Banks & Telemarketers in Cahoots, Class Says | WHAT REALLY HAPPENED


Banks & Telemarketers in Cahoots, Class Says

The class claims that telemarketers and payment processors illegally transfer victims' money through an Automated Clearing House (ACH) debit or a remotely created check (RCC), but banks know to look out for a high rate of suspicious transfers as "red flags" for money laundering.

"RCCs are well known to be used by unscrupulous telemarketers to perpetrate consumer fraud," according to the complaint.

The class claims that by processing fraudulent transactions, the defendants are "clearing millions of dollars in ACH transactions for the benefit of telemarketers."

Webmaster's Commentary: 

It appears banks are abandoning their role as protecting customers' money; another good reason to go back to a cash-and-carry lifestyle.

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