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U.S. Bank unauthorized customer account fine overview:
- Who: U.S. Bank has agreed to pay a $37.5 million fine to resolve allegations made against it by the Consumer Financial Protection Bureau (CFPB).
- Why: The CFPB alleges U.S. Bank pressured its employees into applying for credit for customers who had not consented to having new accounts opened on their behalf.
- Where: U.S. Bank services consumers nationwide.
U.S. Bank has agreed to pay a $37.5 million fine to resolve the Consumer Financial Protection Bureau’s (CFPB) claims the bank’s employees opened unauthorized customer accounts as a way to bolster sales.
The CFPB, which announced the fine earlier today in a consent order, argues U.S. Bank pressured its employees into applying for credit for customers who had not consented to having a new account opened on their behalf.
U.S. Bank employees would also sometimes access a customers’ credit report without having permission to do so while in the process of opening an unauthorized deposit, credit card or other account, according to the agency.
The CFPB further alleged U.S. Bank employees would sometimes fail to prepare certain account-related disclosures needed to open the ultimately unauthorized accounts.
U.S. Bank fine also includes plan to repay customer fees on unauthorized accounts
In addition to agreeing to the civil penalty, U.S. Bank will also be required to come up with a plan to refund customers who incurred fees on unauthorized accounts made on their behalf, according to the U.S. Bank fine announcement.
“For over a decade, U.S. Bank knew its employees were taking advantage of its customers by misappropriating consumer data to create fictitious accounts,” CFPB Director Rohit Chopra said in a statement. “We all must do more to hold lawbreaking companies accountable when they abuse and misuse our sensitive personal data.”
U.S. Bank does not admit any wrongdoing in agreeing to the settlement, according to the consent order.
Earlier this month, U.S. Bank agreed to pay $450,000 to put an end to claims it violated the Fair Credit Reporting Act by allegedly obtaining customer credit without purpose or with their permission.
Are you a U.S. Bank customer who has had a new credit card, deposit or other account opened without your knowledge or consent? Let us know in the comments.
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220 thoughts onU.S. Bank issued fine of $37.5M over unauthorized accounts
Add me manager performed a hard credit check without my consent she informed me when I opened the account that it would be just a soft credit check they were trying to force a credit card on me that I did not request..
Please add me to this class action lawsuit against US Bank. I am a current customer.
How do we get added to this lawsuit with US Bank? they just randomly took money from my mother account.
Add me to class action please. US Bank is high pressuring CD sales then not allowing the CD to reach maturity date by force closing the account and profiting off of early account closure penalties. They are also fraudulently charging fees to closed checking accounts that the customer has no way of paying so they can breach the CD account for the fee and then force close which is a blatant breach of contract.
Got sent a us bank card didn’t order it.called card services doesn’t give me an option to cancel.not only that talked to lady she said I had 7500 and then called me ms debra. send me one to please.something isn’t right.
I’ve have a current us bank account .. can you please send me info to be put in class action lawsuit