Wachovia Helps Thieves Steal Your Money for a "Fee"

Maybe your money was at a different bank...

Here’s one that’s going to make you feel like going the extra mile for your bank.

Feb 6, 2008 NY Times, Papers Show Wachovia Knew of Thefts.

A pending class action suit and notes from insiders would seem to indicate that Wachovia bank knowingly allowed con artists to steal as much as $400 million from people with bank accounts at Wachovia. Why would they do this? Because if an account holder complained to the bank about being ripped off, the bank would then “fine” (or take a cut of the action from) the thieves. The bank earned millions of dollars from these fines.

So essentially the criminal bank was charging the other criminals a fee to operate within it’s accounts. Tony Soprano would be proud.

This is Enron quality stuff here! So tighten your belt and keep making payments on your house even though it is worth much less than your mortgage and even though you could give it back to Wachovia (or Countrywide or whoever). Keep cutting back so you can send in more money to keep the bank’s profits up. They deserve it, don’t you think? And watch your bank account. Your bank may get sick of the monthly trickle and have Paulie empty it out all at once.