Usually, when you stick something in a safe deposit box, you expect it to be there when you come back. Hence the word "safe."But one Indian man has found himself out more than $16,500 (plus jewelry) after a termite infestation at his bank resulted in his valuable bills and documents being eaten. The bank had put up a notice warning customers about the hungry pests, but Dwarika Prasad hadn't been to the bank for several months. He returned to find hundreds of thousands of rupees had become bug food, leaving him with termite dust and "badly perforated" papers.
"I'm shattered. I do not know what to do, as I had kept the money for my old age," Prasad is quoted as saying. The bank says that because it had posted a warning, it's not liable for the loss.
Question raised: Do you check for termite warnings when you're at the bank?
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Wednesday 09 April
By Sheila
That is just ridiculous. Posting a sign at the bank is not a good enough warning to bank customers. When you put something in a safety deposit box, it's not likely that you will be coming in regularly to check on it. The bank owes this man his money back, period.
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Thursday 10 April
By anita
Whatever happened to FICA?????
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Thursday 10 April
By NYCBruce
Dear Anita-- "FICA" only comes into play when you DEPOSIT MONEY in an account-- not when you hide it in a sock in a safe deposit box! Currency bills are totally worthless, as this guy has found out the hard way. Paper burns, dissolves, erodes, or gets eaten-- just as you can see here. (It also become obsolete-- tried to spend any Confederate Dollars lately???)
That said, this guy had to be a real dunce to put cash into a safe deposit box. No interest earned, no federal protection provided, and NO BRAINS apparently.
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Thursday 10 April
By Vanessa
There is no way that he is out his savings. All banks are insured regardless. Posting a sign about termites is b....s. The bank is still responsible for this elderly man's money. Posting a sign just don't cut it. I hope he finds himself a good attorney.
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Thursday 10 April
By Pam
This happened in India, so FICA isn't even an issue and I'm sure he won't ever see his money again.
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Thursday 10 April
By Tony
THERE IS NO FDIC IN INDIA
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Thursday 10 April
By James
Hey people!!! We are talking about a bank in India, no FICA no FDIC Yes he has lost his money.
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Thursday 10 April
By Brian
The termite thing is probably bull, the bank just stole his jack!!
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Thursday 10 April
By Casper1276
"FICA"?? LOL - You think Federal income tax or social security insures your bank account?
FDIC is the Federal Depositors Insurance Corp. Think I would be knowing how your money is insured before I would make any more deposits.
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Thursday 10 April
By richard
you would think that a safe deposit box would be safe but its only a place to hide things from people...not from insects. i can see his point but next time bury it in the yard. the rats might eat it in the house.
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Thursday 10 April
By Casper1276
Federal Insurance Contributions Act - FICA A law in the US requiring a deduction from paychecks and income that goes toward the Social Security.
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Thursday 10 April
By Brenda
This gentlemans bank should have sent letters out to it's customers As stated the man had not been to the bank for some time. I really think the bank should give his money back to him and if not Shame on them. God does not like ugly
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Friday 25 April
By Sitaw
Yeah...but we're not from India! WE have different regulations here in America! I feel sorry for the man. God Bless America!
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Thursday 10 April
By jean
''WOW'' DON'T THINK I COULD TAKE IT,...
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Thursday 10 April
By Lee
Makes me glad to know I put mine in silver and gold only.
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Thursday 10 April
By Kim Zorzi
Sounds like a pretty expensive meal. They ought to make a commercial about that. Maybe he can write a book about it and make it a best seller, "How to Eat up your Life Savings"
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Thursday 10 April
By CatJo
I am positive that the bank has phones and could have contacted customers. Could have sent a letter. Could have sent an email. I know when I call 1-800 or when I call for tech support...I am calling India. I know they have the capabilities!
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Thursday 10 April
By Bobby
Poor old dude. You people don't understand that others don't have the supposed security we do in america & their ways of doing things are totally different than ours. Last time I checked our safe deposit boxes are made of stainless & impervious to termites & moisture. He was a trusting soul putting his faith in a different banking system than ours & his entire life & future has changed for that trust. Show a little compassion people, with the fall of our largest financial institutions you could be next right here in the good old US of A. It won't be termites eating your savings either, it'll be the cannibals on wall street..
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Thursday 10 April
By Clydencora
That had to be one huge termite infestation to turn his rupees to dust in a few months. Maybe he can get them for allowing the termite infestation to become so bad. Sheesh! I know cows are supposed to be sacred there, but bugs too! Don't they have insecticide in India? Terminex should open up shop over there.
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Thursday 10 April
By Jessica
Being a Termite Inspector, I can tell you that if the Bank posted a notice even then it was already to late, Termites being that they primarily live under ground can do years worth of damage before you even know they are there. As a matter of fact, sometimes it could be 5 years or longer. What happens is that termites will eat and eat and eat until the colony has no more room or is to large to now support itself, they then send out the swarm to reproduce and start a new colony elsewhere on another house or building, it could be the same building or anywhere, as a matter of fact one termite colony can eat on multiple homes or structures at one time, they claim within 300 feet. So, if this poor man has lost his lifes savings, it is because the bank was to cheap to have an inspector come in yearly and do an inspection, unfortunately that is the case for many, and by then it is to late. Think about this, a "Termite" can eat 1 foot of 2x4 in 180 days. That is 1 termite. Now if the problem has been there awhile, think about the damage that would be there. Food for thought.
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