Posted on 04/29/2008 6:43:52 PM PDT by RKBA Democrat
Wachovia Bank has settled with the Office of the Comptroller of the Currency over allegations that it allowed telemarketers to take advantage of its elderly customers, agreeing to pay a total of $144 million to end the case.
The bank will settle $125 million in claims, put nearly $9 million into consumer education programs and pay a fine of $10 million, yet maintains that it did no wrongdoing and the penalties will not affect its bottom line.
Wachovia had a relationship with several telemarketers and payment processors who called customers, offering discounts on discounted medical plans and other services who had access to their bank accounts. When a large number of them complained that those services were never received or that they never authorized the purchases the OCC began an investigation.
Through powers allowed in the Gramm-Leach-Bliley legislation, financial institutions are allowed to share customer client information (their data base) with affiliates to market related services to them.
“Easy. You just don’t lead ‘em so much.”
Once upon a time, Wachovia was one of the best run, most conservative large banks in the country. Then, First Union bought them for their good name. The rest is history.
“Because they are unarmed you can take yer time aimin”.
Originally an answer to “How can you shoot unarmed pacifist protestors ?”
There are still some very good community banks out there. But you know what? You can join a decent credit union and never have to worry about this kind of B.S.
Why anyone voluntarily does business with the megabanks is beyond me.
See how they treat the “little guy”.
I have stopped doing any business with these moneychangers.
I was a member of South Carolina National before Wachovia bought it and loved it too.
Wasn’t one of the Clinton’s major contributors scamming the elderly out in CA? Whatever happened to him?
I agree 100%. I don’t know how the big banks stay in business when the credit unions have fewer fees and high-pressure sales tactics. The big banks prey on the financially illiterate.
“I have stopped doing any business with these moneychangers.”
You lie down with dogs, sooner or later you’re going to get fleas.
I have no use for them or their officer employees.
Uriah Heep clones each and every one.
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