Sunday, May 24, 2009

Aaaaaah. Now The Truth........

Remember the sensational headlines? "Bank Wrongly Deposits Millions Into Account" or words to that effect? Here's the brain dead clueless Radio Left Wing version.

4 Couple flee country after bank error (Audio - duration: 3′14″)
Police in Rotorua are trying to track down a couple who've fled the country after Westpac mistakenly deposited ten million dollars into their bank account.

Focus on the word deposit, folks. Adolf has been struggling to figure out how anyone could actually transfer that amount of funds into another person's account without there being some systemic warning bells sounding and red lights flashing. Further, I have been trying to figure out how anyone could physically transfer such large amounts of funds (over $6 mil) out of the banking system and tuck them away overseas without more and different bells and lights leaping into action.

Now it turns out the bank did NOT credit any funds to the fellow's account. It formalized an overdraft facility which is an entirely different thing. Adolf wonders if the bank might struggle to recover these funds legally as there is a big difference between 'making a deposit in error' and 'authorising an overdraft.'

My guess is that the gentleman concerned will have himself a bloody good holiday, acquire some assets in countries where Westpac can't touch them, deposit some cash there under an assumed name and then come back to New Zilnd to face the music. As Westpac seeks to call up its ten million dollar overdraft and the interest owing thereon, he will smile as he declares himself
bankrupt and walks away. There is no chance his passport will be confiscated and even if it is, it's not too difficult, with the right contacts and a few dollars, to get a new passport under an assumed name.

Let's face it, these Asians all look the same, don't they?

He will tell all his friends in Hong Kong - 'you can bank on the Wales.'

6 comments:

Anonymous said...

I think what has happened is that the person entering the overdraft limit has simply hit the 0 key on the keypad instead of the decimal point . key.

So that 10000.00 becomes 10000000

Very easy to do when you are in a hurry!!

I expect from this that Westpac's system does not require entries to have a decimal point.

Redrock.

Anonymous said...

Stuff has an article which explains it. A $100,000.00 overdraft without the decimal point becomes $10,000,000.

www.stuff.co.nz/national/2436228/Westpac-staffer-near-breakdown-over-10m-slip

I thought I'd heard or read that it was a $10,000 overdraft.

Redrock

Adolf Fiinkensein said...

Weeeeell yes. That IS the piece to which I linked.

Wahoo! The bolding thingees work.

Anonymous said...

Looks like you may be right. He could waltz right back in pay them the money back and ask why they destroyed his service station. Now that would be interesting.

Anonymous said...

Sorry Adolf. As you've probably worked out I didn't actually follow the link before commenting.

Redrock

Anonymous said...

Westpac the total idiots, remember this is a aussie bank( they dribble from both sides of the collective mouths) and also the tossers have lost/removed, ie due to the fucken banks greed with shitty loans????? $85000 from my retirement fund , you go overdraft $10,000,000 windfall people, its probably my retirement fund SIGH :(
WESTPAC SUKS and employs FUCKWITS, try a NZ bank folkes ,i wish i had