A Bank Now Fails To Prevent Retiree From Losing Money

A bank now fails to prevent a retiree from losing all her money after the Memphis, Tennessee, resident fell victim to scammers.

Maureen Rosenblum, 88, is now demanding she be compensated $500,000 by her bank after losing $120,000 to the fraudsters.

She claims her bank failed to prevent the fraudulent charges.

Her son, attorney Jeffrey Rosenblum, claims that his mom’s bank allowed the fraudulent transactions to occur.

According to the suit, Regions Bank approved two large transactions from Maureen in late November of last year.

“She got a message on her laptop,” the attorney reported.

“One of the things she enjoyed doing is getting on Facebook and emailing her friends who moved away from Memphis, and she sees this message, ‘Your computer’s been hacked!’ and she panicked.”

Maureen contacted the fraudsters soon after, ultimately losing her $120,000 in life savings after wiring the money from her financial institution, Regions Bank.

On November 28, Rosenblum worked with his mother to file a lawsuit against the bank, claiming they should have prevented their client from taking out the cash to pay the scammers, reports The-Sun.

They’re asking for at least $500,000 for Regions Bank’s alleged “negligence” in letting the 88-year-old withdraw the considerable funds.

The scammers claimed to be part of Microsoft’s “fraud department,” per the suit.

A man who referred to himself as “Josh” then told Maureen over the phone that she should transfer at least $95,000 to “protected accounts” so her money wouldn’t be stolen from the “hack,” the suit continued.

The fraudster then allegedly gave Maureen the information for an account at Hang Seng Bank in Hong Kong, China, for the money to be wired.

According to the lawsuit, Maureen also claimed Josh told her to inform employees at Regions Bank that the excess funds were for a family emergency when asked.

The first $95,000 wire transfer was approved, per the suit, and Maureen went back only one day later for another transfer of $25,000.

“She was told by this ‘Josh’ fella to go back to the bank the following day and to wire $25,000 more to a man called Shen Ciao Hsin at Standard Charter Bank in Hong Kong and Regions Bank again allowed her to do it,” Rosenblum claimed.

Maureen is now requesting $500,000 in damages from the financial institution along with the $120,000 she lost, the suit states.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

Other Banking News Today

Market News Today - A Bank Now Fails To Prevent Retiree From Losing Money.
Market News Today – A Bank Now Fails To Prevent Retiree From Losing Money.

A massive US bank is now closing accounts without warning according to several customer reports.

A Chase customer is currently asking for help as the bank abruptly closed four accounts without notice.

The person described the situation on Reddit where several other customers said they had been through the same exact experience.

On the Chase Bank subreddit, the customer wrote that they had four accounts, all of which were closed “without any notice at all.”

“When I called they refused to give me any information at all. They locked all my accounts and I can’t even transfer my money or withdraw it from an ATM.

“I have no idea what to do. I have so many bills about to be due,” they said.

In the comments, they further explained that they hadn’t recently made any big purchases or tried to cash a check, and in the past, they had only overdrafted the account once.

Another user replied that the same thing had happened to them during the pandemic.

“Worst experience I’ve had with any banks. Ruined my credit, no money to buy food, and almost went homeless,” they wrote.

Two weeks later they were sent a check for the remaining balance.

A third person shared a similar experience and urged the original poster to “don’t bother fighting the customer service or staff” on the decision as they won’t give out extra information.

Two weeks later they were sent a check for the remaining balance.

A third person shared a similar experience and urged the original poster to “don’t bother fighting the customer service or staff” on the decision as they won’t give out extra information.

Someone else added: “They also closed my account and they told me they have the right to close my account, just like I have the right to close my own account.”

The original poster didn’t share an update regarding whether or not they were able to resolve the issue.

Also Read: A US Bank is Now Denying Customers Access to Money

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Market News Today - A Bank Now Fails To Prevent Retiree From Losing Money.
Market News Today – A Bank Now Fails To Prevent Retiree From Losing Money.

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