My organization Dream-Maker Ministries has our nonprofit account locally in Orlando, Florida with Wachovia and has never had any problems with them. Since the global economic fiasco began in October 2008, I have been waiting and wondering if Wells Fargo or some other banking entity would buy out Wachovia and erect a new sign.
I was amazed to find out recently that Wachovia Bank (WB) is being forced to compensate its customers for allegedly committing fraud. The Office of the Comptroller of the Currency (OCC) claims that WB has been indirectly profiting at the expense of their customers.
Settlement Reached
The settlement reached between the OCC and the bank requires Wachovia to distribute a maximum of $125 million to customers who were financially harmed by the fraud they were committing.
Wachovia is also required to donate $8.9 million to consumer education programs that focus on the elderly.
Bank Commits Fraud
After an investigation, the OCC found that Wachovia was engaging in unsound practices during the course of its relationships with payment processors and telemarketers.
As a result of their deception, thousands of customers, particularly those who were elderly, were paying fees and being unethically charged.
Reports claim that even when Wachovia employees found out about the practices, they did nothing to correct the problem.
I guess the closer Wachovia drew near to bankruptcy, desperate times called for desperate measures. It seems they don’t take your age and demographic info down for nothing at banks when you walk through the door. It looks like the higher ups at corporate in Wachovia thought they could pass the radar screen by zeroing in on the elderly. Not this time you crooked devils!
(Source: RTT News and a consumer fraud lawyer)
