New Report: Big Banks Require Tellers to Use Predatory Practices- Big Banks Have Internal Systems of Penalties & Rewards that Ask Employees to Push Subprime Loans and Credit Cards on Customers Who Don't Need Them. Again!.
Again! The last time was 2008 & look
what happened then…
New Report: Big Banks Require Tellers to Use Predatory Practices
By Katie Rose Quandt, Moyers & Company | Report
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Front-line workers at our nation’s big banks — tellers, loan interviewers and customer service representatives — are required by their employers to exploit customers, according to a revealing report out today from the Center for Popular Democracy (CPD). Big banks have internal systems of penalties and rewards that entice employees to push subprime loans and credit cards on customers who would be better
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off without them.
To see more stories like this, visit Moyers & Company at Truthout.
CPD’s report outlines several illegal predatory practices big banks have been caught employing, usually via their front-line workers:
MORE HERE-big-banks-require-tellers-to-use-predatory-=
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Blatantly discriminatory lending:
In 2011 and 2012, Bank of America and Wells Fargo paid out settlements for charging higher rates and fees to tens of thousands of African American and Hispanic borrowers than to similarly qualified white customers. Minority customers were also more likely to be steered into (more expensive, riskier) subprime mortgages.
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Manipulating payment processing to maximize overdraft charges:
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