BOK Financial (Bank of Oklahoma) allegedly is among the financial institutions under investigation for the possible creation of fake accounts.

Few people had heard of a fake bank account before Wells Fargo employees were accused of opening millions of fake bank accounts in myriad sales competitions. In addition to paying fines, Wells Fargo paid a $142 million settlement and agreed to follow regulators’ instructions to create more realistic sales goals and to stop encouraging employees to practice deception in order to meet their goals.

The Office of the Comptroller of the Currency investigated major U.S. banks earlier this year to determine if widespread fraud was an issue. Comptroller of the Currency Joseph Otting claims he found approximately 20,000 bank accounts with compliance irregularities among the millions of accounts he analyzed, according to The Hill. He reported to congress that fewer than 10,000 were unauthorized accounts.

Otting refused to identify the banks that received nearly 250 notices regarding compliance problems that needed amending.

“We’re asking banks to improve their policies, procedures and control around their account openings,” Otting reportedly testified to the House Financial Services Committee.

Investigating BOK Financial

Even though the Office of the Comptroller of the Currency did not name the banks that were reprimanded in its investigation, attorneys are investigating practices at BOK Financial and several other banks where fake bank account practices may be in play.

Consumers might not even know a fake bank account has been opened in their name or that they have been signed up for extra services without granting permission.

In the Wells Fargo case, employees would transfer money out of a valid, existing customer account to open a new, unauthorized fake bank account. The unsuspecting customer might have incurred overdraft fees because the valid account would have had less money than the customer counted on.

Depending upon the sales competition at the time, some Wells Fargo employees allegedly would upgrade a customer’s bank account to a level that required a higher daily maintained balance or fees would be imposed.

At least one customer said she was charged $29.95 when her bank account balance fell below $5,000. She said she never authorized Wells Fargo to upgrade her bank account. In some Wells Fargo fake bank account creations, the employees allegedly created email addresses and PINs to ensure the fake accounts were kept hidden from customers.

In some instances, a bank employee might have opened a credit card in your name without your authorization. You could be accumulating annual fees or interest charges and not be aware of it.

If you check your credit report, you can determine if someone tried to open a credit card account or a fake bank account in your name. If you still are not sure if there is a fake bank account with your name on it somewhere, you can make an appointment at your bank to review all of your accounts.

If you’re a customer at BOK Financial or one of the other banks under investigation and believe you have been a victim of unauthorized banking activity, you could qualify to participate in this investigation.