The Office of the Comptroller of the Currency (OCC) has settled charges with Wachovia Bank, directing the bank to issue checks to consumers that may have been harmed by payment processors for telemarketers that had account relationships with the bank.
As a result of this action, the bank will issue checks totaling over $150 million to more than 740,000 consumers.
The payment processors and telemarketers involved were Payment Processing Center LLC; FTN Promotions Inc. dba Suntasia Inc.; Netchex Corp. and Your Money Access LLC and related companies, according to the OCC.
The practices cited by the OCC in the settlement involved the use of remotely created checks, or RCCs, by payment processors for telemarketers that maintained account relationships with the bank, charged the OCC.
[An RCC is a check that is not created by the accountholder and does not bear the accountholder
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