(C) Daily Kos
This story was originally published by Daily Kos and is unaltered.
. . . . . . . . . .



It's 2023. Do you know where your money is? [1]

['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.', 'Backgroundurl Avatar_Large', 'Nickname', 'Joined', 'Created_At', 'Story Count', 'N_Stories', 'Comment Count', 'N_Comments', 'Popular Tags']

Date: 2023-03-20

?

I may be paranoid these days regarding banking practices (with good reason) but I may have discovered a major scam. It could be going on everywhere, for years, right under our noses.



I won’t mention any bank names but will just say the two in question are main-stream, name brand banks. Up until now I’ve just left my money in a regular savings account where I’ve had a checking account for many years. With the small bank closures and higher interest rates I shopped for the best rates and “opened” a CD on March 14th. It’s been a week now since the funds were removed from my savings account and still the bank getting the funds to open the CD show the amount “being processed”. There is zero money actually in the account however and after calling to find out why was told it could take up to a month for the “processing” to be completed for “security” purposes.

I’m imagining someone must actually have my money for that month that it’s “missing” and if hundreds of others are having their money in limbo on a continuing basis like this someone in a back office theoretically could be investing it in short term turn-arounds and making a bundle. Even if just the bank itself that’s handling the CD is doing this it does seem suspicious to me.

Sound fishy to you? Has this happened to anyone else? Is this standard procedure when setting up a new CD (this is my first BTW).

[END]
---
[1] Url: https://www.dailykos.com/stories/2023/3/20/2159339/-It-s-2023-Do-you-know-where-your-money-is

Published and (C) by Daily Kos
Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified.

via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/dailykos/

You are viewing proxied material from magical.fish. The copyright of proxied material belongs to its original authors. Any comments or complaints in relation to proxied material should be directed to the original authors of the content concerned. Please see the disclaimer for more details.