Posted on 10/27/2004 9:23:02 PM PDT by GYPSY286
Not only was that bank wrong but now their credit history has a black mark on it
My son had nothing to do with her IRA account. Apparently they no longer have the full amount to return to the bank which is why they offered to make payments. They did not inform me as to how large a mistake was made.
When kids ask, "When will I ever use math in the 'real world'"...this would be a case-in-point.
Your daughter-in-law would either have been told or had to sign as to the amount of taxes they wanted to pay at that time, value A%. They also would have known how much money was in the account, value X. Value F would be the fees as noted in the confirmations or previous financial literature.
Value X - (Value X x Value A%) - Value F = Amount to be expected as deposit to joint account.
They should not have spent money that wasn't theirs and should pay it back in full or expect repercussions on the credit score.
I don't have a car loan, I own my stuff.
I already have a house, I am not selling.
I have been in my house for 10 years, and I am not going anywhere.
This happened 6+ years ago, whose the sucker now?
principles
What are you talking about? What does MY voting have to do with an issue involving my son? I don't have to pay the bank anything!
Gypsy: if that is the case...they your kids did not receive something or have knowledge of what the proper amount should be...and the depositing bank did not attempt to notify them of the overpayment, and request for refund of the overpaid amount...then I would feel comfortable in saying that your kids are not at fault. The bank has some responsibility to attempt to make some notice and demand. Just trying to make withdrawals isn't sufficient. I would refuse to pay the overdraft amounts...and I would put the bank on notice that if they make a negative report to the credit bureaus of the alleged deficieny...that your kids will file a suit against the bank for violation of the Fair debt reporting act or Fair debt collection act...(can't remember which it is, but it is illegal for any creditor to make an improper negative report against you)
And for this you are proud?
When you took the money out, you signed paper work for the transaction. That paper work specified how much was going where and for what reason (taxes).
If you received a deposit substantially higher than the amount on your paper work indicated you were to receive you KNOW something went wrong.
There can be no excuses there.
What does 'overlook' mean? This mindset is the same one that allows these credit repair scams or 'change your social security' schemes to flourish.
LOL where do you practice? The Cayman Islands?
I'm not saying they ought to overlook it, but they often do. Creditworthiness standards are far too lax these days and all this excess credit will have to be unwound someday.
That was harsh above. That was an elitist thing to say.
I hope it works out to your kids' benefit. I know I would have attempted to call the client. But making payments is unrealistic. The bank is a business...maybe if the kids need a loan to payback the bank, they can get one and make payments plus interest.
Are you saying that when she closed her IRA she didn't sign any paper work to do it?
I'd bet money the IRA company has to give you an accounting of everything when the account was closed and SIGNED for including fees and taxes.
To say she didn't know how much she was getting is weak. And from the sound of the situation it was more than a little error, as in the thousands.
Tell the bank to prove that they overpaid on the account. Tell them to prove it, the numbers look fine to you. Then say nothing else.
If you have their money, what is the problem? Now, if it was the bank that had your money and would not give it to you, that would be a problem.
If you do decide to pay back the overpayment, deduct the $200 in insufficient funds fees and tell them to be happy with that.
Don't be nice. Don't be nasty. Just tell it the way it is and put it out of your mind. Make them prove it.
They clearly spent the money as if it was their own and knew it wasn't. Using your logic, I shouldn't be penalized if I depost a bogus $500 check in my account and then write $500 in checks before they discover the fake check and remove the credit from my account.
BS! Let the bank prove it is the wrong amount. Has the bank even done that much. They signed on the line and agreed at the time the money was handed over. After that, it is up to the bank to prove. That is the way money works.
If I counted money out to you that I owed you and you came back to me later and said, hey, it was the wrong amount. I say, sorry. The time to get it right was when we closed the transaction. Otherwise, prove it.
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