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(Yahoo)   Banking glitch gives student $9.9 million   (story.news.yahoo.com) divider line 64
    More: Spiffy  
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19503 clicks; posted to Main » on 06 Mar 2003 at 12:18 PM (11 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2003-03-06 08:55:04 AM  
OK, link to kid who cashed $100,000 junk-mail check in 3...2...1...
 
2003-03-06 09:05:41 AM  
Good story that, JerkStore. But that was a screwy advertising gimmick and this is a (pretty big) banking error; basically, the kid had access to one university account, and the internet banking site gave him access to all fifteen university accounts, because they were tied together by the university TIN. Sad programming!
 
2003-03-06 10:26:31 AM  
wow, and that link's already gone green. this is news why? Princeton Republican Found Moral. Shocking.
 
2003-03-06 10:46:15 AM  
"What's all this I hear about some skanky bi+ch giving students 99 million hollars?"

[/LaTella]
 
2003-03-06 11:40:44 AM  
What's bull shiat isn't that the banks take that money back, it's that they take the money gained of the interest back too. F you banks. If you fark up and give me money, I say I'm under no obligation to keep that money in an interest baring account. Any interest gained from said money is wholey my reponsibility and therefore my property.
 
2003-03-06 11:48:17 AM  
But that's not the case here, Impaler. There was no money withdrawn.
 
2003-03-06 12:16:36 PM  
I'd have serious thoughts about leaving the country with the cash. Sure, I can't come back, but with $10 mil I can fly my friends to visit me in my new country without extradition laws...
 
2003-03-06 12:24:20 PM  
In Columbia, you can live like a drug lord on 10 mil.
 
2003-03-06 12:24:22 PM  
They're obviously using WebSphere. Or worse, WebLogic.

[/tech geek flamebait]
 
2003-03-06 12:24:27 PM  
Wow. If I had that much money, I could pay my tuition, quit my job, and buy lunch for all my friends! Who wants a Big Mac?
 
2003-03-06 12:24:56 PM  
Yeah, I'm sure that's the first time anyone with access to any of the accounts found out they could access ALL the accounts...

Do I smell an internal audit?
 
2003-03-06 12:25:19 PM  
How would that work Oldmildog?

You'd try to carry $10 cash? How would you even get it? Banks don't have that much on hand.

You could try to transfer it to an overseas account, but they'd just zap it back.

I don't think it's possible.
 
2003-03-06 12:25:47 PM  
Whats sad is, the IRS will not care if it was a bank error, if he had it under his control for even a millisecond, he is responsible for the taxes on it.

This a stafford laon will cover that?
 
2003-03-06 12:26:01 PM  
new Monopoly cards are being printed as we speak:

"Bank error in your favor collect $9.9 million"
 
2003-03-06 12:26:26 PM  
obviously not a business major
 
2003-03-06 12:26:30 PM  
I used to work with the world's most useless man. (Larry)
One time Larry told me that the bank made a mistake and put 8 grand into his account. He was so stupid he thought that it was his to do as he saw fit. He blew the entire load in one night in the casino's of Biloxi (I was in Mobile, AL at the time).
When the bank wanted to know where the money went he told them that it was his and he already spent it. They took him to court and won. Larry only made $6 an hr. So he sold his plasma twice a week to make the money to give to the bank.
 
2003-03-06 12:26:33 PM  
Of course I ment $10 million cash. Most people can carry $10 cash.
 
2003-03-06 12:27:28 PM  
umm.......and also removed it.

it happened to a guy i knew, 5 minutes it was in.....then it wasn't.
 
2003-03-06 12:28:09 PM  
So if he paid his student loans off now, he'd probably break even.
 
2003-03-06 12:28:55 PM  
 
2003-03-06 12:29:34 PM  
I love the bank's answer:

Bank spokesman Joe Whall wouldn't say whether Leeds or anyone at The Tory could have withdrawn funds from the university accounts if they had tried.


"The funds are absolutely safe. No transactions were made," he said.


He's so good at dodging questions that I would think he works for the Government...
 
2003-03-06 12:31:09 PM  
HA HA.. Too bad he wasn't standing at an ATM and had all those $100's spitting out at him. That would have made a better story.
 
2003-03-06 12:31:23 PM  
"Hi, I'd like to make a withdrawal. Can you give me ten one-million-dollar bills, please?"

Oh, and I'd just like to note, purely for fun, that US$10,000,000 = 16,059,300,219,576.30 Turkish Liras.

That's 16 Trillion. Try to walk out of a bank with those in your pocket.
 
2003-03-06 12:32:03 PM  
See, what I would have done is have it all transferred to a casino account at Mohegan Sun. Then I would have went to the roulette wheel and bet it all on 00 at 38 to 1 odds, which would have won me 380 million. THEN replaced the original amount in the bank, and then retire. And hire someone to totally ruin Eminem's life, for starters.
 
2003-03-06 12:35:37 PM  
See, what I would have done is have it all transferred to a casino account at Mohegan Sun....

Say you did something like this. Not a 38 to 1 shot, but take the money, put it into something short-term (money market, stock, etc.) and make money. Say 2%.

Is the bank legally entitled to that gain?
 
2003-03-06 12:35:48 PM  
go on, take the money and runnnn
go on, take the money and runnn ruuuYeah!!

/if anyone has the full lyric's please feel free
 
2003-03-06 12:35:59 PM  
Too bad this didn't happen somewhere like Harvard Law School. "Sue us biatch"
 
2003-03-06 12:36:38 PM  
Of course I ment $10 million cash. Most people can carry $10 cash.

Not me, not ever since that strange, strange accident...

I don't want to talk about it.
 
2003-03-06 12:36:50 PM  
For you Cannucks, that's $14.4 million purple chickens.
 
2003-03-06 12:42:28 PM  
Once I found that out, I'd withdraw all my money and close my account!
 
2003-03-06 12:42:28 PM  
If that happened over here in england, i think the bank need permission from the account holder to take the money back out again. Therefore it's legally yours if you refuse to give it back.
I'm not fully aware of the truthfullness behind it though.
 
2003-03-06 12:43:41 PM  
PlastiqueJeebus, I doubt they could ask for anything but their own money back -- what you did with it after taking it out of the account isn't their business. I'll keep that in mind . . . :)
 
2003-03-06 12:43:51 PM  
What to do, what to do? I know...Toga...Toga...Toga!
 
2003-03-06 12:51:17 PM  
It turned out that the magazine's online log-on number is identical to the university's, because it is the same as Princeton's federal taxpayer identification number.

isn't their federal tax id number, accessable to the public? i know i've dealt with tax id numbers on some of my jobs. i guess they'll be changing their log-on and tax id numbers too. now that a few people know the numbers are all the same.
 
2003-03-06 12:51:42 PM  
You are missing the obvious, though.

Withdraw $20 from an ATM and keep the receipt. Accidently drop it in front of women. They will look at the balance - who wouldn't? It says $9,899,920.00 - Chicks dig money!
 
2003-03-06 12:51:42 PM  
**Threadjack**

TotalFarkers, is the CNN cheeto story on the horizon, the one where there is no Fark mention? Bastards.

**I know return you to your regularly scheduled flame war**
 
2003-03-06 12:53:01 PM  
9.9 million is an insult.

I wouldn't settle for less than 9.9 BILLION!
 
2003-03-06 12:53:14 PM  
**now** I'm an idiot.
 
2003-03-06 12:55:12 PM  
Hielo
Whats sad is, the IRS will not care if it was a bank error, if he had it under his control for even a millisecond, he is responsible for the taxes on it.


No, the bank will just correct the error and they won't issue a Form 1099, which is a report of interest earned. The only way you can get screwed on that angle is if the bank makes another bonehead error.

The IRS just enforces the laws, it doesn't make them.
 
2003-03-06 12:57:11 PM  
But that's not the case here, Impaler. There was no money withdrawn.

You want me to read the articles too? This site is getting far too demanding.

I thought it was one of those banking errors where the bank accidentally puts money into your account.
 
2003-03-06 12:57:58 PM  
Avixxen2
It turned out that the magazine's online log-on number is identical to the university's, because it is the same as Princeton's federal taxpayer identification number.

isn't their federal tax id number, accessable to the public? i know i've dealt with tax id numbers on some of my jobs. i guess they'll be changing their log-on and tax id numbers too. now that a few people know the numbers are all the same.


Maybe I'm evil, but I thought that, too. Is everyone over there using the same password? Let me guess? "Princeton" or maybe "Bosco"
 
2003-03-06 12:58:59 PM  
Impaler
But that's not the case here, Impaler. There was no money withdrawn.

You want me to read the articles too? This site is getting far too demanding.

I thought it was one of those banking errors where the bank accidentally puts money into your account.


They told me there would be no math!
 
2003-03-06 12:59:23 PM  
1. Transfer it to a numbered swiss bank account.
2. Board Concorde to Switzerland.
3. Withdraw money as needed.

#1 will be tricky, they won't let you transfer it out without a red flag going up.
 
2003-03-06 12:59:36 PM  
So.... Milton's been let go.

Wait a minute there professor. We "fixed" the glitch.
 
2003-03-06 12:59:50 PM  

"I always do this. I always mess up some mundane detail..."

"THIS IS NOT A MUNDANE DETAIL MICHAEL!"

 
2003-03-06 12:59:51 PM  
"We're not happy," said spokeswoman Lauren Robinson-Brown. "The bank has notified us that they will immediately block all university accounts from being accessed via their Web product."

So the kid did nothing wrong and he will no longer have access to even the account he is supposed to have access to. A typical corporate solution. Don't fix the problem witht the service, remove the service.
 
2003-03-06 01:01:12 PM  
I know they're random, but this ad that showed up on that page is just creepy.

 
2003-03-06 01:02:07 PM  
Damn... never thought I'd be one who picks on headlines, but this one is just plain wrong.

The banking error didn't give him 9.9 million dollars, it gave him access to 9.9 million dollars.

This is like finding out that due to a mistake at the locksmith, the key to your house also opens the front door to a stereo store - they didn't give you all the stuff inside the store.

Arrggh.
 
2003-03-06 01:07:46 PM  
Obviously, this is some Yale-ie conspiracy to defame the good name of fair Princeton!
 
2003-03-06 01:08:13 PM  
God, take the ten million and flee to india - you'd live like a king for the rest of your life.
 
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