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View Diary: Wachovia under fire: Telemarketing fraud (120 comments)

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  •  Yes - ironically my father wrote the credit (15+ / 0-)

    card bill that says that if your card account is stolen you are only liable for $50 - guess what?  The credit card companies were the only ones motivated to pursue the case because they lost about $100,000 to $200,000.  The bank on the other hand, because the banking laws have been so bastardized to favor the institution rather than the individual, was much happier to take their commissions and make us go away.  They don't even have investigative units for this sort of crime.  The credit card companies do have large investigative units to get their money back.

    That is why when that $50 rule comes under scrutiny, I am always very aggressive about telling this story.  We lost nothing on the credit card fraud and they pursued the case, but the way the banking laws are written we lost it all and no one could pursue the case.  It was a good example of how bad these pro-corporate laws really can be.  We are okay, but I have always worried about the people who really did only ever have ten to fifteen thousand dollars in the bank and just were wiped out.  That is wrong.  Keep your money under your mattress is a reasonable mantra in that light...

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