I was a millionaire for a year

[Poor Student]

I went down to my First Active recently to get a deposit account book updated for the first time in a year. What seemed to be something fairly routine was taking ages and the woman at the desk called the manager. After much discussion, they called me to the desk and informed me that in my last lodgement (a year ago), the clerk had put my account number into the lodgement amount and I had over €7m in my bank account for about a year. How this went unnoticed, I have no idea.:confused: They told me they'd have to send it back to head office to fix it. It took them weeks to get the book back after me having called in many times and having had to wait ages each time to get service. I got a call a few weeks ago to come and pick it up, but never got around to it. I go down today and the manager says the deposit book is in the safe. He goes back to get it and takes ages. He then comes out and tells me the lad taking care of my book insists he gave it to me, which he never did. In the end I had to get a new book with no account history so I can't even verify that they corrected it properly, though I am fairly certain they did. God though, that's some amount of balls ups and incompetence along the way.:rolleyes:

[John83]

I'm sure the general mood in this thread will be summed up by, "Typical :rolleyes:".

[Poor Student]

I'm sure the general mood in this thread will be summed up by, "Typical :rolleyes:".

It's somewhat amusing though, to think I had so much money lying in my account. Almost tantalising. With that kind of money I could have bought Rovers and folded them.;)

[hoops1]

Ring up and say my name is X and I had 7million in
my account last week and its gone
It better be there when i check during the week or there will be
hell to pay and hang up
They will spend the whole week trying to figure out what the **** is going on
:D

[John83]

It's somewhat amusing though, to think I had so much money lying in my account. Almost tantalising. With that kind of money I could have bought Rovers and folded them.;)
It would also have bought you Ronaldinho's left arm, a new stadium for UCD or a full tank of petrol. ;)

[Poor Student]

or a full tank of petrol. ;)

Quality.:D

Hoops1, knowing them they'd probably add it back if I did that.;)

[Block G Raptor]

Used to work on their IT service desk and beleive me this is minor compared to some off the balls up's Ive witnessed/had to fix

[John83]

Hoops1, knowing them they'd probably add it back if I did that.;)
Sure, and the revenue would be very interested in you all of a sudden. :)

[Gareth]

I thought there was a thing were if money is deposited in your account for more than a year or something, you have certain rights to that money?

[Poor Student]

I thought there was a thing were if money is deposited in your account for more than a year or something, you have certain rights to that money?

You could well be right Gareth, but at the end of the day it wasn't mine. I don't even have the bloody bank book to see the ins and outs of it anymore.:rolleyes:

[Aberdonian Stu]

Who cares if it wasn't yours. To the victor the spoils! You should have demanded your dough.

[Poor Student]

Who cares if it wasn't yours. To the victor the spoils! You should have demanded your dough.

It just wouldn't have suited my user name. Though I could have just passed it over to you.;)

[pete]

I thought there was a thing were if money is deposited in your account for more than a year or something, you have certain rights to that money?

Squatters Rights? :D

[dahamsta]

Although the money obviously isn't yours PS, the way First Direct handled it sounds dodgy (the replaced bank book), if not illegal (inaccurate records). If you feel like being a Good Citizen[TM], you should report the original issue and their handling of it to the Irish Financial Services Regulatory Authority (http://www.ifsra.ie/). Get a black mark on their permanent record.

I find myself wondering where the €7m came from, and where it went afterwards. It was in your account for a year and they didn't notice? Or did they notice, and write it off as bad debt? Either way, I won't be going anywhere near First Direct!

[pete]

I find myself wondering where the €7m came from, and where it went afterwards. It was in your account for a year and they didn't notice? Or did they notice, and write it off as bad debt? Either way, I won't be going anywhere near First Direct!

Good point. Can a teller just accept 7m over the counbter to an account without authorisation? Could be fraud & money laundering implications & i believe some countries (not sure about Ireland) would have laws preventing that. If you wanted to continue the conspiracy theory maybe someone was resting 7m in your account to avoid taxes or the banking regulations...?

:p

[John83]

Good point. Can a teller just accept 7m over the counbter to an account without authorisation?
No. Any transaction over €10,000 is automatically suspect.

I do get a kick out of imagining someone pretending to be Marcus walking up to the teller with a wheelbarrow full of €500 notes. :cool:


Could be fraud & money laundering implications & i believe some countries (not sure about Ireland) would have laws preventing that. If you wanted to continue the conspiracy theory maybe someone was resting 7m in your account to avoid taxes or the banking regulations...?
Most likely, it was a clerical error - Marcus lodged €70 or something entirely internal. It does beg the question, if it wasn't electronic ghost money, whose money was it, and has it been returned? Might be worth a bit of fun to follow it up agressively by going to the appropriate people (revenue and/or the gardaí I guess).

[Risteard]

Pretty big clerical error.
You'd assume she has to balance at the end of the day so he/ she would have seen it missing aswell.

[Poor Student]

I'd have assumed such a discrepency would have shown up somewhere in company accounts or set some sort of alarm bells ringing. The old book showed it, as he flashed it at me for a second and I saw the big figure. It was a transfer of money from one account of mine to another. It never showed up the time I got it done but only a year later when I went to update it. I'd love to see the book to see the ins and outs but that's gone.:rolleyes:

Adam, I'll take the suggestion under advisement. The service at my branch is woeful anyway.

[Plastic Paddy]

Beers on you when the compo pays out PS. :)

:ball: PP

[pineapple stu]

Most likely, it was a clerical error - Marcus lodged €70 or something entirely internal.
I'd say so, but that begs the question - how did they not notice the difference between 70 and 7,000,000? Would have thought any computer system worth its salt would have had an immediate system in place whereby it highlighted any amount over, say, 10,000 and asked the teller to confirm that this was accurate.

By the way, PS - if you're looking for an accountant...!

[dahamsta]

No. Any transaction over €10,000 is automatically suspect. I was just about to add that transations over that amount, assuming it's still that amount - have to be reported, when it occured to me that I actually don't know where they have to be reported to. Anybody?

[Block G Raptor]

First Active have a €7k money laundering Audit where by all transactions of 7k or more are subject to investigation.ie background check by the Gardai

[Drumcondra Red]

Any large cash transaction in a bank should be followed by the teller filing a money laundering form to be followed up by the Gardai, when I used to work in a bank it was anything from 1000- 1500 upwards, but then it was up to the individual and not the bank to fill in these forms and very few tellers bother their arses

[Magicme]

So thats were my spare change went....that money was for upgrading the showers at CHP to stop us getting fined!

[Peadar]

I actually don't know where they have to be reported to. Anybody?

You should make the report to the Gardai and the Revenue Commissioners. All credit institutions have some system in place where they can process a report internally. It's not like they have to walk down to the local nick during their lunch break.

By the way, it is an offence for a credit institution, its directors, employees and officers to fail to make a report as required by the Criminal Justice Act 1994. Such an offence is punishable by imprisonment for a term of up to five years or a fine, or both.