Re: Quick Explanation from a FI Fraud Investigator
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How can I be wrong, when all I am saying, is that this is the banking industry's way of commiting legalized fraud against its customers.( IMO) And my original point was that this has nothing to do with Nigeria.
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How is it fraud? From the bank's POV, you are the one potentially committing fraud. If the scam worked, you would have deposited $6000. By federal law, they are REQUIRED to release those funds to you in X amount of days, but it takes Y days for the bank to actually transfer the funds from the check issuing bank (Y > X). In that time between the bank clearing the funds into your account per federal regulation and the time where the bank actually receives the funds, you withdraw $4500 of it. Finally, the bank receives notification that lo and behold, they don't receive that $6000 that you withdrew $4500 of a week or so prior. Do you think the bank is just going to let you take *THEIR*, not your, $4500?
The methods are archaic and modern technology probably could easily make this transaction process a lot quicker to avoid problems like this. But you're stuck as is because the process is so entrenched (like many other things). Stop being a blockheaded fool and realize that the bank is not committing fraud but that they are forced into acting a certain way and are only taking steps to protect their business. Just like with any monetary transactions, you have to be careful.
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