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WHOSE SIDE ARE THE BANKS ON IN FRAUD CASES? You might think that in cases of bank fraud, the major banks side with their customers, but bestselling author Naomi Wolf learned that that’s not necessarily the case. She starting noticing irregularities with her Washington Mutual account back in 2005, but it took months for her bank to acknowledge the fraud. By the time it did, the bank ruled that it was too late to refund her stolen money. That’s when Wolf started looking into banks’ practices, and she found that cases of banks dragging their feet to rectify fraud situations are not rare — in fact, they’re habitual.

The longer it takes to close the corrupted account, the more difficult it is for the customer to have accountability with the bank’s fraud department — the more revenue for the bank. The bank freezes your ability to address the problem — but continues to charge you fees for the corrupted account. `Because of the fees that get drained out of an account, banks actually profit from bank fraud.


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