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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
Had another credit card with a lower interest rate pay them in full..2 months later they still had us as a cardholder with the same balance..had to file bankruptcy…need a lawyer!!!
trying to arrest me for forgery when i cashed a check a man gave me from invalid account. add me
I opened a checking account. About a week later I got a call from them asking me if everything was ok with my account, I said “yes” the next day they frozen my account and refuse to allow me access to my money. These are the reasons I will never have trust in banking establishments or any establishment they can at any point compromise my comfort or freedom. It’s my money. Not yours. Mine.
CHASE BANK DID SAME THING TO ME!! NOW 2 YEARS LATER THEY STILL HAVE OVER 4 THOUSAND DOLLARS OF MINE FROZE!!
Opened accounts to provide overdraft protection but than they said they cant link the after they opened it and wanted me to open another account
I used to be a customer at US Bank until someone cleaned out my bank account. If I would have said that my daughter did it, the manager would have been happy. When we viewed the tape with the police, it was clearly a man…either white or very light
Us bank fraudulent, did a balance transfer AUGUST 15 2022. Already have 9000,line please use this the teller insisted on running credit check. No I say. Received letter did I apply for credit card bank security no.i stated. Trans union, cpfb stated fraudulent us bank practices
Us bank received my mortgage settlement at closing into a fictitious account. Continued for 6 months to show me as delinquent, eventually claimed they didn’t have the money ( not true) then took an errors and omissions insurance claim for the amount. (Insurance fraud) still refusing to settle my lawsuit for damages. Ready to fire my attorney today. They stole $107,000.
I had my card scamed twice in one month. The last time I only had my card for two days.
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I had couple of accounts with US bank
I have all documentation logged, communication between cardholder services and myself, even documents showing that the accounts were fraudulent and taken over. Yet they are still sending collections companies at me left and right, still haven’t paid back the money they owed me, they closed out my legit account after my money was stolen and say they cant do anything about it!!