Restricted Banking
I know I am not talking to an audience of scammers, but I feel the need to voice my frustrations. Scammers have really created problems for those of us who do things by the book. I am beyond annoyed. Come with me on a journey of me being accused of fraud via my bank of 14 years.
This all started with the need to replace our roof (story coming soon). It took months for our insurance company, that also is the company that I bank with, to stop giving us the run around and pay us to replace our roof. The figure that they approved us for was $8, 290.65. This amount was minus our deductible of $4,000. Replacing our roof actually totaled to be more than they awarded us, but we were happy to finally have a payout amount that we could work with.
Once we received notice that the amount was approved, I was a little taken back. Instead of the amount being directly deposited into my account like we requested, the notice stated that we would receive a check in the mail in 7-10 business days. Therefore, the wait to replace our roof would be extended even longer.
The check came in the mail after some time. It showed that it was to be paid to the order of both I and my husband. With my financial background, this was the first thing that raised an eyebrow for me. I told my husband that we should probably deposit the check into our shared account. That way, once it cleared, we could pull the funds out to pay the roofers. At this time, my husband had already paid $5,300 out of pocket for the materials. His viewpoint was that we should deposit the check into my account that is the same company as the insurance company. I made a mobile deposit due to there not being a physical bank in our state. The funds were available immediately, but I made sure to wait until the status of the check showed as “posted.”
The next day after the mobile deposit, the status was no longer pending. To pay the roofers, we would need to withdraw the funds from the account. As stated before, there is not a physical bank in my state. However, there are ATMs in my neighborhood that are under the company’s name. My husband and I went to one of the ATMs. We needed a total of $3,500 in cash. Unfortunately, there was a maximum of $500 that could be withdrawn during one transaction. This is now the second thing that raised an eyebrow. Instead of leaving, we pulled $2,000 from the ATM. This meant 4 different transactions. My husband had plans to meet with someone, so before we could complete more transactions, we left.
At this point, I am aware that from the outside looking in, this is suspicious activity. I have seen stories of people getting fake checks and pulling the funds out of ATMs. I have looked at the police cam footage of scammers being confronted and taken to jail due to fake checks. I am not unaware of people trying to commit fraud. Because of that, I told my husband that it would probably be best for us to pull the rest of the money from a place where we could get more than small amounts out at a time.
Once he was done with his meeting, we tried going to a First Horizon’s ATM. Again, it was not the bank that I have an account with, but I was aware that there was a network relationship that would not trigger a withdrawal fee. The transaction did not go through. We tried another bank, and again the transaction did not go through. Ultimately, we went to an ATM at Kroger that was under my bank’s name. We were able to pull out $800 more until the card no longer allowed us to make withdrawals.
After about an hour, I received a message to give the bank a call. I called them and confirmed everything. I explained what was going on and why we needed the funds. I was on the phone for almost an hour with the representative. Something told me that this was not a good sign. The representative put me on hold and came back. She stated that I would have access to my login information again, but that the account would remain secure. I was thinking that everything was in good order and that the statement she made about security was just a precaution. Soon I found out that what she really meant was that my account would be restricted due to fraud. Apparently, the way in which I answered her questions was still not good enough. They flagged me for fraud, and I was waiting to be contacted.
Days went by, and no one contacted me. By this time, bills that I had on automatic payment were being rejected. The funds that needed to be given to the roofers were locked up all while they were getting close to completing the roof replacement. My financial life, in that quick moment, felt like it was in shambles. I had never been kicked out of my account. I had never been accused of committing fraud. It seemed like no one could help me and that no one from the bank was reaching out to me. It seemed like they just left me hanging. Again, this was a check sent to me by their insurance department and mobile deposited into my bank account with their banking department.
It is now two days later; I am still waiting to hear from the fraud team. I have contacted the bank several times and have been read the same script back: “Someone will contact you. We cannot give you a timeframe.” They cannot connect me to the fraud department. They do not have a direct number. They do not see anyone assigned to my case. It seems like they do not even care at this point. If it looks like fraud to them, it is fraud.
Hopefully, I will be able to provide you with an update in the future. Until then, here are 4 key points to help you avoid a situation like this:
1. Always have an account at a physical bank. You can make deposits in person, and their technology can authenticate checks quickly. There may still be a waiting period, but you have nothing to worry about if you know your check is good.
2. Never withdraw funds from an ATM using more than two transactions. Just to be on the safe side. Completing more than two transactions at ATMs within a short period of time looks suspicious. Criminals mainly complete excessive transactions. If you need a large amount of cash withdrawn, go to your bank in person.
3. If you can avoid being paid by check, do so! Too much fraudulent activity is occurring these days. To be completely removed from it, have your funds received by direct deposit. I would even go as far as saying do not have check writing ability for your accounts. I have seen many instances of checks being stolen or fraudulently created. Avoid checks at all costs if you can.
4. If you foresee the need to conduct activity within your account that does not fall in line with your normal activity, contact your bank beforehand. Do not wait for them to contact you. Let them know upfront about your plans and let them present you with the best case of action.
I know that we are unable to avoid all negative things that may occur to us. Most things are out of our control. Just keep in mind the words presented in Romans 8:28(ESV): “And we know that for those who love God all things work together for good, for those who are called according to his purpose.” God can use even a situation like this for His glory. Also, keep in mind that those who get their money by doing evil will not succeed. Proverbs 13:11(NLT) tells us that “Wealth from get-rich-quick schemes quickly disappears; wealth from hard work grows over time.” See you in the next post!