I HATE MY BANK
Discussion
And your bank hates you. 😂
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We all do, that’s why we’re here
At my shop today, we discovered that one of the checks we mailed out to pay a supplier had been cashed by a fraudster. Apparently, people have been stealing mail, finding checks to businesses, and just printing new checks with different payee on stock commercial type checks. I use a small regional bank. They said they've seen a massive uptick in this recently affecting tens of thousands of checks a week.
The bank cashed it even though it wasn't even close to the type of check we use... you know, the ones we get from the place the bank recommended. The signature was "close" but forged.
The bank said "Fill out this Affidavit and get it notarized."
So I spent a couple hours this afternoon trying to track down a notary, since no humans were answering phones today. Got it notarized, scanned, and emailed back.
The bank guy says, "Thanks, we will try to get your money back."
I'm like, "Wait, this is obvious fraud... you're not going to just transfer the cash into my account?" Nope. Need to investigate and try to recover from the other bank.
This is the system. They take our money and do the bare minimum to protect it. All the risk is on us. Even when they cash fraudulent checks that don't look like your standard checks. How difficult would it be to do some kind of comparison on the scanned checks? Not hard I think. A lot easier than matching the signatures, which are there to protect us. What a joke.
You know what doesn't have this problem? #Bitcoin.
#IHATEMYBANK
I had a similar experience, but with Chase. It was wild. We had someone or a team, replicating ACH payments that looked like our usual payments, all taken from a payroll check, that was probably cashed at a western union, it was awful. They weren't going to give the full amount back (it was an embarrassingly large amount), but we filed a police report and showed it to chase, after a few days they said, "are you a veteran?" No. "Are you a senior citizen" no. "Did you have covid in the last 12 months?" Yes, because everyone had it at the time. magic words. The next day they restored all of the fraudulent funds. It was really crazy that it happened, and also really crazy how they were able to clack a few keys and we had the funds restored, because we had Covid within the last 12 months.
I didn't think to say anything about Covid. Next time I'm on the phone with a banker I'll just start yelling "I HAVE COVID!"
Oh, they also pointed out that it is likely the people creating these fake checks have sold our business account into on "the dark web" and they recommend creating a new account. So I can spend a couple days updating all our payees that we have auto ACH set up with, and all the accounting software that uses our bank feed (which breaks like twice a week).
Hahahaha. Yes, I've had to do this twice with two separate businesses. It's the biggest pain in the ass.