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Old 09-11-2019, 07:44 PM
Ann Hedonia's Avatar
Ann Hedonia is offline
Join Date: Apr 2009
Posts: 3,436
Originally Posted by Doctor Jackson View Post

Banks are insured against theft, but not mistakes. .
Are you sure? Insurance policies that cover mistakes are extremely common in the professional world- doctors have malpractice insurance, architects and engineers have E&O (errors and omissions ) insurance and construction contractors are certainly insured for incidents resulting from the mistakes of their workers.

I find it hard to believe that insurers wouldn’t write those policies and/or that banks wouldn’t want them.

I do have a good story about a bank making good on a mistake. This was in the old days (late 1970’s early 1980’s), before the days of electronic transmissions, scanners or large scale copiers.

My friend and his friends were in the business of providing design and technical services to the some of the many discos and nightclubs in New York City. They were introduced to some allegedly wealthy foreigners that allegedly wanted to open a nightclub somewhere. My friend and his friends took them on a champagne and cocaine fueled tour of the city’s nightlife, all while discussing what design features of the the various clubs they should emulate or avoid. My friend and his friends pretty much figured that the allegedly wealthy guys were full of it, but they were having a good time playing high powered designers while getting thoroughly blitzed and played along.

And the end of the evening, the allegedly wealthy guys gave my friend and his friends a 10K check apiece as a deposit on ........something. My friend was pretty sure the check was bogus but he took it to the bank and deposited it anyway. His friends did the same and their checks bounced. But my friend got a call from the bank telling him that his check had been lost. Physically lost. They had the receipt for the check but no one could find the document. Remember, this was in the pre-electronic days.

My friend told them he had no way to contact the issuer of the check. The bank told him that since it was obviously their mistake, they would credit his account for the 10K. So he got a little windfall.