newjerseynewsroom.com

BY BOB HOLT

NEWJERSEYNEWSROOM.COM

Those ATM service charges can be brutal.

A receipt was left behind by a customer after he finished a transaction at a Capital One Bank in East Hampton Village on June 18, and it showed Capital One charged their customer a $2.75 service fee for a $400 withdrawal.

The New York Post reports the receipt documented that a little spare change still remained in the man’s savings account. Like $99,864,731.94.

Dealbreaker.com identified the owner of the receipt as hedge-fund manager and Appaloosa Management boss and Livingston resident David Tepper. But Tepper claimed he "hadn't used an ATM since Lehman," and said he"wasn't in the Hamptons in June at all."

But Tepper often frequents the area, and did pay $43.5 million in cash earlier this year for a mansion in Sagaponack of the Hamptons, which he tore down to build a new home.

Insidermonkey.com believes this $100 Million account probably belongs to John Paulson because he also lives in that area. Tepper’s Appaloosa Management doesn’t own any shares of Capital One, while Paulson had invested $935 million in Capital One Finance at the end of the first quarter.

Questions linger about why anyone with that kind of money would be keeping an eight-figure balance in an account that may not even pay 1 percent interest. According to the New York Times, the largest interest rate for a jumbo savings account is 1.14 percent, at Delaware’s Discover Bank. Some brokerage firms allow you to withdraw from your trading account like it was a savings account, making the yield much higher.

New Jersey Newsroom reported that Tepper recently helped to form non-profit organization Better Education for New Jersey Kids. He earned about $8 billion for Appaloosa in 2009.