In tough financial times, there’s an effort to nip rumors about area banks in the bud.
Delta County law enforcement agencies say they’re hearing rumors that some local banks or credit unions may be at risk of closing.
It’s apparently a crime to start rumors like that.
They say there’s a state law dealing with this.
It’s a felony in Michigan to make any kind of derogatory statement about the solvency of a bank or other financial institution.
Anyone convicted of doing this can apparently go to prison for up to 4 years, pay a $5,000 fine or both.
The Gladstone state police post, the Delta County sheriff’s office, and both Escanaba and Gladstone Public Safety are trying to squelch those rumors.
They say if rumors like these go around, they can hurt a lot of people and can actually help make banks more unstable.