Saturday, June 23, 2018
Business

Business letters: Readers comment on business news

Mobile banking booming in U.S. | Nov. 28

Technology's steep downside

I thought after reading the article you published about mobile banking you would find this interesting. I own a small jewelry store and upscale discreet collateral lending company in Belleair Bluffs. We had given a client a loan in the amount of $25,000. He photographed the check and deposited it into an account at Grow Financial Bank.

That same day, our client presented the actual, physical check to SunTrust. SunTrust cashed the check despite the fact the client had already presented the check for payment electronically. The result was that the check was paid twice, for a total of $50,000 out of our account.

We alerted SunTrust of the fraudulent activity. SunTrust advised us that it was denying our claim for the recovery because we caught the mistake after the 30-day period. Unfortunately, it was our busiest time of year.

People need to be aware of the dangers of mobile deposits. How can a bank not be responsible for cashing the same check twice in the same day? This modern technology has cost us $25,000.

Joseph Cappello, Belleair Bluffs

Comments
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