Alarms Are Going Off At The BanksAmy Barrett
Don't be surprised if bank officers cast a gimlet eye at their customers this fall. Just as banks are making serious inroads into a new business--mutual funds--government regulators are preparing to send undercover shoppers into bank lobbies. The mystery shoppers, under contract to the Federal Deposit Insurance Corp., will fan out across the country to unearth any unsavory marketing practices banks may be using to lure customers into investing in uninsured products.
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