If you owe the bank a million dollars and can’t pay it back, that’s your problem.
If you owe the bank 100 billion dollars and can’t pay it back, that’s the bank’s problem.
Thanks for paying <1% of the US national debt 🫡
0.25% ish
If you overdraft by 100 dollars, that’s a problem for you. If you overdraft by 100 billion dollars, that’s a problem for the bank.
This is actually a really common thing for banks to do for fraud security. It works better than just freezing the account because if someone is using a stolen identity they can still go in person and fake their way around a frozen account. But if the security team deducts $100 billion dollars, then you can’t take anything out and it essentially warns anyone who works in banking who isn’t directly in your bank (3rd party bank) about what is happening to the account.
If you can talk your way out of it in person the account isn’t frozen, at most it is flagged as potential fraud. Most bank fraud departments have first line fraud detection analysts in a call center where if the system detects fraud that department are the only ones who can remove the account freeze and if they get even a whiff of suspicion from a “customer” calling in to get the freeze removed it gets pushed up the line to specialists whose whole job is to do deep investigations into accounts to catch potential fraudsters. The first line might have you get in person to a branch for ID verification but the fraud department are usually still the ones who have to manually remove the freeze once it hits the work queue.
Putting an account negative like that on purpose is an easy ticket to the bank being audited. Hell doing it on accident would probably get the bank audited.
Source: worked as a fraud detection analyst for a major bank
I have been working in software for quite a while and one thing has remained constant over the years: users will find to exploit any feature in a way it was not intended to if it suits their needs.
We usually fix that shit by adding another field for remarks or maybe adding a flag that allows to tell anybody not to touch that even with a ten foot pole…
That there haven’t done that and instead something like this is common in banking, not just at one bank, is a dead giveaway on the state of the software banks are using.
There is usually a reason why they refuse to touch anything. In banking software is old… As in older than me. My dad used to build this software when he was in his prime which was about 60 years ago. It hasn’t changed since then…
Yeah it did, the used to use two digits for the year, than they had to change it because people’s credit cards were being denied for expiring in 2000
Don’t discount the chance that implementing a better solution could be functionally impossible.
Chase still has their systems running through a COBOL mainframe after all.
Nooo way this is inspect element.
“oops, I accidentally bought a planet”
New Achievement! You are now the proud new owner of a small planet on outskirts of the universe where there is no liveable atmosphere, usable material, or anything of remote interest! Congratulations-- it’s worthless to everyone except you who thought this rock of junk was worth bankrupting yourself for!
THIS IS AN OUTRAGE!
WHY WOULD THE PRINCESS POSSE BUY SUCH A USELESS PLANET?!
CAT’S CAN’T EVEN LIVE THERE.
I DON’T KNOW WHY, BUT I BLAME CARL FOR THIS. IT SOUNDS LIKE SOMETHING HE’D COME UP WITH. I MEAN REALLY.
Gone all in at the Maracas store.
