Author Topic: PSA: Don't swipe recklessly for others  (Read 274396 times)

Offline Jo 08701

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Re: PSA: Don't swipe recklessly for others
« Reply #2970 on: March 03, 2019, 03:59:33 PM »
Just got word that the big banks are already collaborating on these cases
I don't think the big banks have a 100% interest for victims, they are trying to cut their loses.
The fed probably will have a better approach on behalf of the victims as they are more looking out for the small guys,  but again ask a LOR.

Offline zale

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Re: PSA: Don't swipe recklessly for others
« Reply #2971 on: March 03, 2019, 04:04:39 PM »
So far we know that the swiping damage is around 50 million. I'm wondering if the banks will re-evaluate how much credit they provide across the board (even to those who were not involved), or if this barely makes a dent and will be written off as a loss. Another thing they can [but are less likely to] do is start requiring proof of income upon applying for a card.

Offline zale

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Re: PSA: Don't swipe recklessly for others
« Reply #2972 on: March 03, 2019, 04:05:44 PM »
I don't think the big banks have a 100% interest for victims, they are trying to cut their loses.
The fed probably will have a better approach on behalf of the victims as they are more looking out for the small guys,  but again ask a LOR.

Come again?

Offline elimmm

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Re: PSA: Don't swipe recklessly for others
« Reply #2973 on: March 03, 2019, 04:10:46 PM »
The feds will be involved eventually, as it just takes one call to tip them off, be it a bank or an individual victim.
 Btw, the banks will attempt to squeeze everyone here. Their best interest is to show that the cardholders abused their t&c, therby making them responsible to pay back. After recouping as much as they can from cardholders, they will attempt to get whatever is left by having the feds go after the merchants in these cases, freezing their assests and locking them up.

Offline YesThatsMe

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Re: PSA: Don't swipe recklessly for others
« Reply #2974 on: March 03, 2019, 04:10:57 PM »
So far we know that the swiping damage is around 50 million. I'm wondering if the banks will re-evaluate how much credit they provide across the board (even to those who were not involved), or if this barely makes a dent and will be written off as a loss. Another thing they can [but are less likely to] do is start requiring proof of income upon applying for a card.

I feel the banks will make a killing of this parshah. Many will swallow the interest and pay for the next 10 years just to avoid bankruptcy and investigations...

Offline JACKBLUE

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Re: PSA: Don't swipe recklessly for others
« Reply #2975 on: March 03, 2019, 04:11:58 PM »
The feds will be involved eventually, as it just takes one call to tip them off, be it a bank or an individual victim.
 Btw, the banks will attempt to squeeze everyone here. Their best interest is to show that the cardholders abused their t&c, therby making them responsible to pay back. After recouping as much as they can from cardholders, they will attempt to get whatever is left by having the feds go after the merchants in these cases, freezing their assests and locking them up.
Oy Vie... please let this victims sleep at night....

Offline chayal101

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Re: PSA: Don't swipe recklessly for others
« Reply #2976 on: March 03, 2019, 04:14:02 PM »
As a chase PC, my personal banker called to update me, too.

Lol
what did he say??
Chaya L.

Offline elimmm

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Re: PSA: Don't swipe recklessly for others
« Reply #2977 on: March 03, 2019, 04:14:41 PM »
So far we know that the swiping damage is around 50 million. I'm wondering if the banks will re-evaluate how much credit they provide across the board (even to those who were not involved), or if this barely makes a dent and will be written off as a loss

-50 mil is worth hiring investigators up recoupe some of it

 Another thing they can [but are less likely to] do is start requiring proof of income upon applying for a card.

--not happening, there is a reason they don't require proof: it yields many more customers

Offline Jo 08701

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Re: PSA: Don't swipe recklessly for others
« Reply #2978 on: March 03, 2019, 04:17:33 PM »
Where is the number 50m coming from?
If you divide it in 100k that means a minimum of 500 victims,  and I assume that most victims were for less than 50k.
Unless you are telling that these victims had such a high LOC and played with a few CC.
And again I live in Lakewood and have family members and friends in Brooklyn and Upstate, and so far didn't hear from any names as victims.
500 victims is a very large number that it shouldn't affect every heimeishe family.

Offline zale

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Re: PSA: Don't swipe recklessly for others
« Reply #2979 on: March 03, 2019, 04:18:10 PM »
So far we know that the swiping damage is around 50 million. I'm wondering if the banks will re-evaluate how much credit they provide across the board (even to those who were not involved), or if this barely makes a dent and will be written off as a loss

-50 mil is worth hiring investigators up recoupe some of it

 Another thing they can [but are less likely to] do is start requiring proof of income upon applying for a card.

--not happening, there is a reason they don't require proof: it yields many more customers

The 50 million is not from one bank, but from several banks. Amex and Chase are probably the main ones.

Regarding your second point, yes, they want more customers, but they are also conservative about credit lines (at least Chase is). The reason I think it's unlikely they will do that is that it will require them to hire hundreds of employees just to check through applications.

Offline zale

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Re: PSA: Don't swipe recklessly for others
« Reply #2980 on: March 03, 2019, 04:19:23 PM »
Where is the number 50m coming from?
If you divide it in 100k that means a minimum of 500 victims,  and I assume that most victims were for less than 50k.
Unless you are telling that these victims had such a high LOC and played with a few CC.
And again I live in Lakewood and have family members and friends in Brooklyn and Upstate, and so far didn't hear from any names as victims.
500 victims is a very large number that it shouldn't affect every heimeishe family.

Ironically that number came from Twerski, the lawyer who is representing Sterling Electronics.

Offline elimmm

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Re: PSA: Don't swipe recklessly for others
« Reply #2981 on: March 03, 2019, 04:24:10 PM »
I feel the banks will make a killing of this parshah. Many will swallow the interest and pay for the next 10 years just to avoid bankruptcy and investigations...
What investigations will they avoid??
They are investigating everyone regardless. And there isn't much to hide, the victim allowed the merchant to charge and the merchant was/was not running a Ponzi scheme.....
Also there is a diff between bankruptcy and defaulting...

Offline chayal101

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Re: PSA: Don't swipe recklessly for others
« Reply #2982 on: March 03, 2019, 04:27:14 PM »
hey guys! let's continue assisting the banks/feds with ideas on how to approach this case. You all seem to have this all figured out!!
Chaya L.

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Re: PSA: Don't swipe recklessly for others
« Reply #2983 on: March 03, 2019, 04:28:03 PM »

I am personally not connected in anyway to this whole parsha, just giving my opinion in my leisure time.
Are you connected to this whole parsha?

Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #2984 on: March 03, 2019, 04:28:20 PM »
hey guys! let's continue assisting the banks/feds with ideas on how to approach this case. You all seem to have this all figured out!!
Better than thinking what you have to say on Whatsapp is private and then having it subpoenaed as it will be based on the other case I linked to above.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.