Banking Labor Law References

CNet.com reports that customers of HSBC, Bank of America and Washington Mutual are top targets of identity theft in the banking industry, this was revealed by an investigative study of Chris Hoofnagle, a UC Berkeley Law School researcher.

There were 245,000 identity theft incidents in 2006 according to reports by the Federal Commission. However, names of firms and companies involved were not disclosed. Not until Hoofnagle named them after carefully studying facts and figures.

This news came as a surprise to me since I once heard Capital One and American Express reported a lot of identity theft incidents last year where billions of dollars were involved. On a different note, I hope Hoofnagle’s study raises public’s awareness of the rampant identity thefts happening today. Safeguarding our bank accounts is the prime responsibility of banks but let us do our share in keeping our money safe through responsible banking.

For the link to the article, click here.

The Bank of America has launched a web site that is expected to be of great help to customers. It provides self-explanatory information about common banking processes. It seeks to better educate bank clients about responsible financial management.

This project of BofA is admirable. Bank clients, like me, need further information about the various bank transactions and their corresponding guidelines. It is where we can get a better idea of how our banking needs are dealt with by the bank.

The online banking tutorial will surely benefit bank clients out there who have limited knowledge about the fees and processes involve in bank transactions.

To access the BofA Online Banking Tutorial, click here.