The Bankster Business Model 0
Systematic, computerized three-card monte.
If there’s a similar but more flattering sobriquet for folks who’ve made the bank-friendly mistake of overcharging their debit cards, it’s just been changed – to “plaintiffs.”
Last week, a federal judge in Miami approved a $410 million settlement in a class-action lawsuit involving more than 13 million Bank of America customers. It’s a sordid tale that, upon closer examination, looks even more sordid.
The settlement centers on claims that the banking giant – in the news lately for launching then dropping plans to charge customers $5 a month to use debit cards – tinkered with the way it processed debit card transactions in order to maximize the penalties.</blockquote>
If an appliance dealer pulled something like this, selling customers one washing machine and delivering another over and over and over again, the resulting proceedings would not be in civil court.
