[Magdalen] Disappearing money - please pray

[Roger Stokes]

On 01/09/2015 15:41, James Oppenheimer-Crawford wrote:
> This is THE nightmare for those who have to deposit at ATMs.
> As to records that he was there, the ATM has a surveillance camera which
> would at least show the deposit being made, assuming the bank is interested in treating the customer right.

Like Lynn the possibility of criminal interference, and hence 
interception of the money, occurred to me.  That is not unknown and some 
gangs can be very sophisticated in the design and placing of the false 
front.  It is one reason why I prefer to use a machine inside the bank 
if possible.  AFAIK an ATM outside a bank will not accept deposits in 
this country.

     <snip>
> Multiply this by a few hundred recently deceased investors and you've got a
> few million dollars floating around.  Of course they will do every trick
> they know to hold on to the money.

Another source of "borrowed money" for banks is the time taken to clear 
a cheque.  There is generally a gap between when it leaves the payer's 
account and the recipient is able to draw or receive interest on it.  In 
recent years the government has tightened up on this, reducing that lag 
by regulation.  Electronic transfer is now also available to the retail 
customer.

Roger