Thread: Bank of America and FDIC

There may be a strong chance that the actions of all these banks are in violation of the FDIC regulations requiring social security numbers to insure the accounts. They are lying that the accounts are insured. Possible class action, too!

snowinpalm
Attorney

Welcome to Alipac snowinpalm.

The only thing I know of that might save them is something in the Patriot Act that effects the SS#, which may be the loophole they are using.

Also, they are violating Immigration Law by aiding.

Dixie

I second the Welcome!

Thanks for the head's up on the FDIC/SS# situation.

...Hope you'll stick around and provide more input in the future as well.

snowinpalm, check into this and let us know. I once worked in a major credit union in the Pacific Northwest, and this was when SS#'s were only used in the initial process, and only because of deposit earnings, which all banks and credit unions were supposed to report.

The SS#'s were never used for ID purposes when I worked there as they are now, we checked signature cards and had a "code" for those people calling about their account on the phone.

Of course we all know now, that when the SS# is used for ID purposes, as it is being used now, there has been a huge increase in fraud against consumers now, as so many can get hold of your SS#. You signature and and special password to secure your account worked much better.

Originally Posted by snowinpalm

There may be a strong chance that the actions of all these banks are in violation of the FDIC regulations requiring social security numbers to insure the accounts. They are lying that the accounts are insured. Possible class action, too!

snowinpalm
Attorney

Welcome SnowinPalm,

Please contact me by email when you have the time.

William Gheen

If BOA and the other banks wants the hispanic customers, they should open branches in latin america countries not accept taxpayer identification numbers. the government says that this numbers should not be used for identification purposes. Why should the american customers suffer so the BOA can make a profit? The SEC needs to look into what the banks are doing. This is illegal and like corporations doing something illegal it needs to be looked at.

Welcome Snowinpalm

Welcome. Stick around. We will always have questions for you!

Originally Posted by snowinpalm

There may be a strong chance that the actions of all these banks are in violation of the FDIC regulations requiring social security numbers to insure the accounts. They are lying that the accounts are insured. Possible class action, too!

snowinpalm
Attorney

Welcome snowinpalm! I hope you're right. I brought that up when I called B of A. Their response to me was "we already have the money to cover it so there's no risk". But this was only in response to the "secured" credit cards. What happens when they offer them unsecured credit as they plan to.