Let me see if I understand. If someone gets in debt, and can’t pay the bank, the bank unilaterally performs an execution on the account.
On the other hand, if the banks gamble away depositors’ money, are on the verge on insolvency and throw the world into global recession, they go to their puupets in DC, and Beranke gives them trillions of taxpayer money at 0 %, until the banks’ profits triple.
There is a simple way to protect from this happening. Make sure that you do not have a checking or savings account with a bank that you have a loan with. I would not even have a credit card with a bank that I have a checking or savings account with.
Jay Lawrence, Atlanta spokesman for Wachovia, which became a Wells Fargo company in 2008, said the bank uses the right of setoff as a last resort. Lawrence didn’t want to comment about the Hughes’ case except to say the bank’s records don’t support some of the Hugheses’ accounts.“We don’t do this without lots of attempts to communicate with our customers and try to work things out,” Lawrence said. “When this happens, we don’t like to do this. We want our customers to succeed.”
$100k in student loans, she's out of school with a degree in marketing... and the family income is from her husband. I bet I know exactly who this couple voted for... the Candidate that will make student loan repayment "go away".
Deadbeats. Guaranteed, some scumbag politician will run with this story and push for a law that further protects deadbeats. And, as always, normal, responsible people will pay the freight.
This explains why banks offer 1/4% lower interest rate on loans when you sign for automatic payment deduction from an account at that same bank.
This was the same people who admittedly laundered money for drug dealers. They got off with an apology.