that job after that.

[@imjashingyou3461]

Welcome to the military. This happens multiple times a year to many service members. When you get overpaid uncle Sam will stop at nothing to recoup the money no matter how much hardship it puts you through. But if you underpaid uncle Sam may take months or years to make things right.

[@mtpocketswoodenickle2637]

Twice in two months Huntington Bank has deposited $5,000.oo into my account that wasn't mine. When I brought the matter to their attention they berated me as if I didn't know how to add correctly! I guess it sucks to be honest.

[@anthonymacgregor9790]

sounds like Huntington Bank does not know how to do maths

[@lq7777]

Huntington double credited a deposit in my account some years ago. I left the money there and sure enough the eventually deducted it back out.

[@BruceS42]

My wife works as a software architect at a bank, but somehow they still haven't deposited any money in our accounts that isn't ours. I thought that sort of thing would be relatively easy, maybe a matter of rounding up pennies, but nope.

[@brikbrokly5272]

The dmv won't return money either .

[@hookin1]

Sounds like the investors should charge for early pay-off of the loan :)

[@sirstephen9825]

Was there a early payoff penalty?

[@1JoyPeace]

😳😳 Used to use verification before and during wire transfers with sign-offs from account managers to department VPs /Mgrs at that amount in corporate trust. Heck, even the clerk receiving the transfer authorization had to know what was actually due before receiving. Heads were rolled I'm sure.

[@pitbullcopwatchlasvegas9321]

Love your channel. This story was great.

[@johngormley2192]

Financial institutions need to live by the same rules that they make up for us.

[@MrTom1379]

That’s one hell of a lot of lip stick

[@dalerobinson8456]

Be great if the lenders hit Citibank with a prepayment penalty too.

[@larrybolhuis1049]

I'm a computer guy. I read a discussion about this thing and how horrible the software was that the bank uses. The intent was for the money to be paid into a holding fund and then re-invested in slightly higher risk fund. The investors had agreed to this. But the software was so bad that the investment manager needed to make at least three choices to prevent the money from being completely refunded and instead put it into the holding fund. Then not one not two but at least three sets of eyes at the bank had to validate that the transaction was done correctly. But of course with that many people staring at it they all figured the other guy had looked at it better, so they approved it. Since it was done wrong, the money didn't go to the holding fund it was refunded to the investors instead. So most of the investors decided they didn't REALLy like the higher risk option anyway and kept it. And the hilarity ensued.

[@bkbinj6320]

Steve Lehto, excellent legal letter writer.

[@Lamtitude]

Good to hear a bank making a mistake and having to live with it. We all know they wouldn’t have any pity on a common person that made a mistake like that. They would use the stock line of “once the transfer is complete we can’t do anything about it.” My wife’s sister accidentally overpaid her car payment by a significant amount by adding an extra zero on her online payment once. The bank acted like their hands were tied even though the loan and bank account was through them. So she just had to deal with spending $2000+ that she didn’t expect to spend.

[@nacoran]

Meanwhile I was $500 over my asset limit on my SSI for a year (I thought the limit was $2500, not $2000.) For carrying $500 over for a year they are telling me that I owe them for every SSI payments/benefits. So a $500 mistake will cost me almost $14,000. I did have debts I could have paid off, but I was trying to be responsible and keep a safety net for emergencies.

[@joshuagibson2520]

I finally got a VinWiki with Steve. I had suggested it long ago. Surely I wasn't the only one, but my dream just came true.

[@stevelehto]

We shot a few videos so there are more coming.

[@dfdigger3820]

Wonder if the judge got a piece of it ?

[@scottodonahoe9505]

This is what money laundering looks like !

[@lrmorrison999]

While working on reconciliation of a clients insurance trust account, I found a $60,000 deposit that was in error. I fully expected to see the bank making the wire transfer to correct their mistake and told management of the excess cash. We decided to let the error resolve itself in time and used the funds in our normal rolling CD program that was generating 6% returns. The bank balance was normally in excess of 1 million dollars. It took about 60 days for the error to be recognized. I received a telephone call from a timid accountant at the bank that made the error. He asked if we still had the money. We returned the money in full, but kept the interest that we earned over the 60 days.

[@petermcmurray2807]

I love it. I corrected a program fault as a consultant programmer on a bank credit card system. Previous programmer had mistaken the position of the amount and the card number. These varied with types of record. The bank did not notice until a customer walked in to point out that his card account was a million or two dollars over!! So much for internal audit. I discovered they had had a program written that allowed them to do one sided journal entries as such errors were not possible 🤣

[@bg6b7bft]

Could Citi argue that they now "own" Revlon's loan, and collect from Revlon at the arranged schedule?

[@zatoth13]

no

[@sirstephen9825]

The loan is paid in full.

[@2000globetrotter]

It's time the law was changed. If you make a mistake with the bank in your favour, they will just hit you for the money regardless of its impact on you but if the mistake is theirs and in your favour, they still hit you. This is grossly unfair. If a bank makes a mistake, they should be the ones to pay for it, regardless of the size of the mistake.

[@nathanielswanson5730]

"It was early in my career. The letter couldn't have been that good." LOL

[@johnhaas951]

Some years ago I cashed a check for $65.Get home,see they paid me $70.Week or so later I get a bank letter stating they overpaid me $5 and they were taking the $5 out of my savings.Damn,some folks get hundred million dollar bank errors and I can't even get away with five bucks !

[@joemichaels4231]

Another Great one Steve!!!

[@aoksys31]

Revlon recently filed for bankruptcy, with a massive disparity between available assets and debts owed. No wonder some lenders saw the writing on the wall and wisely kept the money they were entitled to keep.

[@walttrotter535]

I always scan the comments first to see where Ben is so I don't waste time looking for it. Fun reading some of these comments too!

[@tonyhelms5904]

It makes me smile knowing that Citi Bank got screwed. LOL. Couldn't happen to a better corporation.

[@MasterCommandCEO]

You're so good at what you do I wish I could find some good representation in NY

[@AZFlyingCook]

Well that settles it, I'm putting "I write really good letters" on my resume

[@iCANT_BELIEVE_YOU_SAID_THAT]

The recipient should give the bank $5 for their pain and suffering.

[@davidc8077]

I wonder if any of the fund recipients were sent a threatening letter demanding the return of said funds and thought; "You make a mistake and we get threatened...Oh no you don't"!

[@RichardsWorld]

I thought most institutions that lend money don't want to get paid back immediately unless the are going to get back the same interest.

[@morrislyons5435]

IRS makes these mistakes all the time,and forces the people to pay them back.Allegedly.🤔🤔🤔🤔

[@mrlt1151]

I’d say that maintaining a good working relationship with an eye on future business would be the primary reason for returning the money, but 1) greed. 2) who knows if the company will ever be able to repay the money in the future? Bird in hand...

[@whirledpeaz5758]

When crediting the people who notified Steve, I half expected a Peter, Paul and Mary in there somewhere. Or maybe a Tom, Dick and Harry.

[@dennisberman4640]

Ben tucked behind center sign.... looks like a new sign. very top of set.

[@yadayada752]

3rd 🥉✔🎈

[@allsensesfiring]

Who is Ben???

[@yadayada752]

@@allsensesfiring unofficial contest . Steve has a $100 bill on set. He hides it each episode & we try to find it. The Benjamin comes from an old video where Steve challenged sovereign citizens to provide him with a Supreme Court ruling saying their position was correct. After several years, Steve cancelled the offer, but keeps the bill on set. He even took it to Vinwiki when he did his videos there.

[@edg5218]

Thanks for the mention !

[@paulskeet9001]

Reminds me of something that happened a few Christmas's ago. The Halifax Bank ( could have still been a building society at that time) made a mistake and filled a cash machine totally with £20 notes (instead of £10 & £20 notes). The were very classy (in my eyes anyway...I didn't benefit from this), and a senior management person came on the new apologizing for the mistake, saying.... To all our customers whom have had this windfall, don't panic we're not going to ask for the money back and we hope that you use it to have an exceptional Christmas Like I said Classy

[@jamesstevens4453]

Why is CtiBank borrowing money from Revlon?

[@jdilksjr]

They didn't. Revlon borrowed from CitiBank, who then borrowed from the hedgefunds and others. CitiBank paid back what it had borrowed, by mistake.

[@joshnabours9102]

It was Revlon who borrowed from citibank. However, apparently citibank had borrowed the money it had loaned Revlon from these various investors. Weird, but not as weird as citibank borrowing from Revlon.

[@radicalrick9587]

I'm also a subscriber of VINWIKI. Like you Steve, they have some great stories tootell! And for us car lovers, we can relate to many of those stories.

[@memylastname9972]

In the U.K. there are two defences: Change of position and Estopped. If you spend the money believing it to be yours and to now give it back would create financial hardship you don’t have to return it. Estopped is better, if you ask the bank if this money is is yours and they say yes they can’t have it back if they decide later it’s a mistake. Usually, if you’re quick enough asking, you get the same idiot who sent it and would never admit they are wrong. This was the case with NatWest bank and my son-in-law who was unsure he should have received a payout. I suggested he ring them and recorded the reply “Yes sir it’s definitely yours, you enjoy it and have a good day”. A couple of months later when they wanted the money back I told them, although we only needed one we would file both the above defences and was looking forward to defending their action. We never heard from them again.