Identity theft has gotten really ugly because of the indifferent attitude of banks and credit card companies. About 10 million people were victims of ID theft last year, but the banks seem to think it’s a small percentage. Some people at the Federal Reserve and in the banking industry know better and want to help protect customers. But others in the business – particularly in the marketing end – want your business and are willing to do anything to get it. So, they send out millions of pre-approval notices every year with our information posted all over it. Thieves are then able to rifle through your mail, set up an account and steal your identity. Clark thinks companies should not be able to send these pre-approvals until the industry comes up with improved safeguards for protecting our identity. The sloppiness is inexcusable. Banks should also be held responsible if they extend credit to the wrong person without doing sufficient checks.

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In other news, Wachovia is canceling ATM cards and replacing them with Visa check cards. The bank is sending letters about the switch, but if you don’t open your mail you won’t know. In tiny print on these notices, Wachovia tells you that the “zero liability” policy it extends to personal accounts does not apply to business accounts. So if you have an ATM card and you don't want it switched call Wachovia and tell them so.