On the Left Bank

Now if I was a Westpac employee and mistakenly transferred $10,000,000 instead of $10,000 into a customer’s account I would be seriously worried about retaining my job. Fryday feels sorry for that person. Mistakes happen, and this appears to a slip of the fingers that could happen to any of us. So I hope Westpac reacts compassionately and realistically in regard to their employee. Of the couple who absconded with the money I am more ambivalent. It was certainly fortuitous for them, given their parlous financial state, and you have to say they were opportunist. But my question is how did they do it? Any time I have gone to my bank (and I have a very friendly bank) to withdraw any sum exceeding $1000 I go through a series of checks. Now, if I also had a bad credit history, as this couple apparently has, and all of a sudden I was withdrawing millions of dollars in a single transaction, which they must have done given the time-frame, would not this have rung some warning bells? We’re told by a banking expert in the NZ Herald today that standard international procedure for large transactions ($250,000 or more) meant that even if the money had been transferred in stages, it would have been subject to a "value dating process", which would mean a delay of up to two days before funds became available. Seems that didn’t happen here. So this couple seems to be fortunate on a couple of accounts with their back account. Of course, they are now on the run and they may not win out in the end. Then again, they just might. It’ll be interesting to keep track of this story.


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