Bank Accidentally Deposited Money

luffyex2010 on 01/12/2017 - 20:26
Last edited 01/12/2017 - 20:28

This is usually an interesting topic to see the ethics of a normal civilian if they are suddenly given a lump sum money out of a sudden.

E.g. of the cases

1) A man received $123m deposited in his account and he called the bank to inform of the amount but only to laughed at by the officer saying "lucky you" Later two weeks a call from the bank to inform of the mistake.

Outcome: Man was honest but was ignored and he did the right thing.

2) A Malaysian Chinese girl (Christine Lee) was deposited 4.6 million into her account and she spent most of it on luxury goods and transferred the money into numerous account (already behaving like a criminal). Police trying to get to her but instead she wanted to leave to her home country Malaysia but got arrested at airport when trying to flee. She pleaded not guilty today and the bank dropped all the charges.

Girl Pleaded not guilty and believe her parents sent her the money (seriously?) other than the bank dropped the case. Obviously her parents had to fork out AU$4.6 million to payback the bank in order to get their daughter back home without the criminal tab on the forehead.

Outcome: Very dishonest until the very end of the trial. Probably to avoid criminal record on her name with parents money.

3) A couple (NZ) got transferred $10 million and flee to China and have spent 6 million but the bank only recover 4 million. He pleaded guilty to seven charges of theft.

Outcome: He is now in jail doing prison time.

4) Sandeep singh shopkeeper in UK got transffered UK$766K and spent some money with transfer some money to India.

Outcome: Admits to the crime, he was sentenced to 12 months.

5) German man Michael H was transferred $400m by accident and he tried to transfer 10 million elsewhere but was claw back by the bank on time (German quality control lol) Wasn't charged, but it was nice to a millionaire but regretted he moved the money.

Outcome: Try to do the crime but was stopped on time but regretted later.

If it happened to me when I was younger and single, my devil conscious would tell me to leave it in the bank and see what happens next but in reality in time the agony of the guilt would be too great for me to comprehend and the brain logic processor would kick in and have me contacting the bank and inform them on the mistake.

However when you live your life a little longer and have a family, my current self would immediately contact the bank as the money was never mine to begin with. Probably because I am happy with my life even though I am not rich and when you have a family it all changes.

Its important to teach our young about truth and honesty other than that what would you do?

or

Feel free to tell the story if you want to keep the money but how would run away with the money and live your life? ^o^

Poll Options expired

  • 41
    I will keep the money and run
  • 324
    I will do nothing until something happens
  • 168
    I will call the bank to get the money return
Financial

Comments

      • Yttrium on 01/12/2017 - 23:25
        +2

        No

      • 2jzzzz on 02/12/2017 - 00:11
        +2

        They won't be able to destroy cryptos

      • armdrags on 02/12/2017 - 00:52
        +1

        And how exactly are they going to do that? Bitcoin is not under any direct government control. Governments would never be able to destroy crypto currencies. Their only best option would be to ban/shut down crypto currencies and we've already seen what happened this year when China tried to shut down bitcoin and look where bitcoin is today. That wasn't even the first time a government tried to shut down crypto currencies.

        There are countless miners all over the world contributing to the network and that would make it impossible for them to shut down every single one of them especially when many are situated outside of their jurisdiction. Just know that anyone with a computer can be a miner if they chooses to. Is the government going to start destroying all the computers in the world? As long as there is at least one computer in the world and the world wide web continue to exist then crypto currencies will never die.

        You are right when you said that they make the rules but the rules only apply to their domestic fiat currency which they printed. In that regard, that money remains the property of the state which they can seize. Bitcoin for example is not under any government control so it can not be seized.

        • GetOffMyUnicorn on 02/12/2017 - 01:04
          -1

          History proves government have more power than the people, simple really.

        • armdrags on 02/12/2017 - 01:09
          +2

          History also proves that technology is always improving with time and there are many different ways of doing things. History also prove that people can also stand up and start a revolution against a government.

        • GetOffMyUnicorn on 02/12/2017 - 01:35
          +1

          @armdrags: Correct, a very good point. In fact you are spot on!

          Having said that governments always get very powerful and corrupt and suppress the people. The cycle continues.

        • dcep on 02/12/2017 - 01:46

          @armdrags:

          With exception to North Korea.

        • armdrags on 02/12/2017 - 02:20

          @GetOffMyUnicorn: Ironically, this is the reason why many people are turning to crypto currencies. People no longer want to be slaves to the corrupt government so they no longer hold the government printed currencies. This is very true in countries like Brazil, Argentina and Venezuela to name a few. As long as corrupted governments continue to exist crypto currencies will continue to become stronger everyday.

        • armdrags on 02/12/2017 - 02:22
          -1

          @phunkydude: North Korea is the exception to everything.

        • armdrags on 02/12/2017 - 02:41
          -1

          Also if you consider the history of other government created currencies like the Zimbabwean Dollar, Argentine Peso and Belarusian Ruble just to name a few examples. Those are not very good currencies to hold on to and citizens in those countries are always looking for an alternative and that's where crypto currencies come in to solve that problem.

        • superuser on 02/12/2017 - 10:17

          @armdrags:
          Why crypto currencies and not gold?

        • armdrags on 02/12/2017 - 15:02
          -1

          Because the government can seize the gold. Also why do you use paper money over gold? If you do your research on characteristics of money you will know why people use crypto currencies.

        • Baysew on 02/12/2017 - 19:22

          Bitcoin for example is not under any government control so it can not be seized.

          The article you quoted only refers to South Korea

          Sweden's Government to Sell Seized Bitcoin in Open Auction
          The Feds Just Collected $48 Million from Seized Bitcoins
          Victorian government to sell $9.3 million in seized bitcoins

        • armdrags on 02/12/2017 - 20:07
          -1

          The articles you linked to are all related to drugs. Also we don't have much information on how they were able to seize the bitcoins. It's possible that those criminals willingly gave up their bitcoin holding. We don't know how smart they are at protecting their own crypto currencies. What we do know for a fact is that it is much easier for the government to seize fiat rather than crypto currencies.

          Additionally, it must have been easy for them to do that because they would've been monitoring these criminals for a a long time. In the case of the Victorian government they have been monitoring the drug dealer since 2012. It makes sense that they were able to seize the bitcoins from intel which they've gathered for years before making a move. It would be extremely difficult to do that to someone with no history who just had access to millions and quickly moved the funds to crypto currencies and left the country. By the time they gathered enough intel it's already too late.

        • GetOffMyUnicorn on 02/12/2017 - 22:11

          @armdrags: You are correct. I'm just pointing out that governments will go to extreme lengths to hold onto power.

        • Baysew on 03/12/2017 - 10:32

          @armdrags: Try to spin it how you like. Bottom line is that bitcoins have been seized and sold by Governments.

        • armdrags on 03/12/2017 - 11:02
          -1

          Do you know the difference between civil law and criminal law? I suggest you do research on that.

        • jkim on 03/12/2017 - 23:51

          @armdrags: "If you do your research on characteristics of money you will know why people use crypto currencies."

          If you do your research on the characteristics of money, you'll know why crypto is worthless and a scam.
          Just because people are currently being taken for a ride doesn't make this statement less true.

        • armdrags on 04/12/2017 - 00:00
          -1

          Explain how it's a scam? It's definitely not worthless. They satisfy the characteristics of the money that you use today- scarcity, hard to counterfeit, portable, divisible just to name a few.

        • jkim on 04/12/2017 - 00:17

          @armdrags:
          Bitcoins do not satisfy the characteristics of money at all.

          Earlier forms of money are:
          - rice, corn and other long life staple foods
          - metals, that could be used for things other than payments
          - promissory notes from well respected merchants who were able to provide non-payment related assets.
          - paper money pegged to non-payment related real assets (until 1971)
          - paper money pegged to non-payment related services (this is only a very recent thing, since 1971)

          See a pattern there?

          What characteristics of money do bitcoins fulfill?
          Think about this list for a minute… and don't start the crap about blockchains, since that's just smokes and mirrors to propagate the scam to people who don't understand both money and blockchains.

        • armdrags on 04/12/2017 - 01:42
          -1

          You know nothing about crypto currencies to think that they don't have any backing from well respected merchants. Take a look at the Enterprise Ethereum Alliance for the Ether platform for example and you can see there are backing from so many corporations including Microsoft, JP Morgan, ING and BP to name a few. Many merchants now are even accepting bitcoin as a payment for their goods and services. That makes them satisfy the characteristics of money.

        • jkim on 04/12/2017 - 01:51
          +2

          @armdrags:
          Sigh…

          None of the corporations you mentioned want to use Etherium itself as a currency.
          They just want to use the network without the Etherium component.

          JP Morgan head called out crypto as a scam a few weeks ago and he's 100% right.
          Offering transactions in futures (i.e. letting clients bet on when the scam will blow up) doesn't go against what he previously stated despite how the media want to spin this story up.

          There's a reason he offered CFDs and not direct sales.

          And it seems to me you don't understand what promissory notes (or money for that matter) are.
          I'll speak in ozbargain terms - giftcards.
          We all love the 5-10% off giftcards, so i'm sure we're all familiar with them.

          Merchant issued promissory notes are debt contract vehicles promising goods (rice, gold, etc) and the merchant created them from thin air. They carry value in that the merchant is credible enough (very famous, known to uphold promise, not fulfilling on the prom note will kill his credibility and his business), and rich enough (can fulfill what's written). Prom notes are essentially today's giftcards - Coles giftcards are now worth a whole lot more (almost 100% face value, Coles are very credible - you can trust them to uphold their bargain) than Dick Smith giftcards (0% of face value, Dick Smith no longer exist, they're not credible to uphold their part of the bargain). Only real difference is that Coles/Dick Smith giftcards have an expiry date. Other than that, they are virtually identical to prom notes / cash.

          Original paper money until 1971 - USD exchangeable at the Fed for gold, or alternative currency pegged to the USD to be redeemable for gold at the Fed. The fed are credible, and rich enough. So originally cash were giftcards to buy gold with until 1971.

          Paper money since 1971 - govt will provide you with services (welfare, security, etc), and they are credible (to a degree) to fulfill their part of the bargain. So now, we're trading giftcards to buy government services.

          In every case, the traded medium is direct storage of value (the goods itself) or indirect storage of value (through promise, and valued at credibility of issuer x value of promised goods/services).

          Who issued bitcoins?
          Do you know?
          Can you contact them?
          Are they credible?
          Can you trust them?
          Did they promise anything, explicit or implied?
          Can you redeem anything from them?

          Bitcoins store 0 physical value (direct value currency such as food or metals) and 0 responsibility (indirect value currency such as prom notes and paper cash).
          Bitcoins are worthless.

          The desirable characteristics of money are:
          1. Can store value. Mandatory. All other criteria are irrelevant if this one is not fulfilled.
          2. Is not scarce. It can be mass produced for all players in the market. The backing (what is on offer by the issuer) must marry up with what is issued, and that is where scarcity enters the picture. If, for example, you promise more than you can offer (issue too much cash, or promise something you can't possibly uphold), your credibility takes a dive and your currency goes in the way of Zimbabwe (hyperinflation).
          3. Authentic. Rice is still edible. Gold is real gold and not painted lead. Promises were issued by who they said issued them. Counterfeits enter the picture here, but not in the way of bitcoins. Counterfeit cash is fraud as the issuer is pretending to be the reserve and making unauthorised promises on the reserve's behalf. Bitcoin anti-counterfeit measures are totally irrelevant, as the counterfeit creator isn't pretending to be anyone, and isn't promising anything on someone else's behalf. He's not lying about storing value, as there's nothing to store in the first place.
          4. Inflatable. Moderated inflation is more desirable than stagnation or deflation to keep the economy working… it's one of the reasons why the gold standard needed to be removed.

          Bitcoins, you see, fail 3/4 of the key desirable characteristics of money, and the most critical one being the first criteria.

        • armdrags on 04/12/2017 - 17:15
          -1

          I never said that they used ether as a currency. It's just showing that they have backing from those organisations and that it does have weight. However, ether is just one example and each crypto have their own unique characteristics. Ether isn't even the best currency for exchange as it was developed to be better used for other reasons beside that. There are thousands out there that you can look into.

          You think government created currencies are better than crypto currencies? Knowing who created them doesn't even guarantee its success. Look at Argentina, Belarus, Zimbabwe, Venezuela to name a few and see how their currency is doing. You know that the government created these currencies and they still fail.

          Bitcoin is just one example of the thousands out there. Each have their own characteristics and yes you will be able to know the team that created other crypto currencies and they are credible.

          List of merchants that accept bitcoin

        • jkim on 04/12/2017 - 17:47
          -1

          @armdrags:
          Which part of my post didn't you understand?

          None of the crypto-"currencies" have any legitimacy.
          They are all a scam.

          The technology behind it has merit, but that doesn't legitimatize the scam of crypto-currency.

          If ever the tech takes off by Samsung (who are the most likely on the Etherium alliance to make it succeed due to their corporate structure) or another major corporate (if not Samsung it will be a Japanese or Korean conglomerate), they will be issuing the currency themselves and it won't be compatible with any of the "coins" out there right now that were issued by randoms on the internet. They will create their new serfdom and give themselves more power over the government and people than they already have.

          Read my post carefully, then apply it to the governments where currency has failed.
          You'll see a pattern there… I even mentioned Zimbabwe in my own post, and the reason for its failure.

          Crypto currencies are worse than the Zimbabwe dollar.

          Do you know what issue means?
          The issuer of bitcoin isn't the team that created bitcoin.
          The issuer of 1m bitcoins may be Nakamoto, but the rest were issued by other random people on the internet.
          None of them, Nakamoto included, are able to credibly promise you anything, as we don't even know what they have.
          Their credibility as programmers, computer operators and so on have nothing to do with it.
          What was promised, and their credibility to provide to you what was promised is what matters.

          Why can we not identify Nakamoto after 8 years?
          He's not dumb.
          He knows he's created a scamming scheme.
          Sakamoto promised nothing.
          All of the randoms promised nothing.
          You can't identify them so their credibility is nothing.
          So it's nothing (what was promised) x nothing (credibility) = nothing (value of the promise).
          And he attributes positive value to what calculates as nothing out of this simple equation.
          And people swallowed it up.

          If that's not a scam, I don't know what is.

          Bitcoins are worth nothing.
          They are absolutely worthless.

        • armdrags on 04/12/2017 - 20:50
          -1

          You need to read my post again. Who said anything about bitcoin? There are countless other crypto currencies with a whole team behind them that you can find out about. Again bitcoin is not worthless. It's a commodity that needs to be mined. You don't understand the concept of digital asset so you don't have any understanding of crypto currencies. That's like saying that apps are absolutely worthless and they are nothing because we don't know who created them and they promise nothing. Yet people still use and download apps. Just because we don't know who created them or the team behind them doesn't mean they are worthless and have no value.

        • jkim on 04/12/2017 - 21:07
          -1

          @armdrags: Which part of your post do I need to read again?
          The part where you make false assertions?
          Or the part where you repeat the false propaganda spread by Nakamoto and his team?

          Comparing bitcoins and other crypto currencies (important part being CURRENCY) to utilitarian assets such as apps is a strawman at best.

          Go back and reread the posts mate, and come back with an actual argument stating exactly how value is associated with bitcoins.

          Even Etherium creator admits there's no link between crypto currency and value, and that needs to be established outside the system.

          Only conglomerates and governments are capable of establishing that link, and they will only do so for the currency THEY issue.

        • armdrags on 04/12/2017 - 22:27
          -1

          You need to reread your own post when you said we don't know the creator of bitcoin and the team behind them and therefore they have no value. It is the same with apps because we don't know who created them but they have value and people buy them. Once again you need to look at my post again about all the government issued currencies that have failed.

        • jkim on 04/12/2017 - 22:59
          -1

          @armdrags: LOL?
          I said we don't know the ISSUER of bitcoins.
          You need to learn to read mate.

          And comparing issuer to creators of apps?
          Really?

          You need to go back to the start and read all of my posts.
          Creator of an app is irrelevant.
          Issuer of a currency is very relevant.

          Keep those strawmen coming though…
          I can see why Nakamoto has had success with people like you around.

          I'll make it really easy for you.

          I've got here 21m giftcards.
          There's no value written on them, and we don't know who issued them.
          You can trade them and it will record who has traded it, OK?
          Now, I'm going to hide them all along Victoria park, and whoever finds them owns them.

          Are my 21m giftcards valid currency?
          No?
          Didn't think so.

          As for creator vs issuer…
          Coles giftcards -
          They're "created" by Wright Express. Wright express printed the cards and injected the PAN into the magnetic stripe. Wright express don't have the value of the card sitting in their liability account. Wright express have a commission entry in their sales account.
          They're "issued" by Coles. Coles have the value sitting in their prepaid revenue liability/contra-asset account. They are responsible for making sure you can redeem the value associated with the card if/when you want to.
          Do you care about the credibility of Wright Express when dealing with Coles giftcards?
          Do you care about the credibility of Coles when dealing with Coles giftcards?
          I know I care only about Coles and don't even think about Wright Express when I'm thinking to buy/redeem Coles Giftcards.

        • armdrags on 04/12/2017 - 23:32
          -1

          Again I've said it before. Bitcoin is a commodity that is mined. People who invest in the technology to mine bitcoin will be able to acquire bitcoin. There is no one entity that issue bitcoin. That's why there is value in bitcoin. Don't be saying all this about gift cards and then going back and say that you can't compare apps with currency. That's called hypocrisy.

          And all this thing about hiding gift cards and letting people find them along the park is not comparable because anyone can write this on a piece of paper. It means nothing. It doesn't have the characteristics of money. Anyone can easily do this. Crypto curencies are a lot more complicated than that. The technology is very advanced. It's always changing. Try to make a crypto currency yourself and see how far you can go. People need to see the value in it to use it as a currency and in this case people see the benefits of crypto currencies and the technology behind it.

        • armdrags on 04/12/2017 - 23:46
          -1

          Going back to what you're saying about hiding the 21m gift cards along the park I challenge you to try and acquire bitcoin yourself. It's a commodity that is very hard to acquire. The only way for you to own bitcoin is to buy it on a exchange, buy it from someone who already own bitcoin, accept it as payment for goods or services or mine bitcoin yourself which can be very expensive due to operating costs and expensive equipment. Your 21m gift cards don't even have any features for protection or any value because anyone can easily create them with very minimal effort. I challenge you to try and create a crypto currency as big as bitcoin yourself and see how far you go.

          Let me ask you this. Gold and silver was once used as currency for exchange of goods and services right? Who is the issuer of gold and silver? They're just commodity that needs to be mined just as bitcoin is a commodity that needs to be mined. Only government issued currency would be a requirement to know the issuer. They can guarantee that because they have a large vault full of gold themselves. Therefore, that is an important feature for fiat currency.

        • jkim on 04/12/2017 - 23:55
          -1

          @armdrags:
          It's quite apparent you don't understand a thing about apps, nor currency, nor crypto-currency.

          There's no hypocrisy in my posts.

          Spending money to print the 21m giftcards with 0 value in them do not give them value, just as spending money (energy and equipment) mining bitcoins do not give them value. The amount of money spent creating the medium has 0 relevance.

          The ability to redeem the giftcards/bitcoins for some benefit at the issuer gives them value.
          There's no ability to redeem both my hypothetical giftcards, nor bitcoins.
          Hence they are both worth 0.

          With an app, there is immediate and direct benefit.
          games? cures the problem of boredom.
          productivity apps? cures the problem of wasted time trying to solve the issue in a different manner.
          If the functionality of the app doesn't solve any real world problems for anyone, it is worthless.
          If it solves even one problem, it has value.

          Outside of alleged payments, what real world problems do bitcoins solve?
          NOTHING.

          "And all this thing about hiding gift cards and letting people find them along the park is not comparable because anyone can write this on a piece of paper. It means nothing."
          That's the exact same thing with crypto-currency, which is why there are so many of them around.
          Anyone can write a new crypto-currency scheme. It means nothing. It's just a massive scam.

          "The technology is very advanced."
          Do you even understand block chains?
          It's not really that advanced or revolutionary at all.
          It's just a mishmash of distributed computing combined with accounting ledgers using common cryptographic operations.

          "Try to make a crypto currency yourself and see how far you can go."
          It's not hard to make a crypto currency myself.
          The hardest part of it is to scam people to delude themselves in believing there's value in something I've associated no value to.

          "People need to see the value in it to use it as a currency"
          No.
          Someone needs to link real world benefits to it, and no one will do that for something that they didn't issue.

        • jkim on 05/12/2017 - 00:02
          -1

          @armdrags:
          "Let me ask you this. Gold and silver was once used as currency for exchange of goods and services right? Who is the issuer of gold and silver? They're just commodity that needs to be mined just as bitcoin is a commodity that needs to be mined."
          Gold and silver were used as currencies as they had intrinsic value associated with them.
          Even before they were used as currency, being shiny, they were worn as status symbols.
          The direct benefit gold, silver, diamonds, and other jewels were the "feeling of superiority over peers".
          This benefit translated into value which could be used to justify it as a medium of value exchange.
          The benefit came first.
          The currency came afterwards.

          What benefits can Bitcoins translate to?
          None.
          Nothing.
          Nada.

          You don't have an argument.

        • armdrags on 05/12/2017 - 00:02
          -1

          Again I've already posted a link with merchants that accept bitcoin for use in the real world. People might be able to create their own crypto currency but it's not easy to create a successful one like bitcoin. We've already seen countless that failed due to its creator trying to pre-mine before releasing them. The ones who are successful have a strong team behind them and are doing it the proper way. People will only invest in crypto currencies which they see value in. Countless government issued currencies have failed in the past and their citizens are looking for an alternative.

        • armdrags on 05/12/2017 - 00:05
          -1

          This is not even an argument. Of course I can also use the same argument with bitcoin. I hold a digital asset that only a small percentage of people hold. My bitcoin is worth a lot of money and therefore I am rich and have superiority over peers who don't own bitcoin.

        • jkim on 05/12/2017 - 00:07
          -1

          @armdrags:
          Mate… seriously… go back to the start and re-read everything.
          I feel like I am just repeating myself over and over again.

          I will from this point forth, ignore all your posts until you are able to address the points that have been raised and show a credible relationship between bitcoins and value.

          Good luck hunting for something that doesn't exist… oh, and good luck making earrings out of bitcoins. No idea how you're going to wear them.

        • armdrags on 05/12/2017 - 01:27
          -1

          The ability to utilize a decentralized system of exchange for goods and services is one of the many reasons why bitcoin has value. You don't even understand the characteristics of crypto currencies. That's why you don't see the value in it. For example, if someone never shop at Coles and never intend to then the value of the Coles gift card have zero value to them just as the value of the AUD is completely worthless to someone living within the European Union.

        • jkim on 05/12/2017 - 02:58
          -1

          @armdrags:
          I'm going to bite one last time and then wait for a proper response.

          Start here.
          https://owl.english.purdue.edu/owl/resource/659/03/

          "Bitcoins is good for payments because it has value", and "bitcoins has value because it is good for payments" is a circular argument.

          I've already told you numerous times to derive value from non-payment sources.
          i.e. gold jewelry and trinkets as status symbols to be worn by priests, kings and other "upper class" nobles to distinguish themselves from the "lower class" peasants back before it started to be used as currency (feeling of superiority - a part of the "upper class") = original source of value, tradition and inheritance of values from forefathers = continued value to this through value inheritence + new industrial uses for gold = increased value. Today's equivalent might be an Hermes handbag, Lamborghini, etc… status symbols to show other people that you are superior to them. Bank account balance is not a status symbol. People don't go around wearing their bank statement on their chest, and even if they had a huge balance, they'd not be able to be considered upper class by doing so.

          Direct = direct non-payments benefit such as gold (status), rice (food), barley (food), etc.
          Indirect = benefit through realization of represented benefit (i.e. credible promise of direct non-payments related benefit) such as paper money (represents promised benefit of security to self or possessions - i.e. will uphold property rights, will maintain stability, etc) / prom notes (represents promised rights to goods owned by merchant) / gift cards (represents promised rights to goods owned by merchant) / etc.

          It doesn't matter if you talk about direct value or indirect value.
          Any value is fine - as long as it's not a payments related alleged-value since that would be a circular argument and thus non-sensical.

          Coles giftcards do not have 0 value just because you don't shop there.
          They have value as you:
          1. have the ability to redeem them for goods that will benefit me (i.e. food to sate my hunger). Whether you do or not is your choice, just like whether i flush $200 down the toilet or not is my choice.
          2. Coles are credible in that they will honour the giftcard and give me the goods if I present the certificate to them within the contracted time period.

          Coles giftcard would have closer to 0 value if there was precedence of not accepting giftcards with no fault on the giftcard holder's behalf (reduction in credibility - did not uphold promise). Coles giftcards would have 0 value if they entered administration and declared they would not honour their giftcards (elimination in credibility - declared refusal to uphold promise).

          AUD is also valuable to someone living within the EU for similar reasons. AUD is given value by the signature on the note representing the promise the AUD govt made. AUD would become closer to 0 in value if AU govt set precedence on breaking promises associated with AUD (case in point - actions performed by the Zimbabwe govt, resulting in Zimbabwe dollar becoming close to 0 in value due to decreased credibility).

          Bitcoin is not.
          It doesn't provide any intrinsic value.
          It cannot be redeemed at the issuing party, we don't even know who they are.
          We can't realize any benefits from the action of redemption.
          It is worthless.

          Try again.

        • armdrags on 05/12/2017 - 07:49
          -1

          And again I've told you before that it's a decentralized system for exchange of goods and services. It's not the same as having money sitting in the bank account. I used the example of Coles gift card as one example. But for someone living in a different country that Coles gift card would be completely useless. If you take the example of a EB Games gift card then it would be completely useless for someone who never buy games.

          Once again you're wrong about the AUD having value in the EU. In order to use it in the EU you'd have to exchange it for the Euro because no one is going to accept AUD as payment for goods and services. You still don't understand the concept of currency exchange. You still don't understand the concept of digital asset so you don't see any value in crypto currency. And bitcoin does have value. You can pay for goods and services with merchants that accept bitcoin as payment for goods and services. The list of merchants accepting bitcoin are growing every day.

          And please explain how this is a scam again. In order for anyone to acquire bitcoin they'd have to go through the same process as anyone out there to acquire bitcoin. How are they profiting from the scam? There are some crypto currencies out there that hold a percentage in reserve and distribute them amongst the team and that is no different than a company distributing shares to its employees to motivate them. Of course there are people who will try to profit from being dishonest like trying to pre-mine before releasing to the public and they've failed miserably. This is no different to corrupt governments like those I've mentioned suffering the same fate.

    • GregMonarch on 02/12/2017 - 16:50

      Um, they just gaol you forever until YOU return all the funds, LOL. And you'd go broke in the meantime paying lawyer fees. i.e. You wouldn't be able to pay a lawyer so you'd get an even worse legal result.

      • armdrags on 02/12/2017 - 18:01
        -1

        Makes no sense whatsoever. Putting someone in gaol would be counter-intuitive to recovering the lost funds. Furthermore, they're not going to be able to just turn up at your house to arrest and put you in gaol without any document. Also, it would be up to the court to make the decision not the government. We've already seen this happened in South Korea and they couldn't do a thing because once again they don't own crypto currencies. If someone is smart enough they would be able to trade fiat into crypto currencies and move to a different country on the same day.

        • GregMonarch on 02/12/2017 - 18:35

          Oh well, in THAT case… keep that $10,000,000 the bank accidentally transferred, or instead of waiting for something that may never happen, get more proactive by stealing cars, boats, etc., turn them all into bitcoin, and sit back and enjoy your freedom 'cause you're untouchable.

          The fact is the money belongs to the bank, police will charge you, the bank presents evidence in court because they're now dragged in even if they don't want to be because it's now a criminal matter. The judge requires you to provide your financial records. If you don't you're now prosecuted for withholding evidence/contempt. If you want to stay out of gaol, you'll now provide your bank details (or the bank will simply provide them to the judge anyway and you'll still be charged with contempt and now have the judge on the bank's side and likely to increase any and all penalties).

          Everyone can now see you transferred the funds into bitcoin, and require you to agree to return it within a certain time frame. If you don't agree or comply you'll be summoned again, and at some stage the judge will rule your assets are forfeit, they're seized and sold and/or you're gaoled as well unless you provide evidence the money is gone - in which case the judge will a) probably put you on a flight watchlist so you can't leave the country, and b) sequester your income and/or require installments be repaid, including all court costs.

          If what you said made sense, then how would government tax bitcoin profits (and they do).

          But you should stick to your plan. After all, what could go wrong?

          Oh - and you can't transfer that kind of amount quickly anyway. And if you did, or the bank didn't twig in time when you closed your account and opened another one elsewhere, the court would simply require the next bank's records - and that's assuming the first bank couldn't just pull the money back in the first place - and any of this happening is going to bias the judge against you so much, you may as well forget having a future.

        • armdrags on 02/12/2017 - 18:47
          -1

          First of all the act of stealing cars and boat is a criminal matter and the police can arrest and charge you. I never advocated the act of stealing and converting into bitcoin.

          But what we are talking about here is a civil matter and to do that the government would have to file a civil case in court to recover those funds. The police will not get involved in this case. How are they going to seize my assets when I've converted everything into crypto currencies? The government is not able to tax anyone on bitcoin unless they buy back fiat currency with bitcoin. The reason why they are able to tax is because they have bought back the government created currency which they own. As long as someone is holding bitcoin the government will never be able to tax them simply because they don't own or control bitcoin. And also if someone is smart enough they can always find a loophole to not have to pay tax.

        • armdrags on 02/12/2017 - 18:55

          If my plan was to trade everything into crypto currencies and move to another country there wouldn't be any need to open a new bank account. With so much money there would be no need for a future here. You can start a fresh future in another country.

        • MrTweek on 03/12/2017 - 18:57

          @armdrags:

          It doesn't matter if they can't seize your Bitcoins. You will still owe the bank the entire amount.
          Yes, it's entirely a civil matter, but that doesn't mean it's not enforceable. They do what they with every debt they can't recover:
          * Send a letter of demand
          * take you to court
          * get sheriff to enforce court order
          * sherrif will rock up at your place and can seize any assets, including cars and real estate
          * they can also seize whatever is in your bank account
          * they can also suspend your driving licence and prevent you from going overseas

          So yes, you might be able to keep your Bitcoins, but you won't ever be able to own a registered vehicle, a licence, real estate, money on the bank and can't go overseas anymore.
          And your credit rating will be useless for a long time too.
          If that's an acceptable lifestyle and you pay everything you need via bitcoin for the rest of your life, you might be fine.

        • armdrags on 03/12/2017 - 21:46

          Not if you leave on the same day. Money can buy you citizenship in another country.

  • Wystri Warrick on 01/12/2017 - 22:51
    +2

    Op are you asking for advice on what to do?

  • outlander on 01/12/2017 - 23:28
    +8

    I would like to think I would take the moral approach and steal it, but that requires a lot of work, and frankly I have enough on my plate right now

  • try2bhelpful on 01/12/2017 - 23:55
    +3

    The reason to report it is because they will cause you a great deal of pain when they find out and the longer you let it go on the bigger the screw up will be. I would leave it where it is, tell them to take it back and then get out of their way. Then double check your account when they take it back to make sure they haven't stolen any of your money on the way through.

  • Slippery Fish on 02/12/2017 - 03:13

    Find the nearest drug cartel, start laundering cash at 2% as long you put back the cash and keep the 2% out the bank who's to know what random shit your doing?

    • kickmiass on 03/12/2017 - 13:16

      Haha.. clever but the bank would notice your transactions being high over the month.

      Even if it doesn't ring bells straight away, they will note down that a large amount of money has been transferred over a certain time period.

      it is how the government tracks large amounts of money being moved.

  • crentist on 02/12/2017 - 05:06
    +2

    trick is to flee the country BEFORE you transfer the money to another account. just make sure you have a roaming sim in case you need a pin code sms

    • BuzzBuzzBuzz on 04/12/2017 - 00:12

      Ah, the things no one ever thinks of till it's too late!

    • aragornelessar on 04/12/2017 - 12:33

      However, then you'll raise flags when you log in to internet banking from another country - so you'll need VPN and/or to tell the bank you will be overseas so expect international access

  • Emli on 02/12/2017 - 09:26
    +2

    Many years ago, I made a deposit into my bank account. The teller deposited my account number instead of the chequered amount. My account number was a six digit number beginning with 969. I never realised until I got my bank statement which showed the error but it had also had been reveresed later the same day. I almost became a millionaire (for at least until they had to balance).

  • Rockster on 02/12/2017 - 09:39

    I am currently living this but “only” for $4,000. In January the bank made an error by processing an online transfer twice. After a few calls I was able to get them to reverse this so all good and finalised. Then in March the $4000 turned up in my account again plus interest on it for February/March?. Got a letter stating they had made an error in January and had now reversed same. Obviously not my money so I went into a branch and explained all to the teller who said he would let whoever know but it might take a while. Here we are in December and I haven’t heard anything yet.

    • kyoba on 02/12/2017 - 12:36
      +23

      Bank error in your favour. Collect $4000.

      • Wallyt99 on 03/12/2017 - 22:54

        Go directly to Jail. Do not pass go. Do not collect $200.

    • Brendoo on 03/12/2017 - 02:46

      Me too! But finally got mine sorted, with countless hours and days on the phone to incompetent bank staff (of Australia's biggest bank). They seriously don't want to know about it! I had to fight just to get them to take care of it! I think it's like the person who made the mistake doesn't want the bank to find out because they might get their ass kicked. So they'd rather leave the thousands of dollars with a customer who it doesn't belong to!
      Mine was just under $2000.
      If I didn't contact them I am pretty certain nothing would have ever happened. But you never know! I could be slugged later, I'd rather not have the worry.

      • MrTweek on 03/12/2017 - 21:30
        +2

        Honestly, I wouldn't spend hours with them on the phone for that.
        Put the money in a savings account. Send them an email, explaining the situation and ask them what to do with the money.

        Then collect interest until you get a useful reply.

        If my bank account is 1ct in negative by accident, I get charged a $10 fee.
        That alone is reason enough for me to not do them a favour.

  • frostman on 02/12/2017 - 10:20
    +2

    So how come the Chinese girl spent the money and deposited into various accounts had the charges dropped, but the NZ man is in prison?

    • BookerDeWitt on 02/12/2017 - 10:38
      +7

      Because her parents were rich.

      • frostman on 02/12/2017 - 21:12
        -2

        WTF has to do with anything?

        So Trumps kids can do the same without charge?

        • BookerDeWitt on 03/12/2017 - 20:13
          +1

          Oh, my sweet summer child. Your naivety is endearing. Stay naive my friend and the world will seem like a nicer place.

          Pro-tip: When you become wise and old, just consume more alcohol to restore the happiness balance.

        • lostn on 04/12/2017 - 10:05

          Trump and his family will be more under the microscope than any family in the world. Every tiny misdemeanor is going to be made into a much bigger deal than it would be if someone else did it.

      • jackspratt on 02/12/2017 - 19:56
        +1

        Not meaning to put a damper on your bit of xenophobic nonsense……… but:

        A New Zealand man who fled to China after millions of dollars were accidentally put in his bank account has been jailed for four years and seven months.

        Hui "Leo" Gao left for China in 2009 after Westpac Bank mistakenly gave him a NZ$10m ($7.5m; £4.65m) overdraft.

        http://www.bbc.com/news/world-asia-19364838

        Woops!

        • GregMonarch on 03/12/2017 - 08:30
          -2

          It's not nonsense - it's just despite what they think, they haven't assimilated virtually everyone on the planet, and as the winning supporters of the USA election proved, about half the planet are still normal (and the losing side prove they merely think they are on an ongoing basis). ;-P

      • GetOffMyUnicorn on 02/12/2017 - 22:28
        -1

        interesting

      • GooseHoward on 04/12/2017 - 21:08

        of course someone had to turn this into some nonsense about the poor oppressed white males

        it couldn't possibly be because of the different circumstances in different cases, could it? gotta be some paranoid nonsense. for sure.

        please go back to whatever deranged echo chamber you acquired these ridiculous notions from

        • GregMonarch on 05/12/2017 - 07:32

          I ain't the one in that virtue-signally echo chamber. ;-D

    • GetOffMyUnicorn on 02/12/2017 - 22:27

      most of law comes from previous 'new' cases. It comes down to reason. The people that attempt to reason often have bias. That's my take on it.

    • Brendoo on 03/12/2017 - 02:51

      There was a legal precedent already set in a similar previous case where the person wasn't charged. So her charges were dropped. Presume the DPP assumed they would not be able to win the case against her lawyer, so no point continuing. Must have been very clear cut to not even attempt to prosecute.

      Most of the funds had already been recovered by a previous civil case against her. So I guess the DPP also factored that in when dropping the criminal case.

    • greatlamp on 03/12/2017 - 20:57
      +1

      Chinese girl didn't get money, she got an overdraft applied to her account - an open ended loan with no end date

      She never stole anything at any time, she just borrowed money and hadn't repaid it yet.

  • sparkles on 02/12/2017 - 10:21
    +1

    Saunter super casual into the bank, place cheap briefcase on counter, "I'd like to withdraw two million in cash please, fiddies and hundies will be fine". Watch as teller walks away, and how the mad scramble happens behind the scenes plays out.

  • DiscoJango on 02/12/2017 - 11:01

    in this always online digital world, everything is tracked. one day, eventually, somehow, you will get caught.

    yes you could immediately transfer it all to an offshore account and then flee to a non extradition country, but could you really, really make this life changing decision on the spot?

  • centrelink on 02/12/2017 - 11:17
    +1

    Goes to tell you that we are all controlled and dependant on an imaginary numbers for the rest of our lives

  • 0zyt0zy on 02/12/2017 - 11:35
    +1

    Honesty is the best policy. Personally, I will share a situation which happened to me when I went shopping to OW for a deal I found on OZB. It was a SAMSUNG 32GB USB 3.0 for 16 dollars. Along with that I picked up few items at the clearance section for 50c. The person at the billing price overrided all the items and ignorantly applied it to the USB drive too resulting in me getting it for a mere 50c!! It was too good to miss out but the inner-self told me to be honest! I honestly pointed out the mistake and the nice lady at the counter apologised and rectified it. I could have simply taken advantage of the situation but remember life will teach you lessons one of which is KARMA. To Gain now is to Loose later!! Just be honest and the good deeds will pay you later in life.

    • Munki on 04/12/2017 - 11:15

      If you "loose" later, just remember to tighten yourself back up. Ask TA if you need help.

  • Aneurism on 02/12/2017 - 12:22

    There is another option..Park some of the money in an offset account while you wait for the bank to collect it
    (or park it somewhere where you will get some interest for it whilst you wait for them to correct their stuff up)…

    I would be telling them hey, Im parking it in a place where I get interest, but will keep the interest for my silence about this stuff up. You should let me know when you are ready to collect it. (otherwise you will be liable for the tax on the interest if they come to collect that too).

    Even of you get 3% of 10m is 300k pa = $25k per month (taxable)

    If you accidentally do a small chump change direct deposit bank transfer to someone elses account, the bank will tell you to contact that person as they have a choice to return your money or not. If you go to the police, they won't do anything.. Yet why is the policy any different if someone transfers millions across ? Should the policy not be the same for all ?

  • JediJan on 02/12/2017 - 13:36
    +6

    Just after the birth of my son there was a few thousand deposited into my bank account. Bit unusual although I did consider maybe it was a gift so I contacted the bank to ask where the deposit had come from. Apparently an error; turned out to be holiday pay for someone with same initial and surname. They removed the money during the phone call. So a little disappointed yes, but can well imagine how the poor man may have felt to find out his holiday pay had not gone into his bank account. The bank did not thank me for the call or even offer an apology for their error … perhaps the man was never even advised what had occurred.

    Just what it is; a little bonus would have been nice of course, but no way would I have kept the money without verifying it was mine in the first place. Everyone makes mistakes and we as humans well know it. The bank should have apologised in this first instance though.

    Ps. Yesterday my internet provider sent me an email saying they may have double charged this month but immediately apologised, and said they were taking steps to remedy it. That is how mistakes should be handled professionally; hope the banks take note.

    • Munki on 04/12/2017 - 11:28
      +1

      Can I ask what bank this was with? Customer service clearly not a priority. Or perhaps banks have been trained to never admit errors in the event it comes back and bites them in the arse?

      • JediJan on 05/12/2017 - 03:46

        Commonwealth Bank; I was in Cairns at the time, just over 20 years ago just prior to Christmas. I rang the general Comm Bank phone number. Person did not reveal any details at the time, but seemed to be very quick in ascertaining that it was not mine. I do not have a common name but at the time a man in Victoria had same initial and surname.

        In Commonwealth Bank's favour though … On another occasion, years before that, I sent a bank cheque from Melb to brother in Cairns which was for travel expenses to return to Vic asap as a job waiting for him. He did not bank or cash the cheque until day of leaving so he couldn't spend it. Arrived at his own bank (Westpac) who told him he would have to wait 3 days for it to clear (he had id) … a bank cheque! He rang me and I told him to go back to his bank and wait. I rang Comm Bank to explain and person on the phone said that was ridiculous and said he would call them. Received call back then from Comm Bank to say that the bank would pay him immediately.

  • TheBilly on 02/12/2017 - 14:50

    Store it in bitcoin on a wallet. Flee to the third world somewhere. Live like a king.

    • lostn on 04/12/2017 - 10:03

      That's a paradox in itself.

  • [Deactivated] on 02/12/2017 - 16:18
    +1

    Idk why they wouldn't just sit it in a savings account and spend the interest. I don't believe there's many banks that would consider legal action for the interest if you're already willing to pay back the money owed.

    • GregMonarch on 02/12/2017 - 17:03
      -1

      They 'consider' legal action the moment you transfer the money. I don't know for certain but first I expect it becomes a legal requirement for them to report it the moment you transfer the money out. Second they have to be seen to the government, shareholders, etc. to be setting a preeident - or everyone else that it happens to will also try to transfer it out, making it more difficult and costly for them to recover than it needs to be. So I expect transferring it out automatically places a person in legal 'trouble', even if they say, "Sorry I'm ready to give it back now." I bet they would say, "Ok." but then you'd get a court date mailed to you anyway.

  • andyken on 02/12/2017 - 17:00
    +3

    If i make mistake by transferring money to the wrong person, my money was long goonee. But not the bank??

  • Worf on 02/12/2017 - 17:11
    +1

    Convert the lot to bitcoin and make a giant vault, Scrooge McDuck style.

  • [Deactivated] on 02/12/2017 - 19:24
    +1

    Maybe you can claim a daily limit of $2K returned per day as a security measure, and adminstration processing fees for each transaction.

  • ilovepizza on 02/12/2017 - 22:02

    If someone comes along and puts their money inside my wallet instead of their wallet then…

  • wengerboy on 02/12/2017 - 22:39

    Invest in vanguard and hope to keep the capital gains…

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