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TD Bank Issues Counterfeit Money Without A Refund

Via: Huffington Post

Imagine withdrawing money from a bank and then finding out that the money is counterfeit and cannot be refunded.

That recently happened to William Hagman, 68, of Morris Plains, New Jersey, the New Jersey Star-Ledger reports.

This article has been updated with a comment from Hagman to The Huffington Post.

Hagman withdrew $2,500 from his savings account at TD Bank in February, according to the Star-Ledger. Then he went to Bank of America to deposit the money, only to find out from the teller that one of the $100 bills was counterfeit.

He reported it to the Secret Service and went back to TD Bank to get a refund, but the supervisor said that was against the bank’s policy, since he already had left the bank with the cash.

“I asked why a bank customer, me in this case, should have to serve as this bank’s ‘quality control officer,'” (yup, Mr. Hagman is from Jersey!).

Hagman told The Huffington Post that he now tells friends that withdraw large amounts of money to tell the bank to “scan every single bill because you don’t want counterfeit money in your hand.”

Hagman has withdrawn all $16,000 from his savings account at TD Bank, since “they treated me horribly,” he said.

“I’m very angry because the second bank, within 5 mintues, they used an automated counter and they picked up the bill immediately,” he said. “TD Bank, you mean you don’t have the same technology?”

http://www.huffingtonpost.com/2012/06/04/td-bank-counterfeit-bills_n_1567745.html

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personal thought:

Many states have ‘lemon laws’ to protect automobile buyers; hell, maybe it needs to be extended to banking.

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June 6, 2012 Posted by | Uncategorized | , , , , , , , , | Leave a comment

Former Countrywide Whistleblower: Mortgage Fraud ‘Systemic’

Via: Huffington Post

With mortgage lenders now facing allegations of misconduct on several fronts, a former top ranking employee at a major home lender has come forward saying fraud at her firm wasn’t the exception, but the norm.

Eileen Foster, a former executive vice president in charge of fraud investigations at mortgage lender Countrywide Financial, told CBS 60 Minutes reporter Steve Kroft that mortgage fraud was a common occurrence at the firm. Foster goes on to say that she faced illegal retaliation for filing reports investigating the fraud, alleging Countrywide fired her when she refused to lie to federal regulators on Countrywide’s behalf.

“From what I saw, the types of things I saw, it was, it appeared systemic,” Foster said on 60 Minutes Sunday. “It wasn’t just one individual or two or three individuals, it was branches of individuals, it was regions of individuals.”

Countrywide Financial, acquired by Bank of America in 2008, was a central figure in the housing collapse and subsequent foreclosure crisis. Once America’s largest mortgage lender, the company has agreed to a litany of settlements since 2008, including a $600 million class-action settlement, an $108 million settlement with the Federal Trade Commission and the ousting of former CEO Angelo Mozilo, who paid $67.5 million in penalties to the Securities and Exchange Commission, the Wall Street Journal reports.

Still, NO top level finance executives have faced federal prosecution for actions related to the financial crisis, despite several reports, like Foster’s, that allege fraud was a common practice.

At the same time, as Federal prosecution of financial fraud falls to a 20-YEAR low, OVER TWO THOUSAND PEOPLE have been arrested in connection with the Occupy Wall Street protests.

Some are taking a stand against alleged abuses, with Massachusetts AG Martha Coakley last week annoucing a lawsuit against five major mortgage lenders, including Bank of America, the parent company of Countrywide Financial. According to the lawsuit, banks exacerbated the forecloser crisis by taking illegal shortcuts, while doing little to help homeowners in the process.

http://www.huffingtonpost.com/2011/12/05/countrywide-whistleblower-mortgage-fraud-systemic_n_1129637.html?ref=business

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December 6, 2011 Posted by | 2012, GOP morons, Occupy Wall Street | , , , , , , , , , , , , , , | Leave a comment