After the fake accounts scandal at Wells Fargo became widely publicized, customers of other institutions like Bank of America wonder if they’ve been victims of similar tactics. If fake accounts were opened in your name without your permission, you could have grounds to participate in a class action lawsuit investigation.

In addition to the creation of fake accounts, if your bank enrolled you in accounts or programs without your express authorization, you could be eligible to pursue legal action against them.

In 2016 and 2017, Wells Fargo was named as a major bank responsible for opening fake accounts. Many of these fake accounts were opened by employees who were trying to achieve sales quotas which would enable them to keep their job or earn additional bonuses.

While that original Wells Fargo case and investigation yielded a multi-million-dollar settlement and the payment of fines, consumer advocates are concerned that similar practices could be going on at Bank of America or any of a number of other banks.

If you were hit with fees from a bank account that you never opened on your own or if you were signed up for services from the bank that you never authorized, a fake bank account class action lawsuit investigation may be your next step.

Following the Wells Fargo scandal, the federal Office of the Comptroller of the Currency launched an investigation of more than 40 mid-size and large banks.

They determined that the practices of opening fake accounts was common and other issues identified included deficient account closing and opening procedures, inappropriate risk controls and individual instances of employee misconduct.

Signs of Fake Bank Accounts

You might not even be aware that fake accounts have opened in your name, whether a customer of Bank of America or another bank, as the signs of a fake account may be hard to spot.

You may discover that fake accounts have been opened and attached to your name if you received expensive fees on your account. For example, if you had a basic account and suddenly were charged excessive monthly fees because an employee upgraded you to an account that required you to maintain a minimum balance or some other requirement like direct deposit, you could be eligible to take legal action.

Another way that you might discover that you have been the victim of unauthorized banking practices is if an employee took money out of an existing customer account to open a new unauthorized bank account. In certain situations, this led to overdraft fees for customers whose accounts were depleted.

Other indications that you could have been a victim of fake bank accounts include a review of your credit report of you have found that someone has tried to open a credit card account in your name.

You can request a review of all accounts in your name by contacting your financial institution and asking for further information. This might be the only way that you discover that you have become a victim of fake bank accounts.