The $40,000 Mistake and How To Avoid It

Have you ever given away over 40,000 dollars unintentionally? Most people I know haven’t even given that amount away on purpose. However, a hairstylist in Great Britain gave another person over 40,000 over the course of two years by accident! She thought she was putting the money in her husbands account but in fact she was off by ONE digit. Did you catch that? JUST ONE DIGIT! The best part? She never noticed. I think if I misplaced 40 grand I would notice. The phrase “You can’t hide money” comes to mind. Being a Hair Dresser must be good work if you can get it.
You probably just breathed a sigh of relief right? Thinking “well, that’s good, they caught the error and now she can get her money back.” Nope, not going to happen. The recipient of the money doesn’t have to (and isn’t going to) give the money back. Legally, there isn’t a thing the bank can do about it. That’s it, end of story, that’s all she wrote. Nothing the bank can do… (cue sad music from “The Notebook”)
Your mind is probably running a mile a minute wondering “How can I avoid this?!” Well, I’m glad you asked.
 Experts say this is a good lesson. We need to double-check everything we do. Here are a few tips that will help YOU avoid a similar mistake:
  • Communicate: Many couples don’t communicate about finances. A simple, “hey, did you get that money I transferred” would’ve taken care of the problem.
  • Review Online Statements: Do this as a couple. Go over it together on a weekly basis. That will make sure you are on the same page and that there isn’t any money missing.
  •  Use Mobile Apps: Most Credit Unions provide some form of Mobile app for their members. Load Mobile Apps on BOTH phones. This will keep you up to date DAILY. And will make that weekly review of your online statement go pretty quick.
  • Read in reverse: When you double check a number you typed in, read it again but this time backwards. Reading from right to left avoids scanning on autopilot.
  • Keep a paper trail: Keep your paper statements. You need physical proof of all your transactions.
  •  It’s not complicated and five little steps will help you make sure you avoid one BIG mistake. Because whether it’s 40,000 or 4,000 either way it’s YOUR hard earned money and we want you to hang on to it.  Until next time stay in the black my friends.