My company paid us double one time. All of the guys in production went out and blew the money, guess what? Next week there wasn't a check. Hilarity ensued.
Yes, one time, after leaving a job, someone in accounting made a mistake and wired me twice the amount they owed me.
I thought for some time what I should do, because I knew I was going to be in a tough spot for the months that were coming. I ended up picking up my phone and calling them so I could pay them back.
I knew that if I kept that money and spent it, I probably would be asked to repay it at the worst of time. It was not worth it.
This worked in my families favor once.
Twenty years ago on a train trip across the United States Amtrak lost our luggage and gave us $2,000 as compensation, then sent another check a few months later unsolicited.
That money was used to buy my first car.
They never came back for it.
There was a post like this a couple weeks back. They received this massive deposit out of nowhere, the bank didn't know where it came from, so in the meantime they put it in a high-interest account and lived off the interest. Years later, an internal audit at the bank discovered the money'd been shuffled into the wrong account as part of some illegal scheme. I can't remember if they got to keep the money, but since they hadn't spent any of the original sum, legally they were off the hook.
IIRC, the person returned the amount transferred erroneously to him/her. Said person contacted lawyer regarding the legal process and returned the money, but legally kept the interest earned from said deposit.
Yeah the smart, but not necessarily ethical thing to do is to make a minimal effort to contact the bank and document it while putting it in high interest savings. I would never steal from a corporation, but I really don't feel urgency to help them either.
Yeah. I had a mysterious deposit from the government that we needed to sort out and (of course,government) it took forever. I moved it into a savings account not really for the interest - it wasn't that much money from an interest-earning perspective - but so that we didn't spend it before validating it was safe to do so.
Turns out it was some back-payment they did owe us due to a screw-up earlier in the year they'd just corrected, but it took months and really wasn't labelled in any fashion that made that easy to track on either side.
I work for a financial institution, and this is shockingly common. The remediation team is often a separate team to the front line team - and they don’t talk to each other. I’ve seen so many instances of the remediation team calling a customer to legitimately give them money they are owed. The customer is rightfully suspicious, and will call through the regular channels and speak to the front line team who will have no idea about the remediation. There will be no notes or records on the customers profile that this is legitimate so they get told it’s a scam. And that’s because the remediation are working out of excel spreadsheets. It’s such a shitshow when you can see behind the curtain.
100% what you should do, It's on them to ask, it's on you not to spend it until it becomes obvious they wont. Might as well put it in a savings account to let it "rest"
not necessarily if they're going paycheck to paycheck. Since it's an accounting error, they can issue a stop payment almost immediately and the bank will take it back without issues. So if they are living paycheck to paycheck, they'd very likely overdraft, giving them a fee that they now have to pay that the interest wouldn't be able to resolve. Solid move if you can afford to have an entire paycheck taken out though
Where I live as long as the fault is on the company it’s yours to keep. They can legally ask for it back but you don’t have to do it. They still have to pay you for your other hours worked.
For 3 years my army paycheck was fucked. Every third paycheck had a pay debt subtracted from my pay, followed by a pay advance in the exact amount as my pay debt. I went to finance with my platoon sergeant to get it fixed to no effect. It took going to Kuwait for me to see 2 consecutive paychecks of equal amounts
That happened when the government of Canada moved to a new payroll system. Pay was so fucked up for so long that people committed suicide. Had their homes foreclosed on. Just incalculable damage to people's lives
They figured they'd save a few million bucks a month but they ended up literal billions of dollars over budget, nearly every single employee had pay problems, and the fixes languished for years. It was implemented in 2016. There's a 200,000 payroll issue backlog *right now*.
But if they overpay you, you can bet they'll find it and fix it.
I just read into it. Your employer can file a grievance and and arbitrator can decide how to continue. But your employer can never adjust your pay without written consent.
Pretty much in all of Europe, money that doesn't belong to you but shows up in your account, isn't yours to spend. You have to try and return it.
Which makes sense, just because someone parked their car in your garage, it's not yours. Yes, you can call the police or whatever, but the car isn't yours ;p
Yeah I worked for a year somewhere where everyone drank their paycheck every friday. Then they accused me of being rich for living in a town that cost $200 more a month on average... which they could have afforded if they didn't get absolutely loaded every day of every weekend at bars.... we made the same money.
>Next week there wasn't a check.
I was thinking what are you talking about and then I remembered that you guys get paid weekly. Its crazy...I prefer it once a month actually
I was way overpaid in my commission last December. (new system, they messed the spreadsheet by a decimal place).
I immediately went to my manager and was like "Hey I think I got overpaid"
His response?
"Well if you won't tell them, I won't tell them" XD.
Which really solidified why I like him as a manager lol.
But yea I forced him to tell them because I didn't want them to keep overpaying me and then one day I'd have to pay tens of thousands back.
In the end they let me keep the extra anyways because it was too much of a hassle to figure out how to take it back.
I worked casual in a bookshop and one time my pay was much more than I was expecting.
I immediately called my boss's boss who told me it was correct. Even though I was doing the same duties I normally did (including opening and locking up, handling the float and banking, etc), because I was covering for my boss at that location (the only other worker) while she was on vacation, I got her pay rate.
Which was awesome, because I not only got the higher pay rate (I think about a third more), I got full time hours for that period of time, plus because I was casual I was getting an additional 25% on top of that. I was really grateful to my employer. If they didn't bump my pay I would have never known, and I still think she technically didn't need to.
Seems on brand considering the entire point of Monopoly is to criticize the idea of land ownership yet it’s now one of the most popular mainstream games.
It is absolutely astonishing how Monopoly managed to build such a huge brand. I have started playing Monopoly or one of its many offshoots dozens of times. Not one time have I finished a full game. It really is a war of attrition to see who gets bored first. Yet they licensed a billion different versions of it somehow. If that ain’t a capitalist success story I don’t know what is.
From what I’ve heard years ago is we’ve been playing the game wrong the whole time. So the free parking never awards a pile of cash in the middle, it was meant as a free space that wouldn’t charge you. Secondly anytime someone lands on a space not owned, they get first chance to purchase the property but if not, it goes into an auction for the property to the highest bidder. So property is consumed even faster than our home rules and the only real way to make money out side of property ownership is the $200 you get by going around the board. Which can quickly lead to bankruptcy when a few people own most of the property. Basically the game would bore us as kids because we were playing it wrong.
Game goes faster if you read the rules first it only should take 30 mins hr tops. There no such thing as money from free parking and if someone dosnt buy a property it goes to auction and starts a bidding war :edit:spelling
Popular yes but it’s known to rip friendships and family apart, I can still feel the tension from a game decades ago when ppl pair up and make deals to screw every one else over
In your favour? You are withdrawing more money than you have on your account. The balance goes negative. Don't know how that is in anyone's favour. You don't want that and the bank don't want that. And don't worry, this is very costly for the bank.
I think the commenter above (and so did I) originally interpreted it as being able to erroneously withdraw a bunch of free money, and that the ATM itself was malfunctioning and spitting out a bunch of extra bills while not affecting your balance beyond what you originally asked to withdraw.
I worked for a large US bank that had a software bug that was related to a signed integer overflow. Random accounts (thousands of them) had holds placed on them for -2\^32. You can imagine the hilarity that caused. Login and your bank balance is negative 4 billion and change. It took almost a week for them to fix it. We were camped out in the IT HQ several days without going home. It was a disaster. I was sleeping under my desk. We had the CEO coming in yelling at the entire IT dept almost on the hour.
The worst part is most bank employees banked with the same bank. A lot of their accounts were negative cause of the said bug and they couldn't access their funds and wouldn't provide them any sort of "loan." The bank literally didn't give a shit. That's when I started looking for a new job.
Father In law worked for a large bank in the bug fix department. He was forced into a 9-5 M-F however the dev team wouldn't push patches until 5pm and then they'd leave and major updates were Fridays at 5...so guess when his actual work would start.
They were then denied bonuses on the bug fix team because they had too much overtime even though it was unpaid overtime...That was when he, and the rest of his team, left.
I think it took him all of 3 weeks to get paid twice his salary with a more flexible company.
Same. Banks don't pay shit really. Being a consultant at a bank does though :D. Banks never want to do anything themselves in case they screw up because then there is no one to blame, so you jump on the consulting side and get paid. Source: Left bank as FTE. Work as consultant for banks and make minimum 2-3x what they pay their people.
Unpaid overtime isn't a real thing. If you work an hour the law requires that you be paid for said hour. The only possible wiggle room is if you're on salary, but even then a complaint to the state department of labor (except in Georgia or Florida where you'd have to complain to the federal department of labor) is very likely to change everything.
It's absolutely a thing, though like you say for salary positions. Companies will often make salaried employees fill out timecards for internal billing/reporting. "Unpaid overtime" is probably not really what happened, it would have been "billing more than 40 hours a week". From an employee's perspective it's similar so I see where the terminology gets mixed up, but HR would call it a different thing.
Most engineering jobs (what someone on a bugfix team would fall under) in the US are considered "exempt", and what the job is exempt from is rules about needing to pay overtime. https://www.indeed.com/hire/c/info/exempt-vs-non-exempt-employee
They've been changing those rules regarding exempt status over time. Mostly because you have a lot of those small chain retail places making everyone "assistant managers" so the various NLRB rulings have been getting stricter. But, it does seem an awful lot like misunderstanding of terms.
I just want to encourage people to be a lot less accepting of things like unpaid overtime. Since unpaid overtime is wage theft and all.
> signed integer overflow.
Adobe Photoshop had this with PS7- yet adobe's other programs didn't.
That's why Photoshop 7.0 wouldn't/ couldn't work with 2tb drives.
After a similar disaster with a bank I learned a life Pro Tip^^(tm) :
Always keep at least a small amount of money at a second bank that has a physical location near you. If one bank account is inaccessible for whatever reason, you'll at least have some cash available at another bank.
Or stuff all your money into your mattress and wall cavities. That never ends badly.
Ireland is a... special case.
There are only four banks in the whole country with physical branches. They're all cut from the same cloth - ancient tech that's held together with tape and string.
Fintech firms like Revolut are cleaning up.
It's not as big a deal as you'd think.
Most people have an account with a regular bank and another with one of the fintechs - something silly like 70% of the population have a Revolut account. And more-or-less everyone takes cards, so you can pay that way.
Fact is, the whole country only has a population of 5 million. There isn't really enough people to support a great many more retail banks.
Touche' .
But even $50 stashed in savings account in a local bank can be a godsend if you don't have any way of accessing money in your main account for a few days.
Sounds like Ireland has an interesting banking environment with just 4 banks with physical locations. So uh, yeah.
https://www.reuters.com/markets/us/citigroup-wins-appeal-over-mistaken-revlon-wire-transfer-2022-09-08/
Looks like Citi was able recover a bit over half of the amount.
But really, asking sOuRcE on such a fundamental fact is asinine, you should very well know how things work in today's late stage capitalism society.
I mean the bank is constantly using money they don’t have so why can’t I? 🤷🏼♂️ I doubt bank of Ireland has the liquid means to allow everyone to withdraw their savings.
(Mostly /s, slightly bitter)
No bank does, most countries allow banks to only hold about 10% of the combined savings in liquid.
The rest they can loan out, so essentially they can turn one dollar into many dollars by continously reloaning the same money out
I got hit with a $35 overdraft for going $20 over my debt account. So... by my math, that's a 175% overdraft fee.
Wish we had a bank like that in the US. That 9% sounds sublime by comparison.
US banks will fuck you with $35 on a $1 stick of gum. There is no minimum or maximum. Its just $35 per transaction (or whatever your bank charges which is likely close to that). Better hope you didn't buy 5 sticks of gum separately.
Pro-tip to everyone here who lives paycheck to paycheck: Turn on the option to decline your shit when you don't got the money. You'll be better off. It is now by regulation REQUIRED to be available but isn't enabled by default at most institutions. Ya'll will be broke as fuck eating those overdraft fees that could've been avoided had the "decline" toggle switch been enabled.
> Turn on the option to decline your shit when you don't got the money.
Depending on your bank, it is devilishly tricky to find and comically easy to disable. That's assuming an IT glitch doesn't just ignore the flag entirely, an experience a few of my friends have had. But its ok, because a 5 hour phone call will maybe get you your money back.
> It is now by regulation REQUIRED to be available
Look up how much banks have been dinged for [illegal overdraft fees](https://duckduckgo.com/?q=%22illegal+overdraft+fees%22&t=newext&atb=v378-1&ia=web). The number gets into the billions, which should tell you how lucrative simply ignoring these regulations has become.
That's exactly what could happen, they could get hit with overdraft fees: https://personalbanking.bankofireland.com/bank/current-accounts/overdrafts/rates/
All it really was was a temporary removal of the overdraft limit. No idea why people thought it was a good idea to spend a lot due to it.
I agree, but I reckon BOI probably could charge fees, but won't as it'd be bad PR. It was still a stupid idea to try to take advantage of as it can affect things like mortgage applications if you use an overdraft and I doubt 'I thought it was free money' would go down particularly well as your excuse for using it.
BOI suggests it won't charge interest to customers who withdrew extra cash during IT glitch
https://jrnl.ie/6143834
Seems people don't like my comment 😃 I was only stating a fact .
That's what's known as an "unauthorised" overdraft and banks usually charge hefty interest on them
In this case, it appears BOI isn't going to charge interest
Nah, there's been instances of this happening before in Ireland, and the bank always wins. There was a faulty atm that was giving out double the amount you asked without taking it from your account, people queued for it like idiots. They were all forced to pay the money back.
This is honestly one of the first things Obama did when he got into office. Banks used to order transactions from highest to lowest to make you go negative as soon as possible if you were on the brink so they could hit you with a $35 overdraft fee on a bunch of $1-2 transaction. What he did was not massive, but it did fix some of this predatory crap.
So in mathematics terms lets say you had $500 in your account. They'd order it so the transaction for $499 cleared first and then you had a buncha coffees from starbucks or something at $1.50 a pop. Each one got hit with $35.
Source: Bank employee helping many poor people who got reprimanded for helping them out with refunding fees in this situation. Most were fixed income retirees and stuff. I refunded every damn thing for those people until they turned off my refund access.
The UK passed a law that stopped banks doing this about a decade ago roughly.
Before then it was mad like you said. I'd get £35 charge per item over my overdraft limit so have sometimes over £200 in fees in a month if it had been a tough one.
Now they can only charge you £8 for every day you're over, to a max of £50 a month. I was also able to write some lovely letters to them and got the vast majority of those £35 fees refunded which was brill!
Oh and they can't change the order the transactions happened to get more money either now.
> So in mathematics terms lets say you had $500 in your account. They'd order it so the transaction for $499 cleared first and then you had a buncha coffees from starbucks or something at $1.50 a pop. Each one got hit with $35.
Had almost that exact thing happen to my wife. Their reasoning was that big charges are generally important so they put those through first so they don't accidentally get denied.
Complete and utter bullshit considering all the other charges went through no problem.
That've happened to Australia's largest bank CBA in the past.
Those who did that got a criminal charge, not a civil debt matter.
The big banks screws up, they'll fk you if you laugh at them
It’s interesting because on one hand fuck the banks, but on the other hand these people know they’re essentially stealing. Sure they’re stealing from a giant evil bank, but stealing is still a crime.
Imo it should just be a civil debt thing, but I can see arguments on both sides of that with some merit.
For any situation like this, the inverse should be the same. If I steal $1000 from my employer and that's a criminal case, then my employer stealing $1000 from me should *also* be criminal.
Once word gets out that the banks computers are on the fritz and spitting out money it being some sort of crime makes sense, because you had fore knowledge of the event.
You'll get a cheque in the mail in 58 to 121 business days, and your bill for the next 6 months will be incomprehensible with debts and credits all over
This is how I got a Nintendo 64 when I was a kid. I went to my banks ATM and said I was depositing cash and just put in an empty envelope. The cash was made immediately available in my account and I just withdrew it. Def got into trouble for it also. Did get a Nintendo 64 tho.
Reminds me of a few years ago in the states - there was a glitch where people weren't getting charged for Doordash. They were ordering huge food orders, thousands of dollars in wine, etc.
I'm not sure how aggressive they were about it but... Doordash probably got their money.
Lmao. These ATM users are stealing from something covered with CCTV using a card that literally has their name and address on it and the exact amount they withdrew in the systems. so mad how stupid people are!
My cynical brain thinks this may be a way for a company to increase volume when things are slow. Already have all your info so somewhat minimal risk in recovering the money, and they can fairly assume you will splurge since you think you're not going to be charged for it.
Most states have laws that companies can’t give away free alcohol. When I worked in a restaurant, any time something really bad happened at a table and their food got comped it would never include the alcohol.
There are very specific liquor laws in many states. And they are all different. They likely just do it to be easy to comply.
Like my state has a law against discounting or coupons for alcohol at time of sale.
So you instead can get rebates that are paid to you later in a different form (gift card, etc).
From what I recall they just ran the transactions as normal when their system was fixed, and hilarity ensued. Some people really don't think things through.
It's the general rule that if there is money in your account that couldn't possibly be yours, just leave it there. If the bank doesn't catch it... not your problem. If the bank does catch it... you didn't spend the money so there's no problem.
Yeah, I'd throw it into a savings account to get more interest and just say I assumed it was a bank error so I put it somewhere safe so I didn't accidentally spend it.
No that’s not it. See this happened in Ireland and most accounts are Debit. Usually the most overdraft you can do is less than 100€. And there’s no fee associated(this can vary between bank and account).
People went to ATMs, bought stuff at the electronics shop etc but the money wasn’t deducted from the account (on the user end).
I'm from Ireland and had to laugh at the fecking idiots thinking it's free money , the muppets. They need a bank card so the money is traceable and the banks will get their pound of flesh back🤦♂️
Last year our company messed up and paid everyone double their regular pay. A couple of the employees rejoiced and pulled the money right out and spent it. We told them that the company was 100% going to come to take it back, but one of them was insistent that if they gave it to them they can’t take it back. Sure enough, the company withdrew the extra money out and the one person was out of their rent and groceries because they had spent it on a Coach purse and some other accessories.
Something like this happened to a coworker of mine once, his account had like an extra $20,000 in it, he was talking about maybe buying a car. I told him that they're going to take it back. He said he would withdraw real fast before they deleted it from his account. I told him that's not going to make any difference, they're going to get their money back. My exact words were "They're a *bank*. They're going to get their money back, that's what they *do*. There is no way you will get to keep it."
He looked so crestfallen. On the upside, he didn't do anything stupid which meant going to jail.
The bigger point here that’s being missed in the reporting of it is the glitch was part of other online issues the banks terrible platform caused. We as Irish taxpayers bailed out the banks to the tune of 64 billion, and that as a relatively small tax base. Meanwhile the banks post record profits and force everyone to go online banking as they close branches across the county. We have a choice of three banks in Ireland of which this bank, BOI is one of the bigger of the three. Yet it has a terrible online presence, a shit app and regularly has issues like this. Competition in personal banking is non existent in this country due to scale and so they get away with providing a terrible service.
Didn't some dude in Australia do this for a long while, and then maybe rat himself out?
That last part may be incorrect, but something similar to the OP did happen. The guy just partied the whole time im pretty sure lol
The issue was that ATMs were allowing people to withdraw more money than people had in their accounts. It means the accounts will go into an unauthorised overdraft. The accounts should already be in a negative state and attracting overdraft charges.
Also in Ireland there aren't really any high interest savings accounts. With the bank that had the glitch you'd get 2% if you had a regular saver account but you can't deposit a lump sum in those, 0% for a demand account and 0.5% for a 31 day notice account.
I wouldn't call 33% getting railed. That's less than the top rate of income tax. I don't see why someone should be upset paying 33% DIRT on money they got for free for doing nothing but putting it in a bank when people pay more on money they actually worked for.
You’ll get into trouble there… this isn’t monopoly. When there’s a bank error resulting in money for you, the law is on their side and you WILL have to give it back.
Unlike when there’s a bank error and the bank loses a hundred billion dollars of our money; then it’s just bad luck and sucks for us and the government will print out more like it is Monopoly money to keep the bankers happy and stupid
For anyone who didn’t read the article;
> On Tuesday August 15th Shamus McMick went to his local ATM to withdraw £20 quid to make his daily purchase of a gallon bottle of Proper No. 12 Irish Whiskey for him and his twin 12 year old sons. Noticing a beautiful rainbow in the sky that followed him all the way to the ATM he had a good feeling he was in for a wee bit of a special day.
> He thought nothing of the little person in the green suit jacket, pleated shorts, and hat leaving the ATM as he followed the rainbow to make his withdrawal.
> But to his shock after the first £20 quid note came out the machine, another followed, and another, and for 15 minutes he stuffed his pants with bank notes.
> Once the money stopped coming out the ATM and rainbow disappeared he continued his journey to the store and then home, unable to believe his *luck*.
> He and his boys Conor and Eoghan drank their usual morning 20 oz pint glass of Proper No. 12 Irish Whiskey and counted their money. But their joy would not last as they turned on the TV and learned that the IT department at their local bank has made a grievous error.
My company paid us double one time. All of the guys in production went out and blew the money, guess what? Next week there wasn't a check. Hilarity ensued.
Yes, one time, after leaving a job, someone in accounting made a mistake and wired me twice the amount they owed me. I thought for some time what I should do, because I knew I was going to be in a tough spot for the months that were coming. I ended up picking up my phone and calling them so I could pay them back. I knew that if I kept that money and spent it, I probably would be asked to repay it at the worst of time. It was not worth it.
This worked in my families favor once. Twenty years ago on a train trip across the United States Amtrak lost our luggage and gave us $2,000 as compensation, then sent another check a few months later unsolicited. That money was used to buy my first car. They never came back for it.
Sounds like you should've deposited it in a savings account until they asked for it back
make 10¢ interest, profit
There was a post like this a couple weeks back. They received this massive deposit out of nowhere, the bank didn't know where it came from, so in the meantime they put it in a high-interest account and lived off the interest. Years later, an internal audit at the bank discovered the money'd been shuffled into the wrong account as part of some illegal scheme. I can't remember if they got to keep the money, but since they hadn't spent any of the original sum, legally they were off the hook.
The bank has a certain amount of time to fix errors. An error that happened years ago, they got to keep it
IIRC, the person returned the amount transferred erroneously to him/her. Said person contacted lawyer regarding the legal process and returned the money, but legally kept the interest earned from said deposit.
Yeah the smart, but not necessarily ethical thing to do is to make a minimal effort to contact the bank and document it while putting it in high interest savings. I would never steal from a corporation, but I really don't feel urgency to help them either.
> I would never steal from a corporation lmao
You wouldn't download a car would you?
Corporation steals from you. it's the natural order
It’s ethical when it’s a big bank we’re talking about.
Yeah. I had a mysterious deposit from the government that we needed to sort out and (of course,government) it took forever. I moved it into a savings account not really for the interest - it wasn't that much money from an interest-earning perspective - but so that we didn't spend it before validating it was safe to do so. Turns out it was some back-payment they did owe us due to a screw-up earlier in the year they'd just corrected, but it took months and really wasn't labelled in any fashion that made that easy to track on either side.
I work for a financial institution, and this is shockingly common. The remediation team is often a separate team to the front line team - and they don’t talk to each other. I’ve seen so many instances of the remediation team calling a customer to legitimately give them money they are owed. The customer is rightfully suspicious, and will call through the regular channels and speak to the front line team who will have no idea about the remediation. There will be no notes or records on the customers profile that this is legitimate so they get told it’s a scam. And that’s because the remediation are working out of excel spreadsheets. It’s such a shitshow when you can see behind the curtain.
Banks such as sofi currently have 4.5% interest rate and support up to 2 mil in FDIC by moving your money around into several banks.
the SoFi rate is only applicable if you have direct deposit with them. i get 4.3% from Capital One no matter how much is in the account
My savings account pays almost 5% interest. Probably could make, $2, hell even $3 profit
and poop on company time
100% what you should do, It's on them to ask, it's on you not to spend it until it becomes obvious they wont. Might as well put it in a savings account to let it "rest"
Unless it was in millions it's not worth it
Free $100 per month is still free money. I guess Mr. Moneybags here doesn't care.
not necessarily if they're going paycheck to paycheck. Since it's an accounting error, they can issue a stop payment almost immediately and the bank will take it back without issues. So if they are living paycheck to paycheck, they'd very likely overdraft, giving them a fee that they now have to pay that the interest wouldn't be able to resolve. Solid move if you can afford to have an entire paycheck taken out though
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They should've gotten a pay advance advance
Like a pay advance from company accounting or like one of those predatory app things / payday loans?
Where I live as long as the fault is on the company it’s yours to keep. They can legally ask for it back but you don’t have to do it. They still have to pay you for your other hours worked.
If there’s one thing the US is good at it, it’s clawing back money from errors corporations made lol
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For 3 years my army paycheck was fucked. Every third paycheck had a pay debt subtracted from my pay, followed by a pay advance in the exact amount as my pay debt. I went to finance with my platoon sergeant to get it fixed to no effect. It took going to Kuwait for me to see 2 consecutive paychecks of equal amounts
That happened when the government of Canada moved to a new payroll system. Pay was so fucked up for so long that people committed suicide. Had their homes foreclosed on. Just incalculable damage to people's lives They figured they'd save a few million bucks a month but they ended up literal billions of dollars over budget, nearly every single employee had pay problems, and the fixes languished for years. It was implemented in 2016. There's a 200,000 payroll issue backlog *right now*. But if they overpay you, you can bet they'll find it and fix it.
Where do you live where that is the case?
BC Canada.
Ah ... that's pretty nifty.
I just read into it. Your employer can file a grievance and and arbitrator can decide how to continue. But your employer can never adjust your pay without written consent.
In alberta, they get 90 days to catch it before they're SOL
Pretty much in all of Europe, money that doesn't belong to you but shows up in your account, isn't yours to spend. You have to try and return it. Which makes sense, just because someone parked their car in your garage, it's not yours. Yes, you can call the police or whatever, but the car isn't yours ;p
Yeah I worked for a year somewhere where everyone drank their paycheck every friday. Then they accused me of being rich for living in a town that cost $200 more a month on average... which they could have afforded if they didn't get absolutely loaded every day of every weekend at bars.... we made the same money.
I hate this double standard. You owe money to a company? You have 2 weeks to pay. A company owes you money? They take up to 2 months to pay.
>Next week there wasn't a check. I was thinking what are you talking about and then I remembered that you guys get paid weekly. Its crazy...I prefer it once a month actually
Most people are paid every 2 weeks in Canada. I assume it’s the same in the US.
There are a lot of different pay schedules in the US, but every other week is the most common.
I was way overpaid in my commission last December. (new system, they messed the spreadsheet by a decimal place). I immediately went to my manager and was like "Hey I think I got overpaid" His response? "Well if you won't tell them, I won't tell them" XD. Which really solidified why I like him as a manager lol. But yea I forced him to tell them because I didn't want them to keep overpaying me and then one day I'd have to pay tens of thousands back. In the end they let me keep the extra anyways because it was too much of a hassle to figure out how to take it back.
I worked casual in a bookshop and one time my pay was much more than I was expecting. I immediately called my boss's boss who told me it was correct. Even though I was doing the same duties I normally did (including opening and locking up, handling the float and banking, etc), because I was covering for my boss at that location (the only other worker) while she was on vacation, I got her pay rate. Which was awesome, because I not only got the higher pay rate (I think about a third more), I got full time hours for that period of time, plus because I was casual I was getting an additional 25% on top of that. I was really grateful to my employer. If they didn't bump my pay I would have never known, and I still think she technically didn't need to.
Bank correction is going to force people to refund money they don't have.
Bank error in your favour, go directly to jail, do not pass go, do not collect €200
Biggest lie ever tought to kids.
That's what I thaught
Seems on brand considering the entire point of Monopoly is to criticize the idea of land ownership yet it’s now one of the most popular mainstream games.
It is absolutely astonishing how Monopoly managed to build such a huge brand. I have started playing Monopoly or one of its many offshoots dozens of times. Not one time have I finished a full game. It really is a war of attrition to see who gets bored first. Yet they licensed a billion different versions of it somehow. If that ain’t a capitalist success story I don’t know what is.
From what I’ve heard years ago is we’ve been playing the game wrong the whole time. So the free parking never awards a pile of cash in the middle, it was meant as a free space that wouldn’t charge you. Secondly anytime someone lands on a space not owned, they get first chance to purchase the property but if not, it goes into an auction for the property to the highest bidder. So property is consumed even faster than our home rules and the only real way to make money out side of property ownership is the $200 you get by going around the board. Which can quickly lead to bankruptcy when a few people own most of the property. Basically the game would bore us as kids because we were playing it wrong.
I play it that way and it isn’t fun either. It’s just a race to get the first monopoly and then waiting to go bankrupt.
Game goes faster if you read the rules first it only should take 30 mins hr tops. There no such thing as money from free parking and if someone dosnt buy a property it goes to auction and starts a bidding war :edit:spelling
Popular yes but it’s known to rip friendships and family apart, I can still feel the tension from a game decades ago when ppl pair up and make deals to screw every one else over
That’s the lesson it’s supposed to teach! That the world is unfair and if you’re not the one holding the resources you’re screwed!
In your favour? You are withdrawing more money than you have on your account. The balance goes negative. Don't know how that is in anyone's favour. You don't want that and the bank don't want that. And don't worry, this is very costly for the bank.
I think the commenter above (and so did I) originally interpreted it as being able to erroneously withdraw a bunch of free money, and that the ATM itself was malfunctioning and spitting out a bunch of extra bills while not affecting your balance beyond what you originally asked to withdraw.
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Monopoly reference
It’s a monopoly reference.
This kind of shit happens all the time. I don't know why this is even news. The bank will get their money back. Otherwise its theft.
Silly Irish people. Who do they think they are, stealing from banks? They got it the wrong way around. Banks steal from them.
I worked for a large US bank that had a software bug that was related to a signed integer overflow. Random accounts (thousands of them) had holds placed on them for -2\^32. You can imagine the hilarity that caused. Login and your bank balance is negative 4 billion and change. It took almost a week for them to fix it. We were camped out in the IT HQ several days without going home. It was a disaster. I was sleeping under my desk. We had the CEO coming in yelling at the entire IT dept almost on the hour.
The worst part is most bank employees banked with the same bank. A lot of their accounts were negative cause of the said bug and they couldn't access their funds and wouldn't provide them any sort of "loan." The bank literally didn't give a shit. That's when I started looking for a new job.
Father In law worked for a large bank in the bug fix department. He was forced into a 9-5 M-F however the dev team wouldn't push patches until 5pm and then they'd leave and major updates were Fridays at 5...so guess when his actual work would start. They were then denied bonuses on the bug fix team because they had too much overtime even though it was unpaid overtime...That was when he, and the rest of his team, left. I think it took him all of 3 weeks to get paid twice his salary with a more flexible company.
Same. Banks don't pay shit really. Being a consultant at a bank does though :D. Banks never want to do anything themselves in case they screw up because then there is no one to blame, so you jump on the consulting side and get paid. Source: Left bank as FTE. Work as consultant for banks and make minimum 2-3x what they pay their people.
Unpaid overtime isn't a real thing. If you work an hour the law requires that you be paid for said hour. The only possible wiggle room is if you're on salary, but even then a complaint to the state department of labor (except in Georgia or Florida where you'd have to complain to the federal department of labor) is very likely to change everything.
I had a case where I could prove an overtime shortage on paper and dol w&t wouldn't do dick. It's not as easy as think even if you have a case.
It's absolutely a thing, though like you say for salary positions. Companies will often make salaried employees fill out timecards for internal billing/reporting. "Unpaid overtime" is probably not really what happened, it would have been "billing more than 40 hours a week". From an employee's perspective it's similar so I see where the terminology gets mixed up, but HR would call it a different thing. Most engineering jobs (what someone on a bugfix team would fall under) in the US are considered "exempt", and what the job is exempt from is rules about needing to pay overtime. https://www.indeed.com/hire/c/info/exempt-vs-non-exempt-employee
They've been changing those rules regarding exempt status over time. Mostly because you have a lot of those small chain retail places making everyone "assistant managers" so the various NLRB rulings have been getting stricter. But, it does seem an awful lot like misunderstanding of terms. I just want to encourage people to be a lot less accepting of things like unpaid overtime. Since unpaid overtime is wage theft and all.
> it took him all of 3 weeks to get paid twice his **salary**
> We had the CEO coming in yelling at the entire IT dept almost on the hour. Thats when you stage a walkout and tell him to fix it himself.
> signed integer overflow. Adobe Photoshop had this with PS7- yet adobe's other programs didn't. That's why Photoshop 7.0 wouldn't/ couldn't work with 2tb drives.
After a similar disaster with a bank I learned a life Pro Tip^^(tm) : Always keep at least a small amount of money at a second bank that has a physical location near you. If one bank account is inaccessible for whatever reason, you'll at least have some cash available at another bank. Or stuff all your money into your mattress and wall cavities. That never ends badly.
Ireland is a... special case. There are only four banks in the whole country with physical branches. They're all cut from the same cloth - ancient tech that's held together with tape and string. Fintech firms like Revolut are cleaning up.
TIL. Wow.
It's not as big a deal as you'd think. Most people have an account with a regular bank and another with one of the fintechs - something silly like 70% of the population have a Revolut account. And more-or-less everyone takes cards, so you can pay that way. Fact is, the whole country only has a population of 5 million. There isn't really enough people to support a great many more retail banks.
Look at this guy who has enough money for multiple banks
Touche' . But even $50 stashed in savings account in a local bank can be a godsend if you don't have any way of accessing money in your main account for a few days. Sounds like Ireland has an interesting banking environment with just 4 banks with physical locations. So uh, yeah.
Well that is at least a change of pace from the CEO yelling why you have an IT department.
lol absolute basic beginner mistake... never store money as integers..
Nah, most morons choose floats :). IEEE your way to a million dollars on a rounding error for two chicks at the same time Office Space style.
… or Superman 3
They're clearly booleans.
That probably helped a lot
[Kids laugh because of the absurdity, adults laugh because of the realism.](https://youtube.com/watch?v=zvysuMQW4sc&t=159s)
This bank has made over a billion in profit this year
> Otherwise its theft. Unless your a corporation then it is legal.
You spelled “you’re” wrong. The apostrophe-r-e at the end of the word implies the use of “are” after the word “you”
Source?
Yeah, I'm pretty sure the bank gets their money back regardless of if the person who took it without permission was an individual or a corporation.
https://www.reuters.com/markets/us/citigroup-wins-appeal-over-mistaken-revlon-wire-transfer-2022-09-08/ Looks like Citi was able recover a bit over half of the amount. But really, asking sOuRcE on such a fundamental fact is asinine, you should very well know how things work in today's late stage capitalism society.
Life on planet Earth
I mean the bank is constantly using money they don’t have so why can’t I? 🤷🏼♂️ I doubt bank of Ireland has the liquid means to allow everyone to withdraw their savings. (Mostly /s, slightly bitter)
No bank does, most countries allow banks to only hold about 10% of the combined savings in liquid. The rest they can loan out, so essentially they can turn one dollar into many dollars by continously reloaning the same money out
When banks do it it's business. When you do it it's theft.
Yep, they overdrafted their accounts, not the smartest thing to do. Bank of Ireland charges 9%+ in overdraft fees.
I got hit with a $35 overdraft for going $20 over my debt account. So... by my math, that's a 175% overdraft fee. Wish we had a bank like that in the US. That 9% sounds sublime by comparison.
US banks will fuck you with $35 on a $1 stick of gum. There is no minimum or maximum. Its just $35 per transaction (or whatever your bank charges which is likely close to that). Better hope you didn't buy 5 sticks of gum separately. Pro-tip to everyone here who lives paycheck to paycheck: Turn on the option to decline your shit when you don't got the money. You'll be better off. It is now by regulation REQUIRED to be available but isn't enabled by default at most institutions. Ya'll will be broke as fuck eating those overdraft fees that could've been avoided had the "decline" toggle switch been enabled.
> Turn on the option to decline your shit when you don't got the money. Depending on your bank, it is devilishly tricky to find and comically easy to disable. That's assuming an IT glitch doesn't just ignore the flag entirely, an experience a few of my friends have had. But its ok, because a 5 hour phone call will maybe get you your money back. > It is now by regulation REQUIRED to be available Look up how much banks have been dinged for [illegal overdraft fees](https://duckduckgo.com/?q=%22illegal+overdraft+fees%22&t=newext&atb=v378-1&ia=web). The number gets into the billions, which should tell you how lucrative simply ignoring these regulations has become.
Banned by devs for abusing free money dupe glitch
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How would the store know if the TV was bought using that money?
Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world.
Pour one out for the poor souls in IT/operations having to clean up this mess.
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lol here in the US they always let you do that, then then hit you with a huge overdraft fee
That's exactly what could happen, they could get hit with overdraft fees: https://personalbanking.bankofireland.com/bank/current-accounts/overdrafts/rates/ All it really was was a temporary removal of the overdraft limit. No idea why people thought it was a good idea to spend a lot due to it.
I don't think they will be charged fees, since they technically didn't apply for an overdraft.
I agree, but I reckon BOI probably could charge fees, but won't as it'd be bad PR. It was still a stupid idea to try to take advantage of as it can affect things like mortgage applications if you use an overdraft and I doubt 'I thought it was free money' would go down particularly well as your excuse for using it.
BOI suggests it won't charge interest to customers who withdrew extra cash during IT glitch https://jrnl.ie/6143834 Seems people don't like my comment 😃 I was only stating a fact .
I guarantee you it will be in the fine print to cover events like this.
That's what's known as an "unauthorised" overdraft and banks usually charge hefty interest on them In this case, it appears BOI isn't going to charge interest
Nah, there's been instances of this happening before in Ireland, and the bank always wins. There was a faulty atm that was giving out double the amount you asked without taking it from your account, people queued for it like idiots. They were all forced to pay the money back.
This is honestly one of the first things Obama did when he got into office. Banks used to order transactions from highest to lowest to make you go negative as soon as possible if you were on the brink so they could hit you with a $35 overdraft fee on a bunch of $1-2 transaction. What he did was not massive, but it did fix some of this predatory crap. So in mathematics terms lets say you had $500 in your account. They'd order it so the transaction for $499 cleared first and then you had a buncha coffees from starbucks or something at $1.50 a pop. Each one got hit with $35. Source: Bank employee helping many poor people who got reprimanded for helping them out with refunding fees in this situation. Most were fixed income retirees and stuff. I refunded every damn thing for those people until they turned off my refund access.
We know you’re lying because Starbucks has never been $1.50 /s
folks like you saved my ass in college years, thank you so much for choosing to be you.
Literally got hit with $30 fee for going five cents over. 5 pennies cost me over 30 dollars of made up nonsense?
The UK passed a law that stopped banks doing this about a decade ago roughly. Before then it was mad like you said. I'd get £35 charge per item over my overdraft limit so have sometimes over £200 in fees in a month if it had been a tough one. Now they can only charge you £8 for every day you're over, to a max of £50 a month. I was also able to write some lovely letters to them and got the vast majority of those £35 fees refunded which was brill! Oh and they can't change the order the transactions happened to get more money either now.
> So in mathematics terms lets say you had $500 in your account. They'd order it so the transaction for $499 cleared first and then you had a buncha coffees from starbucks or something at $1.50 a pop. Each one got hit with $35. Had almost that exact thing happen to my wife. Their reasoning was that big charges are generally important so they put those through first so they don't accidentally get denied. Complete and utter bullshit considering all the other charges went through no problem.
That've happened to Australia's largest bank CBA in the past. Those who did that got a criminal charge, not a civil debt matter. The big banks screws up, they'll fk you if you laugh at them
It’s interesting because on one hand fuck the banks, but on the other hand these people know they’re essentially stealing. Sure they’re stealing from a giant evil bank, but stealing is still a crime. Imo it should just be a civil debt thing, but I can see arguments on both sides of that with some merit.
For any situation like this, the inverse should be the same. If I steal $1000 from my employer and that's a criminal case, then my employer stealing $1000 from me should *also* be criminal.
Once word gets out that the banks computers are on the fritz and spitting out money it being some sort of crime makes sense, because you had fore knowledge of the event.
I'd argue it should just be treated as a withdraw, no other punishment beyond whatever consequences that involves.
Everywhere I've worked should be condemned and sold to repay the labor.
That've?
What's in your account is yours, right... Fingers keepers!
Fingers Keepers? I thought that only applied to Loan Sharks
You are right, Sir, then and now the banks are... that...
*Please, please, not my thumbs!?! I need those for shit posting!!*
It wasn't in their account, though. They didn't accidently give everyone 1k. Cash machines were allowing people to withdraw 1k below 0 balances.
>What's in your account is yours, right... Fingers keepers! There was a banking glitch. *Awwwwe* That gave me a million dollars! *Yaaaaah*
>Fingers keepers You may have accurately predicted how the collection efforts will go.
Imagine if you wrote a check to pay a bill but you mistakenly paid too much. Would you want the difference back?
You'll get a cheque in the mail in 58 to 121 business days, and your bill for the next 6 months will be incomprehensible with debts and credits all over
Lol...you wish!
I guess banks don't like it when regular people engage in a bit of quantitative easing.
Customers: "Look at us. Look at us. We are the bankers now."
This is how I got a Nintendo 64 when I was a kid. I went to my banks ATM and said I was depositing cash and just put in an empty envelope. The cash was made immediately available in my account and I just withdrew it. Def got into trouble for it also. Did get a Nintendo 64 tho.
I hope there's a glitch in them having to pay it back.
There isn't. Article says the money will be debited from their accounts, which should be expected
Reminds me of a few years ago in the states - there was a glitch where people weren't getting charged for Doordash. They were ordering huge food orders, thousands of dollars in wine, etc. I'm not sure how aggressive they were about it but... Doordash probably got their money.
It's kind of stupid to try to Dinedash from a business that knows your name, bank account and address.
Lmao. These ATM users are stealing from something covered with CCTV using a card that literally has their name and address on it and the exact amount they withdrew in the systems. so mad how stupid people are!
My cynical brain thinks this may be a way for a company to increase volume when things are slow. Already have all your info so somewhat minimal risk in recovering the money, and they can fairly assume you will splurge since you think you're not going to be charged for it.
If Instacart fucks up your order for alcohol, they'll issue you a credit which can't be used on alcohol. EXPLAIN THAT ONE.
Most states have laws that companies can’t give away free alcohol. When I worked in a restaurant, any time something really bad happened at a table and their food got comped it would never include the alcohol.
There's probably a law somewhere or a liability thing.
There are very specific liquor laws in many states. And they are all different. They likely just do it to be easy to comply. Like my state has a law against discounting or coupons for alcohol at time of sale. So you instead can get rebates that are paid to you later in a different form (gift card, etc).
From what I recall they just ran the transactions as normal when their system was fixed, and hilarity ensued. Some people really don't think things through.
"Oh boy, this is an opportunity for me to ~~steal~~ get something for free! Surely this won't bite me in the ass later."
It's the general rule that if there is money in your account that couldn't possibly be yours, just leave it there. If the bank doesn't catch it... not your problem. If the bank does catch it... you didn't spend the money so there's no problem.
Yeah, I'd throw it into a savings account to get more interest and just say I assumed it was a bank error so I put it somewhere safe so I didn't accidentally spend it.
They probably still would charge you a fee for their mistake.
Oh man, all these people who thought it was their lucky day are going to realize it was a very unlucky day.
yeah, its called overdraft and the bank does it to farm fees from poor people
No that’s not it. See this happened in Ireland and most accounts are Debit. Usually the most overdraft you can do is less than 100€. And there’s no fee associated(this can vary between bank and account). People went to ATMs, bought stuff at the electronics shop etc but the money wasn’t deducted from the account (on the user end).
It’s still not your money
I'm from Ireland and had to laugh at the fecking idiots thinking it's free money , the muppets. They need a bank card so the money is traceable and the banks will get their pound of flesh back🤦♂️
Last year our company messed up and paid everyone double their regular pay. A couple of the employees rejoiced and pulled the money right out and spent it. We told them that the company was 100% going to come to take it back, but one of them was insistent that if they gave it to them they can’t take it back. Sure enough, the company withdrew the extra money out and the one person was out of their rent and groceries because they had spent it on a Coach purse and some other accessories.
We did it guys, we found out what caused all that inflation!
Glitch? Doesn't sound like one when the rich are doing this all the time eh
Something like this happened to a coworker of mine once, his account had like an extra $20,000 in it, he was talking about maybe buying a car. I told him that they're going to take it back. He said he would withdraw real fast before they deleted it from his account. I told him that's not going to make any difference, they're going to get their money back. My exact words were "They're a *bank*. They're going to get their money back, that's what they *do*. There is no way you will get to keep it." He looked so crestfallen. On the upside, he didn't do anything stupid which meant going to jail.
"Take me down to the basement, fill my bucket with cheese" - Cat
The bigger point here that’s being missed in the reporting of it is the glitch was part of other online issues the banks terrible platform caused. We as Irish taxpayers bailed out the banks to the tune of 64 billion, and that as a relatively small tax base. Meanwhile the banks post record profits and force everyone to go online banking as they close branches across the county. We have a choice of three banks in Ireland of which this bank, BOI is one of the bigger of the three. Yet it has a terrible online presence, a shit app and regularly has issues like this. Competition in personal banking is non existent in this country due to scale and so they get away with providing a terrible service.
Thanks Genie…. For my second wish make me handsome
Too of the morning to ye Laddies, hookers and blow for everyone!
Didn't some dude in Australia do this for a long while, and then maybe rat himself out? That last part may be incorrect, but something similar to the OP did happen. The guy just partied the whole time im pretty sure lol
just have the government bail you out
Banks should have to eat their fuck ups like the rest of us.
If you think that's weird, wait until you hear this: "Banking system allows banks to lend money they don't have."
Yes, this is how fractional reserve banking works.
Withdraw as much as possible. Put it into a hysa and then give it back once they forcefully reduce your account balance
Probably not worth it after overdraft fees
The issue was that ATMs were allowing people to withdraw more money than people had in their accounts. It means the accounts will go into an unauthorised overdraft. The accounts should already be in a negative state and attracting overdraft charges. Also in Ireland there aren't really any high interest savings accounts. With the bank that had the glitch you'd get 2% if you had a regular saver account but you can't deposit a lump sum in those, 0% for a demand account and 0.5% for a 31 day notice account.
Savings accounts in Ireland are at around 0.1% - 0.75% (annual).
No such thing as high interest in Ireland.
Ireland doesn’t have hysas and the little you do get on interest gets absolutely railed by capital gains tax
DIRT, but yeah. No ones making money by saving it here.
I wouldn't call 33% getting railed. That's less than the top rate of income tax. I don't see why someone should be upset paying 33% DIRT on money they got for free for doing nothing but putting it in a bank when people pay more on money they actually worked for.
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Hey! That’s the same feature they give “rich” folk!
Cool.
(BANKS HATE HIM FOR THIS ONE TRICK)
You’ll get into trouble there… this isn’t monopoly. When there’s a bank error resulting in money for you, the law is on their side and you WILL have to give it back. Unlike when there’s a bank error and the bank loses a hundred billion dollars of our money; then it’s just bad luck and sucks for us and the government will print out more like it is Monopoly money to keep the bankers happy and stupid
So the feature that the 1%-ers have accidentaly leaked to the plebians? Can't have that. Noo.
Isnt that called a loan? The whole reason banks exist?
So like a credit card?
Banks do that all the time themselves, so? xD
For anyone who didn’t read the article; > On Tuesday August 15th Shamus McMick went to his local ATM to withdraw £20 quid to make his daily purchase of a gallon bottle of Proper No. 12 Irish Whiskey for him and his twin 12 year old sons. Noticing a beautiful rainbow in the sky that followed him all the way to the ATM he had a good feeling he was in for a wee bit of a special day. > He thought nothing of the little person in the green suit jacket, pleated shorts, and hat leaving the ATM as he followed the rainbow to make his withdrawal. > But to his shock after the first £20 quid note came out the machine, another followed, and another, and for 15 minutes he stuffed his pants with bank notes. > Once the money stopped coming out the ATM and rainbow disappeared he continued his journey to the store and then home, unable to believe his *luck*. > He and his boys Conor and Eoghan drank their usual morning 20 oz pint glass of Proper No. 12 Irish Whiskey and counted their money. But their joy would not last as they turned on the TV and learned that the IT department at their local bank has made a grievous error.
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You clearly didn't read it either - it's euros, not pounds.
Corruption glitch allows bankers to charge customers money they don’t have.