Wachovia to Pay to Settle Marketing Allegations

By: AP
By: AP

WASHINGTON (AP) - Wachovia is paying up.
The Charlotte, North Carolina-based bank has agreed to pay up to
144 million dollars to settle federal allegations.
At issue are charges that it failed to block telemarketers who
took advantage of thousands of elderly bank customers.
The federal Office of the Comptroller of the Currency says
Wachovia had improper relationships with four telemarketers and
payment processors who maintained their accounts at the bank. The
marketers obtained customers' bank account information while
selling vouchers for discount travel and groceries and other
products.
The Wachovia case caps an 18-month investigation by bank
regulators. It involved the use of "remotely created checks,"
which do not require a customer's signature.
The bank has not admitted any wrongdoing.


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