Back in ye olden internet, there was the story of Patrick Coombs and his $95,000 junk mail check that got cashed. He put it in a safe deposit box (at the same bank!) and they threatened him with crimes, but he got them to drop them if he returned it. He also had to pay some fees (and interest!), but he more than made it back by taking his story on the road.
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Yeah, $120k seems like a lot of money in the short term, but its pretty thin soup if you are going to try to unplug and move someplace without an extridition treaty. I’d need twenty times that amount before Id consider it worthwhile to pull up and start fresh. But back in my 20’s, I could have done with maybe even half that. Funny, that!
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Hey. If someone said “here’s $120k. You’re gonna have to give it back in 6 months” I’d be happy with the 5% on a six month CD!!!
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Do you have a bank issuing 5% APR 6 month CDs?
(Genuine question, because that’s a nice rate and I would like to buy one.)
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My question is, if they received stolen property, that means the property was stolen before they received it, right?
So that means that the bank committed the theft, right? Since the property was stolen?
So, will officers of the bank be charged with theft and distribution of stolen goods?
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Maybe it means the stuff they bought with the money?
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My bank advertised a 2% 60-month CD to me like it was some glorious gift of immeasurable generosity on their part that I should have felt very grateful to have been offered.
Yeah, no, that’s a fucking insult since they’d be loaning my cash out 40 times over at 13-15%.
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No. Just was picking a random number out of my backside.
Whats the norm right about now…2-2.5?
I’d definitely have gone with mutual funds myself. Should be able to get 12-25% right about now.
I want to see a remake of that Disney movie Blank Check in which the little brat ends up doing hard time for bank fraud.
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One of my favorite ferengi rules of acquisition is once you have their money, never give it back.
Ferengi are not responsible for the stupidity of other races, might also apply in this case…
I wonder if Ferengi lawyers take pro bono work…doubtful…
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It’s really low on CD’s give or take some specials, if you spend the time to track and find them. Especially something that short.
Mutual funds are definitely better. But, in this particular example, they could go down and the example would force withdrawal instead of waiting it out.
If I could get some 6 month CDs at a good rate, they would be great for keeping money that should be more liquid than even a mutual fund. It’s not that those don’t let you withdraw, but if the timing is bad it could just lock in what was just a paper loss before. 
Edit:
A quick check of 3 banks I do business with, for an over $10K CD:
6 Month - 1.90%, 0.03%, 0.60%
18 Month - 3.00%, 0.07%, 2.55%
Clearly, I use the first one if I’m buying. And, why I was interested in a 5% one.
I could probably look harder and find something closer to the 5% with some effort. That middle bank is like being robbed.
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Reminds me of the glorious day that i received $340 from an ATM after withdrawing $100.
I did not get arrested however.
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Back when I was in manufacturing in the mid-aughts and right after the co. was repurchased yet again and this time by a foreign entity, I got two consecutive paychecks direct-deposited for $49k each. I gave them back as it was clearly an error but I made sure everyone there knew people were making lotsa millions off of us. Very much the dozen-doughnuts-and-somene-is-trying-to-take-your-doughnut scenerio, too.
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NEVER trust dubious deposits into your bank account. Way back in the 1970s, my uncle in Austria wired a deposit to my mom’s Chase Manhattan account. It was $5000, which was far more than my mom was expecting.
She actually contacted the bank several times saying there must be some mistake, but each time they insisted no, it was legit. So finally my mom spent the money to pay off bills and such.
Later, the bank contacted her and said “Oops! That deposit was actually 5000 Austrian schillings (less than $400 in exchange at the time, IIRC). Please pay back $4600 dollars.”
My mom complained, of course, but the fact that she had inquired several times and was told by Chase that there was no error did no good. She was saddled with debt which took a very long time to pay off.
For the longest time, I refused to do business with Chase because of that. Eventually that became rather impossible due to mergers and the like. But to this day I am very wary about unexpected checks or deposits.
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Fools! They didn’t declare “Finders, Keepers”.
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Can I interest you in -0.5%?
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1.2 million? maybe… 120,000? not enough to get up and say good bye. 12 million sure but suddenly the logistics are maybe unmanageable?
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I will borrow 1 billion dollars at a negative interest rate. Fuck it make it a trillion dollars.
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I will co-sign
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In PA, it appears receiving stolen property covers receiving, retaining, and disposing of property known to be stolen. So spending the money is probably what prompted that charge.
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