She probably regretted her action. But Schwab is a "prestigious" financial institution and having such lax internal control on fund transfer? Isn't Schwab partly to blame for this episode?
Schwab deposits $1.2 million into a customer's account by mistake... -Goddamit!!! WHY does this never happen with me??? WHY??!!!
You mean she can keep it if it's bitcoin? No way of getting back ? Don't all blockchain activities are traceable ? I did google and bitcoin is traceable. Then why is millions stolen ?
"The company said it meant to transfer $82.56 into Spadoni’s account with Fidelity Brokerage Services. Instead, they ended up transferring $1,205,619." HOW do they manage to transfer $1,205,619 when the number is 82.56???!!! The numbers aren't even next to each other on the keypad!! That's not a fat-finger mistake. That's clearly a negligent tort! And they have the audacity to arrest the woman?? On what grounds? For spending her own money? The money was deposited into her account. The account had her name on it; it belonged to her. WHY should she think it's not hers? She is supposed to think for the company that she is a client of now? No she should be entitled to keep every single penny of it. She just needs to hire a lawyer to fight for it. She can afford a good one now that's she's $1.2 million richer and she might even be able to get awarded damage for the ordeal that Charles Schwab has put her through by arresting her and etc.
Soooo... just curious... Suppose you walk into your bank lobby and deposit a check. You know, like maybe a check for $150 from grandmother that she sent you for your birthday. Or maybe it's a check for $210,000.00 that you just received because your sold your vacation home. And you accidentally write the wrong account number on the back of the check. So your bank deposits the money into someone else's account. That's clearly an error, but it's not the fault of the other accountholder, who now has that money in their account. Should they be allowed to keep it? It's not her money, Dude. If you are under age 30 and you don't what a bank lobby is, or if you have never deposited a paper check into your checking account by handing it to a teller, you may send me a private message, and I'll refer to you some YouTube videos where you can learn how people used money in the twentieth century.
Of course. Finders keepers. In this case, the bank wouldn't even give a rats a$$ about your money landing in the other person's account. If the recipient of your generous donation has already spent the money, then it's gone. Same as you dropped a bag full of money in the middle of the road by mistake and somebody picked it up and deposited it into their bank account. Are they entitled to keep the money? Sure. In this case, this woman just found this "bag of money" of $1.2 million that's landed into her account, although by mistake. Finders keepers. Of course she's entitled to keep the money. You don't want other people to keep the money? Don't give it to them, mistake or no mistake.
Cash is treated a little bit differently. But even with cash, in some states and some countries, you are not automatically entitled to keep cash that you find. The law varies wildly from one jurisdiction to another. If you find a twenty dollar bill on the street, no one is going to say you can't keep it. But if you find a bag of money that has identifying information, in some contexts, and in some places, that is sufficient to prevent someone from keeping it. Electronic transactions are different. ACH transfers can be reversed when there is an error, and that's what Schwab tried to do, but she had already moved the money out of the account. The law is not on her side in this case. If you lose your credit card, and someone finds it and starts using it to order stuff from Amazon, does the seller get to keep the money, and the guy who found your card gets to keep the merchandise? And you believe that those transactions should not be reversed? And you have to pay the credit card bill because it's all your fault? You made a mistake and left your wallet in the back seat of a taxi? That's your mistake, your fault, you lost your electronic money, and you're out of luck? Is that how it works? You f**ked up, and there is no way to fix it? That's not how the law works for electronic payments in the USA. (BTW, A taxi is something that is sort of kind of like an Uber or a Lyft, but more expensive, for people over 50 who don't have smartphones.)
i once sent $200 worth of crypto (GRT) to the wrong wallet. Wanted to transfer from my hbtc account to coinbase, ended up sending it to bitcoin address by mistake. It was .89 cents then..