Some banks may be opening bank accounts for their customers without their knowledge or permission, which may result in customers being charged fees or enrolled in services that they did not opt into. TD Bank is currently under investigation for potentially engaging in unauthorized bank account opening.

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

Signs of Unauthorized Bank Account Creation

So 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, 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.

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.

Wells Fargo Unauthorized Bank Account Scandal

In 2016 and 2017, Wells Fargo was embroiled in this issue, where bank employees would open an unauthorized bank account on behalf of customers without permission. Employees were incentivized to create these fake accounts so that they could meet high sales targets. If they reached those targets, they were qualified to receive additional bonuses. It was later found that Wells Fargo employees had collectively created a total of 3.5 million fake bank accounts.

Wells Fargo has settled allegations of unauthorized bank account openings for $142 million, as well as additional fines. On top of the financial penalties, the bank has also agreed to amend its unrealistically high sales goals so that employees are not pushed to engage in this kind of deceptive behavior.

However, Wells Fargo may not be the only bank where employees engage in this kind of activity, opening an unauthorized bank account for customers without their permission. Indeed, a number of banks are currently under investigation for unauthorized bank account opening, including TD Bank.

Other banks included in the investigation are:

• 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.