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For all the readers who have been frustrated with Bank of America recently, here's something that will make you laugh: The banking giant just accidentally gave a Detroit man $1.5 million. It doesn't look like the bank will be recovering the funds anytime soon, either.
Ronald Page, a BofA customer whose checking account supposedly only had a few hundred dollars, didn't receive any insufficient funds notifications when he attempted to make cash withdrawals at the ATM. In fact, he didn't even receive the traditional alert that he had reached his daily withdrawal limit. Instead, a rare ATM error allowed him to continually take out as much cash as he pleased at ATMs and casino cash windows.
So what did Page do with the money? Invest it and change his name? Squirrel it away in a Swiss bank account and leave the country? This was no criminal mastermind. This was just a man who stumbled on a treasure, and his luck appeared to stop once his ATM card dispensed the cash. He gambled it all away at three Michigan casinos. Now, he's facing federal charges, and it looks like he'll wind up in jail.
The story is laughable on both sides. It's hard to believe that any checking account holder could believe that he would get away with collecting that much cash (and lose it that quickly). However, I think Bank of America looks even more foolish here. With all the advanced banking technology, you would expect the institution to catch on to the problem relatively quickly, but it took the Charlotte-based bank 15 days to put a stop on Page's account. For a corporation that has seemed so concerned about profits for shareholders, that seems like quite a long time to let a rogue account holder drain his nonexistent cash flow.
I think it's fairly safe to assume that BofA won't be able to cash in on these overdraft fees or out-of-network ATM charges.
It's spelled L-O-S-E, not L-O-O-S-E
Something just doesn't ring true.....how long does it take to withdraw 1.5M out of the ATM? Why was there that much cash IN the ATM? How did he know there was that much in his account? If he checked the balance, he had to know he didn't just make a huge deposit - who did he think put the money in? What are the missing pieces? Shame on everyone involved!
A very stupid loosing customer and a very stupid loosing bank. I love bank of america, if you know how to play them you can easily get rich off them! This dude was not the only one who made them bleed, just to bad he didn't keep the money (or maybe he did, he is just saying he lost it in the casino, smart guy! Now he can keep it all!).
The guy should have known better but in a way it serves BOA right and at the interest rates they charge, they will recoup it real soon that's a known.
BOA are idiots!!! I closed all my accounts with them in March of 2012. They continued to send me monthly charges for maintaining the accounts despite several letters written to their customer service department asking them what the heck they were doing and couldn't they read their own forms that I signed to have the accounts closed. Now I've gotten a notice from them of a forced closure for the monthly charges that built up that they're probably going to try to put on my credit report. Like I said - they're idiots!!! Guess I'll have to take another freaking afternoon off work to go into one of their branches and raise cane. Stupid stupid people.
Just a little crook stealing from a big crook.
Why is it a crime to steal imaginary money?
The poor man deserves it, he gambled, got drunk, and probably got laid. Its not his fault, if the safe guards at BOA can't catch a computer error. Next, the will probably send NK 500 million dollars.
LOL
Judge Bill
Why is this so funny it sounds like it was a comuputer error not that someone put the money in his account for him. Yes there are laws to protect banks from customers taking money knowing it is not their money. So who did he hurt? This could have happened to anyone or any bank.
A 1 million dollar loss means very little to B of A. They will just recoup it by gouging their depositors accounts and I believe they also can write this off as a business write off.