Betty The Restauranteur

[mathnerd]

Really, one of the reasons people don't do backups of their computers is they never calculate how much it will cost to re-enter the data if their databases are lost.

I know one instance that to save $250 for a disk pack for backup purposes the customer ended up spending thousands of dollars in over-time to get the accounting data back.

On the flip side, when I worked at MajorBank, this was taken into consideration in some instances. If a deposit was lost and the customer had a receipt, and the deposit was under a certain threshold (which of course I will not disclose), the bank simply gave the money back without researching where it went. It cost the bank more money to research it than to just give it to the customer, so each branch had a cash line that was funded specifically for this purpose.

[earl colby pottinger]

Come on

On the flip side, when I worked at MajorBank, this was taken into consideration in some instances. If a deposit was lost and the customer had a receipt, and the deposit was under a certain threshold (which of course I will not disclose), the bank simply gave the money back without researching where it went. It cost the bank more money to research it than to just give it to the customer, so each branch had a cash line that was funded specifically for this purpose.

Come on, you can tell us, we will not do anything with the info.

[taxguykarl]

Unfortunatly in many business, this cost is not ever considered.

Kind of like an assignment in my day job: I had to track down a $2 discrepancy. Needless to say, my time cost a lot more than that....and we underpaid that vendor $47 not $2. My supervisor explained that there were federal funds involved and every cent had to be explained

[Ghel]

We should have had a pool going, because you'll never believe what happened. When I got back from lunch today, there was a receipt on my desk from the County Auditor's office for the payment of Betty's real estate taxes for the restaurant. Through the first half of this year. I was amazed.

[eltf177]

Wow! Now if the IRS and her employees get their money...

[Tama]

How soon before this happens again, though? And what else is she in trouble for right now?

[Jetfire]

And how much interest is Peter charging now that Paul is paid?

[sstabeler]

And how much interest is Peter charging now that Paul is paid?

I'm not so sure. the fact that betty has actually paid off the real estate taxes makes me wonder if Betty is just ridiculously disorganized, and is now trying to find a way out of the hole she's dug for herself. yeah, I'm an optimist, but if Betty really IS trying to get this sorted out...

[Ghel]

How soon before this happens again, though?

It could be pretty soon. As I mentioned upthread, people who get large sums of money tend to spend it pretty quickly, with little to show for it. And especially someone like Betty, who sucks at handling money anyway. And gambles.

Betty and her husband mentioned wanting to pay down the balance of their loans when they received this inheritance, which they haven't done. I can't say I'm surprised.

And what else is she in trouble for right now?

The restaurant loan is in good shape right now, but their home loan is not so good. Their first payment on the balloon renewal that I did isn't due yet, but I'm disappointed they didn't at least make their first payment when they got the inheritance money. Also, they haven't paid the first half of the real estate taxes on their house, which were due May 15, and there was the insurance debacle that I mentioned previously.

And besides the trouble with our bank, Betty still has multiple state and federal tax liens listed on her credit report. I'm sure she isn't taking care of those. She continues to have money taken out of her checking account by the IRS, but I'd be willing to bet that's current tax withholding and not paying back the earlier amounts she owes.

[taxguykarl]

Wow! Now ifwhen the IRS .... get their money...

Never underestimate the IRS in that area. They have their ways
As for employees, IIRC, Betty was cashing their paychecks out of the till...remitting withheld taxes was another story

[eltf177]

I've created a new post in Sightings for earl colby pottinger about my inheritance story...

[Ghel]

So a couple things happened this week. On Monday while I was gone to lunch, a money order appeared on my desk. It had no name, just a note on the envelope addressed to me to "take care of this and send a receipt to the house." $35,000.00, just left on my desk, with no instructions of what to do with it. It's a good thing I'm not an unscrupulous person. After the last of the tellers got back from lunch, I found out Betty had left it on my desk, but she hadn't given the tellers any instructions, either. I called Betty, and she said she thought I'd know that she wanted to pay down her house loan. (No, I can't read your mind.)

And then today, I received a letter from MN Fair Plan stating that they'd received the premium payment for Betty's home insurance, but since it was after the due date, they'd already canceled her insurance. They returned the premium and said if she still wants homeowners insurance, she'll have to start the process from the beginning. For a third time.

[Tama]

Wow, Betty is being responsible. How long will this last?

She must know she's in deep shit and is in saving-this-mess mode. Probably will change back after she relaxes or things cool off..

[Ghel]

Tama, please tell me that was sarcasm.

I don't consider either of those latest things to be responsible. Yes, paying down the principal is good, but we'd rather have had her pay down the restaurant loan instead of the home loan. But leaving a check in the middle of my desk, in the lobby, where anyone could have found it, without even having her name on it or the envelope, made out to the bank... not responsible.

Also, paying the insurance premium at least two weeks after it was due (and expecting the insurance company to accept it) is not responsible.

[Shyla]

How strange. I guess this is the inheritance? And then to just leave it on your desk with no instructions. Odd behavior, even from this woman.