Banks like RBC Bank are getting a closer look from consumer advocates after a federal investigation revealed evidence of fake accounts opened at dozens of banks.

If a fake bank account was opened in your name, or if your bank enrolled you in series without your authorization, you may have a legal claim.

Lawyers are investigating the possibility that banks have been engaging in the practice of opening accounts without consumers consent to meet goals, or applying fees unfairly to maximize profits. Consumers have also reported that they were charged interest unfairly, or were subject to credit report changes that they did not cause.

False Bank Accounts In The News

In 2016 and 2017, it was discovered that Wells Fargo had been opening millions of fake accounts on behalf of its customers. Reportedly, employees engaged in this practice to meet sales targets, and to receive sales bonuses, which were given out in part based on the number of accounts that an employee opened.

As a result, Wells Fargo came to a $142 million settlement to resolve the issue with consumer who made claims that the bank had opened fake accounts. In addition to the settlement, Wells Fargo was required to pay fines to compensate for their actions.

In light of this issue, Wells Fargo was then required to reduce sales goals to make them more realistically achievable, so that employees would not resort to illegal means to meet goals.

Additionally, the Office of the Comptroller of Currency, the U.S. Financial Protection Bureau and Los Angeles legal officials fined the bank $185 million in September 2016 over the company’s alleged wrongdoings. The Federal Reserve required Wells Fargo to change their board, and decided to restrict the bank’s growth.

RBC Bank, Others Under Investigation

Now, lawyers are investigating the possibility that other banks may have engaged in the practice of opening accounts under consumers’ names without their consent. Federal regulations have determined that Wells Fargo may not be the only bank engaging in this practice.

Reportedly, as many as 10,000 customers accounts were opened without customer authorization over the course of three months. This information was based on a review of around 40 banks, and unauthorized account types reviewed included new mortgages, auto loans, credit cards, checking, savings, and money market accounts, as well as many others.

Some of the banks that are under investigation for this practice are:

• Bank of America
• BOK Financial
• Capital One
• HSBC
• RBC Bank
• TD Bank

Lawyers are looking for customers whose banks subjected them to unauthorized banking practices including opening an unauthorized account, specifically customers of RBC Bank, or the Royal Bank of Canada. If you are a former or current customer with Royal Bank of Canada or another bank and you suspect that your bank opened an account under your name without your consent, you may qualify for an RBC Bank investigation.

If you have a legal claim, joining an RBC Bank investigation could help you gain compensation for injuries related to your bank’s unlawful practices. Contacting an experienced lawyer can help you determine if you have a legal claim.