San Mateo County residents who are under water today have an additional problem to content with because banks aren’t being forthcoming with us. Are you wondering why you can’t get your loan modified? Are you wondering why every time you call they can’t find your file? What about the voices of the people you’re talking with, do they have strong accents making it hard for you to sometimes understand them? There’s a reason this is happening and it’s not to help you, but to help the bottom line of your lender. These people you’re trying to talk with don’t live and work in the US, they live and work off shore, mainly in India, but also in some other countries, too. The worst offender doing this is Bank of America but they’re not alone as most of the major banks are doing the same thing. They are doing this to save money but according to year end reports, almost all banks made record profits last year and off-shoring added to their profit line.
The only bank NOT doing this is Wells Fargo, who incidentally only uses US citizens and doesn’t consider off-shoring as an option. Thank you Wells Fargo.
Right now the bankers are sitting and testifying in Washington about their obscene bonuses and this should become a part of that discussion. These banks aren’t out to help you, they’re out to help their bottom line. If you don’t like this, call Jackie Speier’s office if you live in her district, or your own Congressional Representative where you live. Then call your US Senators and complain loud and clear that this must stop.
I believe the only way to stop it is to write a law prohibiting off-shoring for all banks. No matter what you are told about privacy laws, they don’t matter outside the continental United States boarders. You are, as they say, up a creek without a paddle should your information – think social security numbers – get lifted. Our laws only count within the continental US border and not in another country. This won’t stop unless we make it known. Will you help me with this?