3/18/13: CYPRUS BANK CRISIS CAUSES CHAOS; 10% TAX ON BANK ACCOUNTS; ATM’S OUT OF CASH?

The Mediterranean island’s Central Bankers and the E.U. in Cyprus caused chaos with a surprising announcement.  They shared a new plan…to combat the European financial crisis they would use 10% of each residents bank account.  In order to do so, they added a 9.9% tax on accounts over 100,000 euros to help pay for the E.U. bailout. Say what???

What do you think happened?  Of course, customer’s swarmed the banks to retrieve their funds before it was taken out.  The ATM’s ran out of cash and banks shut down leaving thousands of people in an uproar.  It also created a worldwide frenzy.  Some are even reporting on ways it will affect us.

Can you imagine how you would feel if President Obama was to tell us that he would pull our money out?  This is a crazy example of how financial messes are resolved.

The only positive is that Cyprus is considered too small to fail.  But will this carry over into other countries?  Let’s hope it does NOT make it to the U.S.  This idea sucks!

READ FULL STORY HERE.

 

2011: HACKER ADDS $1 BILLION DOLLARS TO FLORIDA MANS BANK ACCOUNT

A Florida man was surprised to find his bank account received a huge boost.  As he went to withdraw funds, Otelo Vizcaino found that his modest funds surged to a penny short of $1 billion dollars.  Although he may have been tempted to withdraw the money and go into hiding, he reported the error to his bank.

Turns out, a hacker put in the extra cash with hopes of withdrawing it.  No luck for them, the account was quickly frozen and this fraud is now under investigation. Vizcaino received a small check to keep him afloat until they find the culprit, but he probably would have been happier with a $1 million dollar reward.

Vizcaino works at Ripley’s Believe it or Not and is now asking that his experience gets added to the record books. Many of us would be thrilled to see all those digits in our account, so hats off to him for being honest!

What would you do if you found $1 billion dollars in your account?

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