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May 22, 2007 -- Wachovia involved in drafting scandal

Did you know that Wachovia – the nation’s fourth largest bank – has been party to an ongoing bank scandal? News reports claim that Wachovia has been aiding and abetting a criminal enterprise that has been drafting the accounts of elderly customers without their knowledge. Wachovia gets a fee every time it places an "intermediary draft" on an account, and apparently it’s a very profitable business. The U.S. Attorney of Pennsylvania says Wachovia was so egregious in its involvement that the attorney’s office has filed suit against the bank. People disputed the drafts 60 percent of the time, signaling that the illegal activity was noticeable and clear. You would think that would be a red flag for the bank. At first, Wachovia said it had no involvement. But now the company says it will review its policies and make any necessary changes. Clark would like to talk with Wachovia on the air and invites them to contact the program if they’d like. Your responsibility here is to check your statements. If you see something out of place, dispute it immediately! You only have 60 days to get your money back.

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What others are saying

  • drafting scandal
    I found 3 unauthorized drafts for $15.00 from my bank account that said "HUMAN RIGHTS CAMP DONATION". I made no such donation. These theifs are trying to disquise themselves but I know what they are. I would never give to such an organization as this. BEWARE. Report such activity to your bank and cancel your card immediately.
  • watchovia bank scandle
    Think the bank should be required to reinburse the losses andthen be closed.
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