Not gonna lie. This is how my father-in-law used to run his whole life. He knew he wouldn't get a paycheck for 3 days, so he would go to the grocery store where his daughter worked, cash a personal check on Friday and deposit his paycheck on Monday. He was always living paycheck to paycheck and couldn't stand it if he had a dime in his pocket left over. What a mess.
My mom use to pin prick the numbers at the bottom of any checks she wrote knowing they needed 'special processing' (she worked at a bank) to give her a few extra days. Poor thing, raising 3 kids on her own during the 60s/70s. Many winter nights with no heat. I'm grateful for the abundant blessings I have!
After she passed away, I found 3 full bottles of Chanel No 5 (her favorite perfume) wrapped in cellophane! All birthday gifts from me to her. Heartbreaking what poverty does to people, isn't it? And trust me, she was living well the last 20+ years of her. She had an air-conditioned golf cart all decked out in outlandish decorations for whatever the current holiday was (including Flag Day). What a hoot!
check-kiting? (1920s Edward g. Robinson Chi-town gangster accent on) "yeah see here Muggsy, it's the poifect scheme for fleecing palookas see? don't snitch about it, or it'll be coitains for ya, as in moyder" (off) good ole TikTok 🤣 misleading roobs since 2017. A different question came to mind while reading about the central bank digital currency idea and the Fed operating as local branch banks. Didnt Andrew Jackson have a cage match with 'The Bank of the United States" nearly 200 years ago? Does any history-minded sub know more about that, and what was Jackson's objection to central bank power at that time? Maybe the same as the obvious objections leveled these days but maybe there's something else informative
Kiting was a tool used by many that we former financial auditors learned about in college! Nothing new under the sun.
Slightly off topic: I wish MDs were given a 'fraud in medicine' class during med school like we learned as accountants. They would be more humble if they knew the constant abuse endured by many victims.
People still deposit checks? Real, ink-on-paper checks? How quaint. Maybe someone should tell them about Direct Deposit, online bill-pay, and debit cards. You know, those 20th Century innovations.
The TBTJ banksters have several way to fleece us, while the kind of fraud you mention is peanuts. If I deposit a certified check in my checking account, say $25,000, the depository bank knows it clears within a day or two at most, Meanwhile THEY kite my funds for 5 business days or more. Multiply that by 100 million holds and the "frozen" dollars and it's a lot of money. I read, a few years ago, that the fastest way to get $100k from NYC to London is to fly with it. Good luck getting past TSA. Maybe 45 Gold Eagles?
Not gonna lie. This is how my father-in-law used to run his whole life. He knew he wouldn't get a paycheck for 3 days, so he would go to the grocery store where his daughter worked, cash a personal check on Friday and deposit his paycheck on Monday. He was always living paycheck to paycheck and couldn't stand it if he had a dime in his pocket left over. What a mess.
My mom use to pin prick the numbers at the bottom of any checks she wrote knowing they needed 'special processing' (she worked at a bank) to give her a few extra days. Poor thing, raising 3 kids on her own during the 60s/70s. Many winter nights with no heat. I'm grateful for the abundant blessings I have!
Beautiful way to appreciate what we have.
After she passed away, I found 3 full bottles of Chanel No 5 (her favorite perfume) wrapped in cellophane! All birthday gifts from me to her. Heartbreaking what poverty does to people, isn't it? And trust me, she was living well the last 20+ years of her. She had an air-conditioned golf cart all decked out in outlandish decorations for whatever the current holiday was (including Flag Day). What a hoot!
Guess where, Vegas! 🎲🎲
Inflation....tamed? They must not eat.
check-kiting? (1920s Edward g. Robinson Chi-town gangster accent on) "yeah see here Muggsy, it's the poifect scheme for fleecing palookas see? don't snitch about it, or it'll be coitains for ya, as in moyder" (off) good ole TikTok 🤣 misleading roobs since 2017. A different question came to mind while reading about the central bank digital currency idea and the Fed operating as local branch banks. Didnt Andrew Jackson have a cage match with 'The Bank of the United States" nearly 200 years ago? Does any history-minded sub know more about that, and what was Jackson's objection to central bank power at that time? Maybe the same as the obvious objections leveled these days but maybe there's something else informative
Boring
Kiting was a tool used by many that we former financial auditors learned about in college! Nothing new under the sun.
Slightly off topic: I wish MDs were given a 'fraud in medicine' class during med school like we learned as accountants. They would be more humble if they knew the constant abuse endured by many victims.
People still deposit checks? Real, ink-on-paper checks? How quaint. Maybe someone should tell them about Direct Deposit, online bill-pay, and debit cards. You know, those 20th Century innovations.
The TBTJ banksters have several way to fleece us, while the kind of fraud you mention is peanuts. If I deposit a certified check in my checking account, say $25,000, the depository bank knows it clears within a day or two at most, Meanwhile THEY kite my funds for 5 business days or more. Multiply that by 100 million holds and the "frozen" dollars and it's a lot of money. I read, a few years ago, that the fastest way to get $100k from NYC to London is to fly with it. Good luck getting past TSA. Maybe 45 Gold Eagles?