May 22, 2007 -- Wachovia involved in drafting scandal
Did you know that Wachovia the nations 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 its a very profitable business. The U.S. Attorney of Pennsylvania says Wachovia was so egregious in its involvement that the attorneys 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 theyd 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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