Arnold Police are investigating three cases of fraud that occurred at Arsenal Credit Union in Arnold where customers reportedly used a banking app to deposit money into an account and then quickly withdrew or spent the funds, causing the accounts to be overdrawn. Two of the incidents occurred in May but were reported on Nov. 23, about a week after another woman allegedly deposited a stolen check and withdrew and stole more than $5,000 at the same credit union, 3780 Vogel Road, police reported.
Lt. Jeremy Christopher said the three apparent fraud cases are not connected, but he said there seems to be a growing trend of customers setting up accounts, depositing money into them through the bank’s app and then quickly withdrawing or spending the funds, which are not really available.
“This is something I have seen quite frequently over the last month or two,” he said. “I don’t know where this is coming from or where they seem to be figuring this out from. It seems like an easy way to use some quick money but also an easy way to get caught.”
On May 1, a 43-year-old Arnold woman deposited five checks for a total of $1,746.86 in a weeks’ time. She then allegedly withdrew money or spent funds from the account right away with a debit card, causing the account to be overdrawn, according to the report.
On May 21, a 24-year-old Illinois woman allegedly deposited a $397 check and immediately began withdrawing money from the account, causing it to be overdrawn, the report said.
As of Nov. 30, neither of the women had been located, and a woman suspected of stealing $5,275 through the same kind of scheme on Nov. 14 also has not been located, Christopher said. He asks anyone with information about the incidents to call Arnold Police at 636-296-3204.