Word: debit
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...checks (of $500 or more) at any time. Better yet is Merrill Lynch's Cash Management Account. Customers with $20,000 to invest can not only reap high money-market yields but also write checks of any amount or use their accounts to pay for purchases with VISA debit cards. Some 300,000 people have opened Cash Management Accounts, which are available in 35 states, and another 1,000 are joining the program daily...
...branch that accepts a deposit into one of its accounts from another branch fills out a transfer ticket. The credit page is deposited in the local branch, creating an electronic balance that can be withdrawn by the account's owner, while the debit page is sent to the other branch to signal it to draw down its own balance correspondingly...
...credit portion of the form would be deposited in a MAPS account in Beverly Hills, with the notation that the money was coming from a MAPS account at another branch, for example, the Wells Fargo Santa Monica office. But Lewis would hang on to the debit page of the ticket and not forward it to the Santa Monica branch at all. In this way, the funny money in the MAPS Beverly Hills account could go undetected for five days...
...fifth day, Lew is would repeat the process, this time by writing up a new ticket for a larger amount of money. He would then cover his heist of five days earlier by forwarding the credit slip from the new ticket, along with the debit slip from the old ticket, to the Santa Monica branch, causing the MAPS account in that branch to appear to be not just in balance, but flush with new funds. These too could then be drawn down and go unnoticed for five days...
...Lewis juggling act was exposed by a slipup. Lewis inadvertently shipped off the wrong page of a transfer form, and rather than create a credit, which he had intended to do, set up a branch office debit instead. The computer alarms sounded, and the dimensions of the fraud began to surface...