201–210 of 287 posts
https://www.theguardian.com/business/2017/jul/25/noel-edmond...
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>Lawyers are expensive, and bank accounts have complicated T&Cs which basically say "We can do what we like, and fuck you." Dude - did you not notice that all it took was for him to post an online article? They didn't go to him with their T&Cs. Lawyers are expensive for a lot of things, but often all it takes is an official letter from a lawyer. I don't know how expensive that can be, but as someone else pointed out,…
For a top notch office it might be as high as $1500 but that's still cheap compared to giving up and inevitably going out of business.
Businesses do periodically change banks or account numbers if their account has been compromised by fraud. (This recently happened to my family's business bank account... fraudulent checks were produced - so we created a new checking account.)
You can re-automate all your payments within a day or two on your new account with your NEW BANK. The silver lining is you can assess all these monthly charges - and possibly cut some unneeded services - or upgrade some which you would benefit from.
MOST IMPORTANTLY - Find a bank that is headquartered locally - so you can go see the people who work at the bank occasionally - build relationships - and avoid this type of abuse. If the local bank is sold to a bigger bank - jump ship again.
This sounds like a toxic business relationship and your only TEMPORARY loss is the cash they are holding in your account. You should have access to emergency funds in another bank account - and if you don't - learn that lesson now.
You are ultimately responsible for everything and service providers are just that - service providers. Learn to fire and hire them as often as needed.
Reminds me of "Operation Chokepoint" where the U.S. federal government was able to persuade (not force) banks to cut off firearms dealers from their accounts in an effort to affect "unsavory businesses". Another reason why I want to avoid a cashless society, at least in the way we're heading right now. Scary how quickly banks will cave in to pressure from the feds before any legal process even begins (if ever). http:…
Scary stuff. Also, can anyone tell me why the other reply to the parent is dead? It was a completely relevant response that, I assume, was downvoted because it mentioned something that Trump did in a positive way.
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I may be mistaken but I thought FDIC deposit insurance didn't apply to business accounts anyway.
This is strongly dependent on the legal entity the OP has chosen to do business with the bank. For some of those there is no coverage, for others the coverage is the same as if the account is a private account. Typically as soon as you incorporate things change but it is very well possible that a small company that is not incorporated (basically an individual trading as a company or freelancer) does have deposit insu…
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For a top notch office it might be as high as $1500 but that's still cheap compared to giving up and inevitably going out of business.
You don't need a top notch office. You need any lawyer.
I've had a little round on the mat with a very large Dutch corp and once I switched lawyers from a small office in Amsterdam to one of the legal giants here (it was hard to find one that wasn't conflicted) it was over extremely quickly.
It shouldn't make a difference but apparently it sometimes does.
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How can someone else other than the account holder transfer money out of that account? Based on my experience anyone can transfer money in to an account, but only the account holder or an authorised user can transfer it out.
It was probably bank error. Then it took a month for the bank investigation unit to find the internal bank staff that made the error and get an explanation. The best banks for consumers are the mid sized banks. They're big enough to have all the services, but not the bureaucracy.
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There are many flows that permit direct debit, and that may not have the strongest authentication or protections. If you want to test, post your bank details here!
It's different for every country but for the article's example of the UK, Jeremy Clarkson put his bank account details in a column and got owned by someone setting up a direct debit from his account https://www.theguardian.com/money/2008/jan/07/personalfinanc...
The article ends with him saying "I was wrong and I have been punished for my mistake" but this is just his schtick, it's factually incorrect.
I live in a small community and many local charities and non-profits post their bank info online, so that people may make donations by bank transfer or standing orders. Fraudsters periodically manage to trick the local banks into transferring money from the charity accounts and everyone freaks out, which is complete bullshit. The banks always restore the funds, and scold the charities for having this info online. I've experienced this myself at two different organisations. As a result charities become more reluctant to publicise their bank info and predictably, donations lessen.
It's important to keep perspective and hold the responsible party accountable, instead of trying to compensate for the bank's failings.
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It was probably bank error. Then it took a month for the bank investigation unit to find the internal bank staff that made the error and get an explanation. The best banks for consumers are the mid sized banks. They're big enough to have all the services, but not the bureaucracy.
Bank error or money laundering?
It's easy to stamp in the wrong account number.