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Phantom withdrawals not a risk to account holderPhantom withdrawals not a risk to account holderPosted Feb 27, 2003 18:02 UTC (Thu) by giraffedata (subscriber, #1954)In reply to: Full disclosure and the banking industry by arcticwolf Parent article: Full disclosure and the banking industry
>All in all, it doesn't leave me wondering about whether (most) banks Banks are obviously concerned about their customers. Without reasonably satisfied customers, they wouldn't be in business. Just as obviously, the concern for customers stops where it costs money. Screwing some customers may be what is necessary to satisfy a lot of others (with e.g. low prices) and make a profit. >they have to go to an actual teller now and sign a form I would think a better course of action would be to switch banks. There's a good chance another bank has a more secure system or a more friendly policy. By making it free to the offending bank to operate like that, he his shirking his duty as a consumer in a capitalist society.
I have a friend with an account at a large US bank that had a series of phantom withdrawals about two years ago. The bank reimbursed him for all of them, but closed the account and made him open a new one. The bank apologized for the inconvenience. My friend has no idea how this theft happened, but I know him well enough to know that there is virtually no chance he let someone find out his PIN. Also, I think the bank noticed the problem before my friend did, based on the unusual pattern of withdrawals.
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