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Women Gets $55,000 Due To A Banking Error

Imagine waking up and having this happen to you. A person just forwarded me this news story that happened a few weeks ago where a student had logged in to her online back account and upon reviewing her account information she realized that she had $55,000 in it. On top of that, she had someone else’s complete banking history and address.

Apparently the bank is President’s Choice Financial which is a part of CIBC. The more interesting thing is that she was trying to give it back to the rightful owner and instead she kept getting the run around from the bank and was unable to do so. You can read more about the story here and there is a video as well.

Kind of a scary security breach I must say. I actually once had my banking account information displayed on someone else’s statement before. Yes, it had details such as the amount of money I had in the account. Fortunately though, that person was actually a family member and so it wasn’t too big of a deal I thought at the time. With an example like the above where the person actually received the other person’s money though and to a complete stranger I can easily imagine how outraged a person would be over that.

2 Comments to Women Gets $55,000 Due To A Banking Error

  • I actually had a friend who had an account with president Choice. The bank made a mistake and linked her client card to someone else’s account. So when my friend deposited her pay check, it went to someone else’s account, not hers. Eventually she found out the mistake, but the bank refuse to transfer her money back to her. She lost 2 paychecks.

    Alan C. Yu 4/13/2007 4:33 pm
  • That’s crazy that your friend lost her money. The banking laws are pretty strict in the US and I’m pretty sure the bank is responsible for the mistake.

    On the other hand, if the woman who got the $55k due to the bank error spent any of the money, legally, she would be responsible for returning the money.

    joewatch 4/13/2007 8:52 pm

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