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May 25, 2006 -- Banks charging you unknowingly

You’ve probably seen charges on your checking account for items you never ordered and certainly don’t want. It’s happening because of a little-known piece of legislation that Congress passed eight years ago. It allows banks to “go into business with” any company and sell your financial information, and it’s made a lot of people rich at your expense. Sometimes these are legitimate organizations, but most of the time these are crooks. Banks are putting charges through every month for these “services,” and people don’t notice. The sad part is that, in the banking world, any money taken from you is gone after 60 days. In other words, if your bank is doing a deal with a sleazy company and your account is charged month after month, you can’t get any of it back after two months. One of these groups has 2,218 unresolved complaints with the Better Business Bureau. Another customer service organization, Ripoff Report, has close to 5,000 complaints against a company known as WLI Reservation Rewards. That’s a lot of complaints. You need to read through your credit card and bank statements every month. When is the last time you did that? You may be losing tons of money each year without your knowledge.

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