CHARLOTTE, N.C. — Wachovia Bank has settled with the Office of the Comptroller of the Currency over allegations that it allowed telemarketers to take advantage of its elderly customers, agreeing to pay a total of $144 million to end the case.

The bank will settle $125 million in claims, put nearly $9 million into consumer education programs and pay a fine of $10 million, yet maintains that it did no wrongdoing and the penalties will not affect its bottom line.

Wachovia had a relationship with several telemarketers and payment processors who called customers, offering discounts on discounted medical plans and other services who had access to their bank accounts. When a large number of them complained that those services were never received or that they never authorized the purchases the OCC began an investigation.

Through powers allowed in the Gramm-Leach-Bliley legislation, financial institutions are allowed to share customer client information (their data base) with affiliates to market related services to them.