man in bank office for TD Bank AccountDo you have a TD Bank account? It’s possible that your bank may have, without your knowledge, opened an additional account in your name or enrolled you in services for which you did not sign up. A recent investigation has revealed what could be a larger scandal of banks creating fake bank accounts in order to meet their sales targets and qualify for bonuses.

Most notably, Wells Fargo was the center of attention in 2016 and 2017 for millions of fake bank accounts opened by employees. Wells Fargo settled allegations of unauthorized bank account openings for $142 million, as well as additional fines. On top of the financial penalties, the bank agreed to amend its unrealistically high sales goals so that employees are not pushed to engage in this kind of deceptive behavior.

The nation’s foremost bank regulator informed members of Congress in June that this fake bank account problem appears to be ongoing. Unauthorized TD Bank accounts might be part of that problem.

Joseph Otting, the head of the Office of the Comptroller of the Currency, said that the agency—which began a review prompted by the Wells Fargo scandal—has found around 20,000 accounts so far for which banks could not provide full documentation. These accounts were found at some of the most major financial institutions in the country. However, Otting did not name the specific banks found to have created these unauthorized accounts.

Ed Mierzwinski, who works with the consumer advocacy organization U.S. Public Interest Research Group, wants more answers from Otting. “I think you’re still looking at smoke, and where there’s smoke there’s fire,” Mierzwinski said to the Los Angeles Times. “I don’t know what we’re going to get out of him without sunlight.”



Unauthorized Bank Account Creation

Unfortunately, an unauthorized bank account can cause significant harm. Consumers may be charged extra fees or enrolled in services without their knowledge. Now TD Bank and others are currently under investigation for potentially engaging in unauthorized bank account openings.

How can you tell if an unauthorized bank account has been opened in your name? There are a few things to keep an eye out for.

First, look out for overdraft fees. In some cases, bank employees took money out of a customer’s real account to open the new fake one; this could, in turn, incur an unexpected overdraft fee for the customer.

Second, check for bank fees that you did not expect. If your account was upgraded or added to a service that you did not authorize, you may be charged an unexpected fee. For example, if your account was upgraded without your permission to one that requires a minimum balance that you do not meet, you may be hit with a fee that could tip you off to the issue.

Third, check for interest charges in case a card was opened in your name.



Finally, check for changes to your credit report, which will tell you if someone has tried to sign up for a credit card in your stead.

If you have noticed an unauthorized TD Bank account or an unauthorized account at another bank listed below, you may be able to join a class action lawsuit investigation.

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

If you are a customer at one of the banks above, and an unauthorized bank account has been opened in your name leading to fees or services you did not authorize, you may be able to participate in an unauthorized bank account class action lawsuit investigation.

Do YOU have a legal claim? Fill out the form on this page now for a free, immediate, and confidential case evaluation. Some of the banks being investigated include:

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

The attorneys who work with Top Class Actions will contact you if you qualify to let you know if an individual lawsuit or class action lawsuit is best for you. Hurry — statutes of limitations may apply.



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Join a Free Fake Bank Account Class Action Lawsuit Investigation

If your bank and credit union has engaged in deceptive overdraft fee practices, you may have a legal claim. Fill out the form on this page now to find out if you qualify!

An attorney will contact you if you qualify to discuss the details of your potential case.

PLEASE NOTE: If you want to participate in this investigation, it is imperative that you reply to the law firm if they call or email you. Failing to do so may result in you not getting signed up as a client or getting you dropped as a client.

In order to properly investigate fake bank account claims, you may be required to disclose bank statements to attorneys. Please note that any such information will be kept private and confidential.