Attorneys are investigating whether bank employees may have been pressured to open fake TD Bank accounts in order to meet unrealistic sales goals. If you are a branch employee who has been pressured to open fake bank accounts or participate in other unauthorized financial practices, you may be able to provide valuable information to investigators.

Unlawful and Deceptive Banking Practices

The Wells Fargo fake bank account scandal of 2016 and 2017 prompted federal regulators to look into practices at a variety of banking institutions.

After it was discovered that Wells Fargo branch employees were pressured into meeting unrealistic sales goals, resulting in the opening of millions of fake accounts, the Office of the Comptroller of the Currency (OCC) launched an investigation into dozens of other large and midsize financial institutions.

The OCC presented limited results of its investigation last June. A spokesperson for the agency told American Banker that the investigation uncovered a number of cases in which bank accounts had been opened without proof of customer consent. In other cases, investigators noted a lack of adequate risk controls and what were reportedly isolated instances of employee misconduct.

The OCC further noted that it did not find evidence that the opening of unauthorized accounts was a systemic problem, however.

While the OCC has not named any of the banks involved in their investigation, consumer rights attorneys are investigating whether similar unauthorized banking practices occurred at other financial institutions, including:

• Bank of America
• BOK Financial
• Capital One
• HSBC
• Royal Bank of Canada
• TD Bank

The Wells Fargo scandal resulted in hundreds of millions of dollars in fines against the bank, as well as a commitment to revise the company’s sales-driven culture. Following the investigation into Wells Fargo’s fake accounts, employees at other banks have come forward with similar narratives regarding intense pressure to meet sales goals at any cost. Attorneys are investigating the possibility of fake TD Bank accounts, as well as fake accounts at many other banks.

Examples of Unauthorized Banking Practices

Working in a high pressure sales environment may result in employees feeling as though they have to commit fraudulent and unethical actions in order to meet sales quotas. Examples of unauthorized banking practices may include:

• Opening unneeded accounts for customers without their knowledge or consent
• Opening credit cards for customers without their knowledge or consent
• Forging customer signatures
• Asking family members of employees to open ghost accounts
• Opening duplicate accounts for customers
• Unnecessarily upgrading existing customer accounts to accounts with higher fees

Have You Opened Fake TD Bank Accounts?

If you have witnessed the opening of fake TD Bank accounts, or fake accounts at other banks, you may be able to provide investigators and attorneys with valuable knowledge. Legal help is available for bank employees who have have faced pressure by their branch managers to engage in deceptive or unauthorized banking practices, legal help may be available to you.