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Personal Finance and Investing

FBaggins

(27,844 posts)

3. Doesn't pass the smell test

Reply to progree (Original post)

Tue Jul 9, 2024, 06:02 PM

Jul 2024

No fan of BofA here… but nothing in the story points a finger plausibly at them

You don’t write checks to an account at BankX… you write checks to an investment company. You don’t even know who they bank with until they write you a check (or you have your bank research the deposit after the fact). So he couldn’t have been relying on BofA’s credibility when he chose to do business with someone he “researched” online - not that it would have been reasonable to do so anyway.

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Self-described savvy person scammed (and thanks a lot Bank of America) [View all] progree Jul 2024 OP

"eventually reached out to a friend" marybourg Jul 2024 #1

I value highly personal references from people I know well and trust, but it would take more than that progree Jul 2024 #4

I would -- and did -- open an account at an established brokerage or marybourg Jul 2024 #15

I've been screwed by well-known brokerages, AG Edwards at the time progree Jul 2024 #18

It's best if you can rely on your own judgment. marybourg Jul 2024 #20

Well, both of my partnerships were total losses except for some tax savings progree Jul 2024 #21

Sorry. Maybe we're all talking at cross-purposes. marybourg Jul 2024 #25

Vanguard or Fidelity or Schwab Shermann Jul 2024 #2

The article didn't say anything about a quick-rich scheme or one full of big promises or anything like that progree Jul 2024 #7

I'm skeptical of this supposed vetting that was done Shermann Jul 2024 #11

Could be, there are innumerable ways to twist and alter this story to fit ones preconceptions progree Jul 2024 #12

Yes that's it, I've twisted the story to fit my preconceptions Shermann Jul 2024 #13

Exactly. And admitted it too nt progree Jul 2024 #14

Doesn't pass the smell test FBaggins Jul 2024 #3

Maybe if BOA put a stop on the checks after they were asked to, he would have been more understanding progree Jul 2024 #5

The receiving bank doesn't stop checks FBaggins Jul 2024 #6

The writer's point is that they should - after presenting evidence to the BOA as the lawyer did. But oh well. progree Jul 2024 #8

Right... and I'm saying that the guy whose financial savvy... FBaggins Jul 2024 #9

I'm still not getting it either -- why should the BOA keep clearing checks he's written when presented with strong progree Jul 2024 #10

Never heard about all eggs in one basket? question everything Jul 2024 #16

Absolutely. That's the biggest problem I have with the article. progree Jul 2024 #17

OK, I do put all eggs in one basket. All our retirements funds are with Vanguard which now has very unhappy customers question everything Jul 2024 #23

Vanguard holdings progree Jul 2024 #24

Exactly about all one's eggs in one basket. Beakybird Jul 2024 #19

Please see progree Jul 2024 #22

Really, all-in is not a good idea at all, unless you say goodbye to the money in advance. . . . . nt Bernardo de La Paz Jul 2024 #26