When you think of having overdraft privileges, what comes to mind? You’re at the store and the bank covers your purchases when you overshoot the funds available in your account, right? They charge you a fee and give you a chance to replace the funds that you accidentally borrowed. Well, there is something else that the bank offers that us common folk have not been made aware of.
Ronald Page, 55, was the beneficiary of a Bank of America glitch that allowed him to have unlimited overdraft withdrawals at the ATM. That’s right folks! There are some people out there that if they don’t have money, they can keep drawing money from their account because Bank of America has their back! And surely, they’re not the only bank that allows it.
Detroit has several casinos and Page was gambling at the MGM Grand and the Greektown Casino when he withdrew over a million dollars. According to Yahoo! News:
“The day the Bank of America glitch went into effect, Page reportedly withdrew $312,000 from ATMs at the Greektown Casino in Detroit and an additional $51,727 from the MGM Grand Casino. Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.”
The prosecutors that are holding Page accountable for his actions are also holding Bank of America’s feet to the fire for allowing it. They were enablers to Page’s gambling problems and they feel that Page shouldn’t hold the responsibility all on his own. They called his actions a “lapse in judgment.”
The U.S Attorney’s office recommend that Page is no longer allowed to gamble in any capacity. Ya think? Read the full report here.