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(ABC7 New York)   Why is freedom of the press so important? So the press can help unemployed man recover $80,000 life savings after banks seized funds   (abc7ny.com) divider line
    More: Spiffy, Bank, 24-year-old, online Chime account, Andrew Alexander, 24-year-old's job, personal trainer, New Jersey, routine bank transfer  
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5955 clicks; posted to Main » on 24 Jan 2021 at 4:38 PM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-01-24 2:01:52 PM  
I read this story before it got resolved.

So glad they were able to help him.

I wonder how many people have been ripped off like this and not gotten help?   Scary.
 
2021-01-24 3:41:30 PM  
It's a nice story, but what the hell does this have to do with freedom of the press?

/I wish I could have had this kind of pro bono assistance back when I was a recently unemployed 24-year-old, moonlighting as a personal trainer, with $80,000 in assets frozen during what should have been a routine banking transfer.
//Some people don't realize how rough it can be for young people just trying to make it through life.
 
2021-01-24 4:45:27 PM  

Dr.Fey: It's a nice story, but what the hell does this have to do with freedom of the press?

/I wish I could have had this kind of pro bono assistance back when I was a recently unemployed 24-year-old, moonlighting as a personal trainer, with $80,000 in assets frozen during what should have been a routine banking transfer.
//Some people don't realize how rough it can be for young people just trying to make it through life.


It has nothing to do with freedom of the press, I think subby had a stroke.
 
2021-01-24 4:46:31 PM  
Phishing. Don't fall for it. And wtf is Chime?
 
2021-01-24 4:46:58 PM  
Dimwitted Fark Headline Submitter Passionate Defender Of What They Imagine "Freedom of the Press" To Be.
 
2021-01-24 4:47:13 PM  
24 and 80 K in the bank?

I was clearly attracted to the wrong type of guys when I was that age.
 
2021-01-24 4:48:44 PM  

Dr.Fey: It's a nice story, but what the hell does this have to do with freedom of the press?


Some organizations after gaffs such as this don't want the bad publicity. It makes them look incompetent, which clearly they are.

Under Trump who not only attacked the press, and did everything he could to discredit them, and had a history working with news outlets all his life to push his narrative, he also lobbied for strict libel laws to use the courts to even stop stories like this from even being reported in the first place.

So yes, freedom of the press is important in order to allow facts and actual truths to flourish in order to for the public to form their own opinions and make decisions.
 
2021-01-24 4:48:50 PM  

buttercat: I read this story before it got resolved.

So glad they were able to help him.

I wonder how many people have been ripped off like this and not gotten help?   Scary.


Less scary and totally expected. I would expect not only a fraud hold but also a treasury hold for possible illegal activity.  Both of which can be fairly easily avoided.

50k suddenly moving triggers a lot of alarms and mandatory reporting
 
2021-01-24 4:52:05 PM  

WastrelWay: Phishing. Don't fall for it. And wtf is Chime?


Chime is the semi-fluid mass of partially digested food that is expelled by a person's stomach. Sometimes it's spelled a little differently.
 
2021-01-24 4:56:43 PM  
If only there was a regulatory agency that banks have to operate under, then when you get the runaround like this guy did, you could go to it instead of the local news.

Or a law enforcement agency to report the theft of large amounts of money like this.

A bank can't just take your money and tell you to go away when asked to present the authority to do so. If they could, I'd go down tomorrow and get a job at one. Think of all the money I could get for my retirement. The way this thing is described, it could be just that. Some bank employee taking it.
 
2021-01-24 4:57:36 PM  

Pestifer: WastrelWay: Phishing. Don't fall for it. And wtf is Chime?

Chime is the semi-fluid mass of partially digested food that is expelled by a person's stomach. Sometimes it's spelled a little differently.


Fark user imageView Full Size
 
2021-01-24 4:58:44 PM  
Makes one wonder whether wizardry is a prerequisite course when majoring in investigative journalism.

Or, maybe it's just turning on the lights and the cockroaches scatter .......

It's probably because Citi didn't want to pay up...

/a$$holes
 
2021-01-24 5:00:26 PM  
Article says he was transferring the $80k to a new bank account to get some $700 promotion.

This is why when creating a new account I usually transfer a small amount; they haven't proved they're not totally incompetent yet. Also, there's likely less opportunity for screw ups with transfers between two existing accounts, rather than to a new one. If anything, you can at least say "transfer # to #" instead of "# to ???"
 
2021-01-24 5:00:30 PM  
80k at 24 years old?  Damn, I think when I was 24 I had -250 in my account.
 
2021-01-24 5:00:34 PM  

Ashelth: buttercat: I read this story before it got resolved.

So glad they were able to help him.

I wonder how many people have been ripped off like this and not gotten help?   Scary.

Less scary and totally expected. I would expect not only a fraud hold but also a treasury hold for possible illegal activity.  Both of which can be fairly easily avoided.

50k suddenly moving triggers a lot of alarms and mandatory reporting


Why should moving that much $ trigger alarms?  If it was cash I could understand it.  I can understand a 7 day pause until funds become obtainable.  But why alarms?  If he had the money in the bank - presumably for a while - why would it trigger alarms?   What if he was just buying a car with it via ACH transfer?
 
2021-01-24 5:08:19 PM  

SpaceMonkey-66: Makes one wonder whether wizardry is a prerequisite course when majoring in investigative journalism.

Or, maybe it's just turning on the lights and the cockroaches scatter .......

It's probably because Citi didn't want to pay up...

/a$$holes


I could tell you horrible stories about Citi.  They are the most corrupt of all banks, Well, the ones that I've dealt with anyway.  Eff them with a rusty money clip.
 
2021-01-24 5:09:33 PM  
Fake news.  No way a 24 year old had $80,000 in the bank.
 
2021-01-24 5:09:58 PM  
Quite the non sequitur there, subby. Cut down on the mescaline for a bit.
 
2021-01-24 5:11:24 PM  

WastrelWay: Phishing. Don't fall for it. And wtf is Chime?


Chime is like free Google Mail but for banking.

Free.
No physical branch you can go into.
Not responsible for your money.

It claims to be FDIC insured through its partners. It advertizes that no credit check is needed so I guess its target customer base is probably what, boofers? Why would one need a credit check to open a bank account? Is that one of those stupid things that companies say to attract the brain damaged people they are looking for? Like when peanut butter makers put "cholesterol free" on the side of the jar? Ye know, a jar of stuff made from plants and no plant contains cholestetol?
 
2021-01-24 5:13:15 PM  

BeatrixK: 24 and 80 K in the bank?

I was clearly attracted to the wrong type of guys when I was that age.


You should have been attracted to guys with dead grandparents I guess.
 
2021-01-24 5:18:28 PM  

Ashelth: Less scary and totally expected. I would expect not only a fraud hold but also a treasury hold for possible illegal activity. Both of which can be fairly easily avoided.

50k suddenly moving triggers a lot of alarms and mandatory reporting


This was bank-to-bank.  50k cash would trigger a lot of alarms.

What I think happened here is that it didn't appear to match up with his financial position.  Somebody at his level isn't going to do that much.  However, when banks run promos like that they should expect some people will do things out of the ordinary to get the promo.

Benjimin_Dover: If only there was a regulatory agency that banks have to operate under, then when you get the runaround like this guy did, you could go to it instead of the local news.

Or a law enforcement agency to report the theft of large amounts of money like this.

A bank can't just take your money and tell you to go away when asked to present the authority to do so. If they could, I'd go down tomorrow and get a job at one. Think of all the money I could get for my retirement. The way this thing is described, it could be just that. Some bank employee taking it.


I think that's part of the problem--the feds getting after them about closing down criminal accounts.
 
2021-01-24 5:20:04 PM  

Benjimin_Dover: If only there was a regulatory agency that banks have to operate under, then when you get the runaround like this guy did, you could go to it instead of the local news.

Or a law enforcement agency to report the theft of large amounts of money like this.

A bank can't just take your money and tell you to go away when asked to present the authority to do so. If they could, I'd go down tomorrow and get a job at one. Think of all the money I could get for my retirement. The way this thing is described, it could be just that. Some bank employee taking it.


vignette.wikia.nocookie.netView Full Size
 
2021-01-24 5:24:27 PM  

Sharksfan: Ashelth: buttercat: I read this story before it got resolved.

So glad they were able to help him.

I wonder how many people have been ripped off like this and not gotten help?   Scary.

Less scary and totally expected. I would expect not only a fraud hold but also a treasury hold for possible illegal activity.  Both of which can be fairly easily avoided.

50k suddenly moving triggers a lot of alarms and mandatory reporting

Why should moving that much $ trigger alarms?  If it was cash I could understand it.  I can understand a 7 day pause until funds become obtainable.  But why alarms?  If he had the money in the bank - presumably for a while - why would it trigger alarms?   What if he was just buying a car with it via ACH transfer?


There are regulations for this, referred to as Anti-Money Laundering (often times just AML). Large transfers of money are often put on hold until the bank can verify they are legit. Keep in mind, the receiving bank has no idea how long the money has been in the previous bank. Add to that, Chime is not a bank that I've heard of, So it is not immediately obvious if it is a U.S. bank pursuant to FDIC or other stringent U.S. AML regulations.
 
2021-01-24 5:29:37 PM  
Unemployed 24-year-old with $80,000 in the bank. Something isn't adding up here. Either he inherited a substantial amount of money, is a trust fund baby, or is dealing illegal substances.
 
2021-01-24 5:31:11 PM  
Or just call the OCC and a lawyer and watch the banks begin tripping over themselves.

He should still file a OCC complaint and sue them for funsies.
 
2021-01-24 5:31:44 PM  

Samsonite Swan: Sharksfan: Ashelth: buttercat: I read this story before it got resolved.

So glad they were able to help him.

I wonder how many people have been ripped off like this and not gotten help?   Scary.

Less scary and totally expected. I would expect not only a fraud hold but also a treasury hold for possible illegal activity.  Both of which can be fairly easily avoided.

50k suddenly moving triggers a lot of alarms and mandatory reporting

Why should moving that much $ trigger alarms?  If it was cash I could understand it.  I can understand a 7 day pause until funds become obtainable.  But why alarms?  If he had the money in the bank - presumably for a while - why would it trigger alarms?   What if he was just buying a car with it via ACH transfer?

There are regulations for this, referred to as Anti-Money Laundering (often times just AML). Large transfers of money are often put on hold until the bank can verify they are legit. Keep in mind, the receiving bank has no idea how long the money has been in the previous bank. Add to that, Chime is not a bank that I've heard of, So it is not immediately obvious if it is a U.S. bank pursuant to FDIC or other stringent U.S. AML regulations.


Chime is an online bank. I don't think they have any physical branches. Maybe that caused some of the problem.
 
2021-01-24 5:34:09 PM  

Dr.Fey: It's a nice story, but what the hell does this have to do with freedom of the press?


This.
 
2021-01-24 5:35:10 PM  

BeatrixK: 24 and 80 K in the bank?

I was clearly attracted to the wrong type of guys when I was that age.


Easy if you live at home and don't have any expenses. Most parents would kick your ass out if you were making that kind of change.
 
2021-01-24 5:35:49 PM  
Wow, that's a crap ton of money to have saved by the age of 24. I wish I had been able to pull that off.
 
2021-01-24 5:40:42 PM  

Sharksfan: Why should moving that much $ trigger alarms? If it was cash I could understand it. I can understand a 7 day pause until funds become obtainable. But why alarms?


Because he's not a 1%er. Silly wage slave isn't allowed to have that kind of cash.
 
2021-01-24 5:50:02 PM  

Benjimin_Dover: If only there was a regulatory agency that banks have to operate under, then when you get the runaround like this guy did, you could go to it instead of the local news.

Or a law enforcement agency to report the theft of large amounts of money like this.

A bank can't just take your money and tell you to go away when asked to present the authority to do so. If they could, I'd go down tomorrow and get a job at one. Think of all the money I could get for my retirement. The way this thing is described, it could be just that. Some bank employee taking it.


FDIC
OCC
Federal Reserve

Those are just the main ones. Do you need a list of other relevant ones?
 
2021-01-24 5:50:32 PM  

Benjimin_Dover: If only there was a regulatory agency that banks have to operate under, then when you get the runaround like this guy did, you could go to it instead of the local news.

Or a law enforcement agency to report the theft of large amounts of money like this.

A bank can't just take your money and tell you to go away when asked to present the authority to do so. If they could, I'd go down tomorrow and get a job at one. Think of all the money I could get for my retirement. The way this thing is described, it could be just that. Some bank employee taking it.


It sounds like his accounts were frozen because of a first time wire transfer.  I'm now waiting for the same thing, difference is that I read the small print.
 
2021-01-24 5:51:03 PM  

Sharksfan: Ashelth: buttercat: I read this story before it got resolved.

So glad they were able to help him.

I wonder how many people have been ripped off like this and not gotten help?   Scary.

Less scary and totally expected. I would expect not only a fraud hold but also a treasury hold for possible illegal activity.  Both of which can be fairly easily avoided.

50k suddenly moving triggers a lot of alarms and mandatory reporting

Why should moving that much $ trigger alarms?  If it was cash I could understand it.  I can understand a 7 day pause until funds become obtainable.  But why alarms?  If he had the money in the bank - presumably for a while - why would it trigger alarms?   What if he was just buying a car with it via ACH transfer?


BSA and KYC.
 
2021-01-24 5:52:47 PM  
80K at 24?
Someone has never had to pay for college, rent etc. lucky guy.
 
2021-01-24 5:53:42 PM  

Nobody in Peculiar: Chime is an online bank. I don't think they have any physical branches. Maybe that caused some of the problem.


That isn't the problem. USAA is an online-only bank. Nobody has ever batted an eye dealing with them as my bank.

However Chime is not really a bank. They put their money (I assume, I haven't auditing them) in two other real banks to qualify for FDIC insurance. All of the regulatory BS that banks have to deal with doesn't apply to Chime. They don't have the trusting relationship with other banks so Citi treated the payment with suspicion. It was probably a check and not a wire/ACH payment - so I would hold the funds until clearance too.
 
2021-01-24 5:59:30 PM  

Jairzinho: 80K at 24?
Someone has never had to pay for college, rent etc. lucky guy.


That's not 401k money. That is money in the bank. Must be nice.
 
2021-01-24 6:00:56 PM  

gar1013: Benjimin_Dover: If only there was a regulatory agency that banks have to operate under, then when you get the runaround like this guy did, you could go to it instead of the local news.

Or a law enforcement agency to report the theft of large amounts of money like this.

A bank can't just take your money and tell you to go away when asked to present the authority to do so. If they could, I'd go down tomorrow and get a job at one. Think of all the money I could get for my retirement. The way this thing is described, it could be just that. Some bank employee taking it.

FDIC
OCC
Federal Reserve

Those are just the main ones. Do you need a list of other relevant ones?


You must be new here. Welcome and enjoy the place.
 
2021-01-24 6:05:03 PM  

The Dog Ate My Homework: Wow, that's a crap ton of money to have saved by the age of 24. I wish I had been able to pull that off.


Besides saving it, there's a few ways he could get that amount of money. For example, an inheritance (someone mentioned that possibility above), a legal settlement of some sort, a decent lottery win, or a gift from wealthy relatives.

What I wonder is why he kept that amount of money in a bank account and not some sort of investment vehicle. He could do much better in terms of growth.
 
2021-01-24 6:14:48 PM  

Dr.Fey: It's a nice story, but what the hell does this have to do with freedom of the press?

/I wish I could have had this kind of pro bono assistance back when I was a recently unemployed 24-year-old, moonlighting as a personal trainer, with $80,000 in assets frozen during what should have been a routine banking transfer.
//Some people don't realize how rough it can be for young people just trying to make it through life.


WhippingBoi: Dimwitted Fark Headline Submitter Passionate Defender Of What They Imagine "Freedom of the Press" To Be.


Subby was probably just being funny or sarcastic.
 
2021-01-24 6:22:12 PM  

Dr.Fey: It's a nice story, but what the hell does this have to do with freedom of the press?


fta: The 7 On Your Side team asked Chime and Citibank to investigate.

I suppose that were the laws different the banks could have recourse to sue abc for a negative story, thus negating pressure from journalists requesting an investigation.
 
2021-01-24 6:32:04 PM  
This is a major reason why a lot poor people don't have bank accounts--the idea that a bank could just take all of your money on a whim is terrifying, and something many of these people can't remotely afford.  Literally.
 
2021-01-24 6:32:45 PM  
It sounds like a government was doing some Civil Asset Forfeiture.
 
2021-01-24 6:42:24 PM  
Sounds like the money transfer set off the money laundering alarm with Citi, who in return contacted Chime and both opened up investigation, which neither was doing very quickly.
 
2021-01-24 6:44:33 PM  
Mulholland Drive - The Cowboy Called
Youtube VuiGd2LlUVc
 
2021-01-24 6:54:12 PM  

BeatrixK: 24 and 80 K in the bank?

I was clearly attracted to the wrong type of guys when I was that age.


I was worth that much by 30... but only because both my parents died and didn't live long enough to touch any of their retirement savings.  And they owned a home.  And two (ordinary, but paid-off) cars.  And a generous medical malpractice settlement.

I might've had 40k of my own net worth by then.  Working as an acredited professional for a full 10 years by that point.  This guy either got spectacularly lucky, or he was given that cash.  It's simply not possible to be that rich by conventional means in the U.S. by that age.  No, I don't consider entrepeneurship "conventional means", since you can easily lose your shirt.  Nor Bitcoin, for the same reason.
 
2021-01-24 7:35:42 PM  

Ashelth: buttercat: I read this story before it got resolved.

So glad they were able to help him.

I wonder how many people have been ripped off like this and not gotten help?   Scary.

Less scary and totally expected. I would expect not only a fraud hold but also a treasury hold for possible illegal activity.  Both of which can be fairly easily avoided.

50k suddenly moving triggers a lot of alarms and mandatory reporting


HOW?  50k regularly gets transferred every day, thousands if not millions of times.  Real estate, business purchases, tuition, etc.  Banks only have to fill out paperwork if $50k IN CASH gets moved.  THis was a wire transfer.  Traceable.  So why was it flagged?  Dude needs to fill out a complaint with Office of Comptroller of the Currency.  I did once over less than $40.  Asked to remove my account, which I did willingly after being refunded.
 
2021-01-24 7:44:23 PM  

austerity101: This is a major reason why a lot poor people don't have bank accounts--the idea that a bank could just take all of your money on a whim is terrifying, and something many of these people can't remotely afford.  Literally.


What other poverty fanfics do you write?
 
2021-01-24 7:45:23 PM  

Brett Kavanaugh's teeth: Ashelth: buttercat: I read this story before it got resolved.

So glad they were able to help him.

I wonder how many people have been ripped off like this and not gotten help?   Scary.

Less scary and totally expected. I would expect not only a fraud hold but also a treasury hold for possible illegal activity.  Both of which can be fairly easily avoided.

50k suddenly moving triggers a lot of alarms and mandatory reporting

HOW?  50k regularly gets transferred every day, thousands if not millions of times.  Real estate, business purchases, tuition, etc.  Banks only have to fill out paperwork if $50k IN CASH gets moved.  THis was a wire transfer.  Traceable.  So why was it flagged?  Dude needs to fill out a complaint with Office of Comptroller of the Currency.  I did once over less than $40.  Asked to remove my account, which I did willingly after being refunded.


It's almost as if banks are required to Know Your Customer, and look at the context of transactions.
 
2021-01-24 7:46:10 PM  
I want to know how a banking entity that is only 6 years old and has no location managed to get FDIC guarantees on their deposits?
 
2021-01-24 7:59:36 PM  
I am currently playing this game with Vanguard and am most certainly not getting a kick out of it.

/simple transfer of funds to a new account
//they screwed up so badly that a lawsuit is probably going to be required to recover the funds
 
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