Bank of America ATM glitch leads to $1.5M in withdrawls
The error rate for ATMs is very low. But glitches do occur, and they can expose banks to some odd risks.
Bank of America found that out the hard way recently when a Detroit man was able to withdraw more money than he had in his actual account. A lot more.
Ronald Page, 55, has pleaded guilty to "bellying up to the bank over and over again for 15 days in 2009, until he'd pulled out $1,543,104."
This was all due to a Bank of America glitch in the system. Page typically kept only $100 in his account. Bank of America apparently had mistakenly put his account into a "pay all" status, allowing him to make the unlimited overdrafts, according to the Daily News.
Page's "streak began on Aug. 1, 2009, when prosecutors say the bank's mistake allowed him to withdraw $312,000 from ATMs at Greektown Casino and $51,727 from MGM Grand Casino, both in Detroit." He also made withdrawals at casino windows.
How did he fare with all this ill-gotten money? He apparently lost it all at the tables.
Bank of America finally noticed the odd behavior and shut him down. The U.S. Attorney in Detroit is asking a judge to sentence Page to 15 months in prison and to force him to pay back every cent.
- here's the article