Today's Coming Crisis Movie

Monday, May 9, 2011

Banks don't look at names, signatures on cheque -- lax Canadian banks security puts Canadians at risk

A group of B.C. condominium owners is upset Canada's largest credit union allowed the treasurer of their complex to cash about $50,000 in cheques that were payable to others.

"It just upsets me that this much money could be taken … that one person could do this over the years and get away with it," said Don Wright, the current treasurer of the strata, or condo association.

Records suggest Vancity credit union allowed the treasurer to deposit numerous cheques into his personal account.

Some of the cheques were written to the Maple Ridge, B.C., association. Some were written to other parties, on the association's chequing account.

None of the cheques was payable to the treasurer, but all were deposited into his account over a 10-year period.

"He endorsed them as if they were written to him — and put his own bank account number on the back," Wright said. "The longer he got away with it, the larger the amounts of money that he stole." (read more)