Patrick McKenzie (patio11) explains the standard procedure for large withdrawals in bank branches, with particular focus on the viral story published in The Cut about a woman who withdrew $50,000 cash from a bank and handed it to scammers. Certain minor details in the article set off a year-long investigation where he identified the exact physical location of the bank branch in question, researched the context for the transaction using public records, and obtained new details through FOIA requests. His investigation reveals an underlying narrative that accounts for what actually happened , and provides a worked example for fact-checking in journalism. – Full transcript available here: www.complexsystemspodcast.com/two-americas-one-50k-withdrawal/ – Sponsors: Safebase Ready to save time and close deals faster? Inbound security reviews shouldn’t slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast – Recommended in this episode: Two Americas, one bank, and $50,000 cash https://www.bitsaboutmoney.com/archive/two-americas-one-bank-branch/ The Cut, The Day I Put $50,000 in a Shoe Box and Handed It to a Stranger https://www.thecut.com/article/amazon-scam-call-ftc-arrest-warrants.html Kelsey Piper on Complex Systems https://open.spotify.com/episode/33rHTZVowaq76tCTaKJfRB Jim McKenzie on Complex Systems https://open.spotify.com/episode/6ocJirzGTStuf0K9ITM21X – Timestamps: (00:55) Suppose you ask a bank to withdraw $50,000 in cash (07:55) Style magazines sometimes publish hard-hitting journalism (12:36) Reaching out to Vox Media (17:09) Sources of doubt (17:55) Sponsor: Safebase (22:30) The physical reality of bank branches (25:53) In which we became acquainted with brisk walks across Brooklyn (34:42) New York’s Finest foil FOIL for a time
