Banks Bears No Legal Responsibility in Money Crime

imagesTo the Honourable Mr. S. Blaney, Minister of Public Safety:

There is a procedural “gap” in economic counterfeit crime that needs your authority to rectify.  So long as the lone victim continues to be the citizen, the organizations involved will not do everything it takes to further prevent this kind of crime.

Currently, the bank passes on the monetary loss solely onto the citizen.  The organization that provides transfer and pick services also does not assume any loss.  There is, therefore, no incentive for these organizations to step up in every way to prevent future crimes from occurring.  How can it be possible that the direct handlers of a vital piece of evidence in a crime not be required to assume any responsibility?

There is no process in place for banks to “catch” such a serious incident, even though a crime has taken place!  Even the bank-to-bank process “drops” the necessary step to notify each other about the crime in question, and will not contact the local authorities because they are not required to by law!  Can this be possible, Mr. Minister of Public Safety, that the financial institutions that are parties to a money crime be excused contacting law enforcement?

Contrast this to an everyday occurrence in which the bank’s client misses the due date to pay their credit card payment.  The bank contacts the customer immediately!  Crime has note been committed and the only party that stands to lose pennies (or I should say dimes) is the bank.

I propose that if the bank and other relevant organizations are required to share the loss with citizens  in money fraud theft, the incidents will surely decrease.  The citizen is powerless to stop bank related frauds beyond checking the look and feel of the check or money order, but we are not experts in money processing procedures.

Mr. Blaney, I implore you and your staff to do everything within your authoritative means and power to be the impetus of necessary change in this matter.  The profits that banking institutions continue to make at the expense of their clients must not always be relegated to the citizens’ wallet.  Please stand up for the individual citizen and help us help them decrease and manage economical fraud once and for all.

Thank you, sir, for your time.  If there is anything I can do to clarify or contribute, I am willing within my abilities.  I look forward to your reply.

cc:  Hon. Scott Brison, MP & Hon. Leo Glavine, MLA

Read my blog and watch CBC’s Go Public report by author Kathy Tomlinson on this matter.

One thought on “Banks Bears No Legal Responsibility in Money Crime

  1. Pingback: Bank’s Negligence Continues to Be a Problem | Beez Giftz

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