(Thanks, A. :)

Reader AC writes:

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Re: link: 'Heather Ann Tucci-Jarraf — Well-Kno....

Withdraw $$$ from where you do not have an account?

I'm sorry but I simply do not understand this story and how it could have been prosecuted based upon what has been reported as having taken place. Man legitimately logs in to his bank account, requests a funds transfer from the NY Fed Bank in order to purchase a CD from his bank. He uses his own social security number as the account number at the Fed Bank and the transfer is approved. His bank then credits him with the funds. Where exactly is the fraud?

Randy Beane did NOT hack into the FED central bank. He merely made an electronic funds transfer request from his local bank's website after legitimately logging into his account. The inputted routing number that took his request to the NY FED bank only got him to the bank's window.

Randy Beane then had to provide a "valid account number" in order to proceed any further. He provided his own Social Security number and the FED bank both recognized that the account was a valid account and also that the account balance associated with that account number was sufficient enough to allow for the requested amount to be withdrawn.

This is after all the protocol that is in place at every bank. For if one tries to access money from a bank where one does not have an account or where one has an account but has a funds balance that is less than the amount being requested to withdraw & transfer, the request to transfer is simply and immediately denied.

So to my logical way of thinking, what happened in this case with Randy Beane having requested an electronic funds transfer and having the FED bank honor that request and allowing for the transfer of funds to go through is prima facia evidence that Randy Beane has a valid account at the NY FED and that this account is (or at least at that time was) recognized by the NY FED as being both valid and as having a sufficient balance to allow for the transfer withdrawal Randy Beane was requesting to be approved... Because if this were not the case then his request would have been immediately denied.

And as for the claim that his bank prematurely released those funds before they had cleared... I say BULL. No bank will release money (especially a large amount) until the balance in the account shows it has "collected funds" sufficient enough to cover the withdraw request. Funds are not considered collected funds until the transaction fully clears.

I don't know, but something is very off about this story.

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