231–240 of 243 posts
Earlier quoted context omitted.
That would have crossed the line from being just immoral to being illegal. Not buying the gold bars, but failing to disclose & surrender them during court proceedings.
it would be pretty obvious when the transactions were checked too, most of them would be for the value at the time of a gold bar.
Earlier quoted context omitted.
And you don't think that's a sophistry? Let's be honest he knew full well the bank, if actually asked, would not have approved his borrowing, any reasonable person would. He took advantage of a mistake made by an automated system from the bank, there was no human going "gee the guy with no income wants another $1000 to add to his massive overdraft, sure why not".
I can understand that many people don't give that much thought to money, banks, how they work, what they do and what they don't do. People go to bank to get a house. Then just make transfers for the amounts that bank tells them. I can see how a guy could just overdraw his account and wait for the bank to tell him to pay some of it back. Maybe he thougt that when the bank will request some money back he can always sel…
"I went to strip clubs and spent hundreds of thousands of dollars on girls, alcohol, cocaine and whatever else."
that's not the actions of someone who just overdrew his account a bit, or is a bit bad with money.
Gas Station owner given $10 million overdraft instead of $100,000 , transfers it all offshore and runs:
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objecti...
Student given "unlimited" overdraft, spends $4 million on handbags and clothes:
http://www.stuff.co.nz/business/world/80263909/Westpac-admit...
Earlier quoted context omitted.
I used an overdraft line of credit once, accidentally. Then I turned it off. The bank salesman had sold it to me as “overdraft protection,” and at the time I didn’t know what “overdraft protection” meant, so sure, protection is good, right? I guess what they’re “protecting” you against is the embarrassment of having a rejected transaction. And then they charge the overdraft fee, and a fee for using credit, and more f…
>And if you’re overdrawing on a debit card, then you’re probably poor and those fees are a substantial burden. It's even worse than that. Banks have been caught reordering transactions to maximize overdraft fees.[1] For example, say you have a $100 in you account and you use your debit card to pay the following amounts (in time order): $4, $15, $60, $41. the first 3 will go through, then the last one $41 will put you…
Earlier quoted context omitted.
Overdraft lines of credit are definitely a thing and can be arbitrarily large depending on the account holder. My bank keeps trying to sell me this, I don't see why this would be a good idea. Does anyone here use this? Also, one time our old bank erroneously withdrew a 6 figure sum from our operating account which put the balance far in the negative. I was stunned that they covered it and bemused to see a 35$ overdra…
I know someone who uses this. He's a contractor and small business owner, so his earnings are high but his cashflow is incredibly variable. I don't think there's much justification for most people to have overdraft lines; it seems to primarily be a tool for people who have plenty of money but trouble knowing when it will be present.
If the bank doesn't cover it, then you could accidentally write a hot check, which can actually be a felony.
So I am happy to pay the bank $35 for my mistake on occasion if not just to avoid the possibility of someone turning my bad check in to the prosecutor.
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He seems to be trying to justify his actions by calling it a loan, but I've never heard of a loan where the bank tells you that you can just start over drafting your account and let it go negative, then pay us back later.
Overdraft lines of credit are definitely a thing and can be arbitrarily large depending on the account holder. My bank keeps trying to sell me this, I don't see why this would be a good idea. Does anyone here use this? Also, one time our old bank erroneously withdrew a 6 figure sum from our operating account which put the balance far in the negative. I was stunned that they covered it and bemused to see a 35$ overdra…
Earlier quoted context omitted.
I can understand that many people don't give that much thought to money, banks, how they work, what they do and what they don't do. People go to bank to get a house. Then just make transfers for the amounts that bank tells them. I can see how a guy could just overdraw his account and wait for the bank to tell him to pay some of it back. Maybe he thougt that when the bank will request some money back he can always sel…
Sorry but that's not what I read in that article, to quote "I went to strip clubs and spent hundreds of thousands of dollars on girls, alcohol, cocaine and whatever else." that's not the actions of someone who just overdrew his account a bit, or is a bit bad with money.
Earlier quoted context omitted.
> he had no money to pay it back, ergo it's fair to conclude he had no intention of paying i don't think that would stand in any court. the former doesn't imply the latter by necessity.
Whilst IANAL, it would seem logical that a court would look at whether the defendant could reasonably have expected to be able to pay back a loan. If I have a say $50k/year job and borrow say $200k I could reasonably have expected to pay it back, if I then lose my job I could say I had intended to do so but circumstances changed. if I have $0/year as a job and borrow $2 million, you're not seriously suggesting that a…
My point is that if I didn't actually do anything to deceive you into giving me money (like, I didn't claim that I have a millionaire father who's going to give you the money in case I lose at blackjack) - then it's not really deception on my part; it's just error and/or poor judgement on your part for handing me the money.
Earlier quoted context omitted.
I used an overdraft line of credit once, accidentally. Then I turned it off. The bank salesman had sold it to me as “overdraft protection,” and at the time I didn’t know what “overdraft protection” meant, so sure, protection is good, right? I guess what they’re “protecting” you against is the embarrassment of having a rejected transaction. And then they charge the overdraft fee, and a fee for using credit, and more f…
>And if you’re overdrawing on a debit card, then you’re probably poor and those fees are a substantial burden. It's even worse than that. Banks have been caught reordering transactions to maximize overdraft fees.[1] For example, say you have a $100 in you account and you use your debit card to pay the following amounts (in time order): $4, $15, $60, $41. the first 3 will go through, then the last one $41 will put you…