I had a long, involved fraud case with BankAtlantic from February of this year. There were three posts (One, Two, Three) and I only refer to them for my less-frequent readers. I had decided to keep my money there because it was convenient, they noted my new account (and all closed accounts) that there were fraud restrictions, and everything had to be checked with photo IDs. I heard no more about it and had put it behind me.
I need to point out that BankAtlantic has a unique typo in my address that nobody else has. The only place this typo occurs is INSIDE the BankAtlantic computer. Mail was always sent to an alternate address (which also, oddly, contains a different unique typo in their computer). Nobody else on the planet has this uniquely incorrect address of mine. Everyone else has it correct.
I came home from work today and had a big fat envelope from BankAtlantic. At home. With the same uniquely misspelled address. (Insert Klaxon Here). I open it, and it contains a letter thanking me for opening a brand-new savings account and lists the account number. Yeah, except I didn’t open a new account.
I call them immediately. The lady is helpful and asks me a number of security questions because, of course, there are notes on the account. She also notes money has been transferred from my checking (real) account to the savings (fake) account. I ask her to close the account. She needs a supervisor. They both note that the account was opened over the phone with no sort of valid ID provided. They close the account and transfer the money back. They try to get the fraud department (aka Security Department) on the phone without luck, as it’s after 530pm. They also try to call the person who opened the account with no luck. They suggest I call Monday. I thank them and hang up.
I get in my car and drive to the local BankAtlantic branch. I see someone and explain what happened. I ask for a cashier’s check for the sum in my account. I am told they need to get a supervisor to sign it. I say that’s fine. She says she’s not sure if one’s available. I tell her to have one drive over from another branch and I’ll wait. She’s not sure if she can do that. I said I will gladly take cash. She tries to tell me there may not be enough cash, which I find laughable. I don’t have that much money.
She then runs into the back of the bank to consult with the supervisor (I assume the same one who isn’t available). She comes back and is on the phone trying to call the security department, the person who opened the account, and so forth.
I remind her that it’s my money and I have politely requested it. They are legally obligated to give it to me as long as it’s under $100,000 — and I can assure you it was NOWHERE near that amount, though I wish it was. She stalls and tries to get me to keep my account open.
I tell her I won’t leave without my money, and they can lock me in overnight if they’d like. Amazingly, I get my money and the account is closed along with many apologies from the supervisor (who I must be imagining since she’s not available). I remind her that they’ve already broken the law by opening an account without following legal procedures — and they’ve done it TWICE now. And they ought to find out which employee is the crook.
I go to another financial institution — again I need an account in a bank that’s open on weekends. But I do most of my financial dealings with a traditional bank. I open my account and return home.
I am going to make one last phone call to the BankAtlantic fraud department and relay this last story. There is a close to 100% chance it’s an inside job at the bank. If you have an account here, you probably need to reconsider the wisdom of that.
Fool me once, shame on you. Fool me twice, shame on me.
4-28-08: Update redacted 4-30-08 at the request of BankAtlantic Fraud Department.