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http://www.lasvegastribune.com/2002/02/06/mainpage/Main/FP02020604.htm

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B of A Can Now Give Your Bank Account Away

By Claudia Sinclair - Special to the Las Vegas Tribune

2/6/02
Irwin Schiff's recent Clark County lawsuit against the Bank of America has
caused that Bank to change its "Depositor's Agreement." It now reads that if
that Bank mistakenly gives your money to someone else, you won't hold the
Bank liable. No, we are not making this up. You will find this new provision
on page 2, paragraph 5 of its new "Depositor's Agreement." "Unlike most other
banks," said Schiff, "the Bank of America's 'Depositor's Agreement' allows it
to turn over your money to "another person or entity (who) makes a claim
against the funds in your account." even without a court order.

Most people are unaware of these agreements, including myself, when I opened
several accounts in that bank a while ago. The Bank subsequently turned over
$8,000 of my money to the IRS, even though they were under no legal
obligation to do so. So I sued the Bank for breach of contract and am now
seeking $83,000 in damages.

Despite this provision in its Agreement, I was still able to claim an abuse
of desecration and breach of contract. The Bank had no legal obligation to
honor a Notice of Levy sent to it by IRS Revenue Officer James F. Gritis. A
month after I filled my lawsuit," said Schiff, "the bank substantially
rewrote its agreement which now includes an outrageous provision that
depositors won't hold the Bank liable even if it wrongfully turns over their
money to someone else. How many people with money in that Bank know that they
have agreed to such a ridiculous proposition? And the Bank even added a
provision that by leaving your money in that bank you have agreed to these
new provisions even if you are unaware of them."

Trying to insulate itself against a rash of law suits which would result from
Schiff's successful lawsuit against the Bank, the Bank's new agreement also
contains provisions that if you do sue the bank, you waive your right to a
jury trial and also agree now to join any class action or other lawsuit
against the bank. Schiff claimed that he doesn't believe that these new
provisions will hold up, and anyone who has had funds turned over to the IRS
by that Bank in the last two years could join his lawsuit against the bank.

"In addition," said Schiff, who has written numerous books exposing the
federal government's illegal enforcement of the income tax, "anybody can sue
any third party who has turned over your funds to the IRS within the last two
years, on the same basis as I have sued the bank of America." For more
information on how to sue banks and other third parties who have turned over
your money to the IRS, call Schiff, who maintains offices at 444 E. Sahara,
at 385-6920.




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