Penelope Elcott (Natalie Wood) is the wife of wealthy banker James Elcott (Ian Bannen). Penelope decides to disguise herself as an old woman and rob her husband's bank. While the police, including Lieutenant Horatio Bixbee (Peter Falk), rush to get to the bank, Penelope escapes in a red wig and yellow suit. She donates some of the stolen money to a Salvation Army worker and donates the suit to a second-hand thrift shop. Con artists Sabada (Lila Kedrova) and Ducky (Lou Jacobi) immediately recognize the suit as an original designer outfit from Paris, and purchase it for a mere $7.