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Consumers may have had a fraudulent Bank of America checking account opened in their name, similar to those in the Wells Fargo scandal.

In 2016, Wells Fargo became embroiled in a massive scandal when it was revealed that the company’s employees had opened millions of accounts without consumer consent. This fraudulent behavior was reportedly motivated by unrealistic sales goals that were associated with lucrative bonuses.

“Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” Richard Cordray, then-director of the Consumer Financial Protection Bureau, said in a statement according to CNN Business.

As a result of these fake bank accounts, Wells Fargo faced numerous fines and penalties from regulatory authorities. Additionally, over 5,000 employees had their employment with the bank terminated due to fraudulent actions.

The publication American Banker responded to this scandal by calling for more transparency and increased regulatory action when it comes to bank policies.

“The Wells Fargo fake-accounts scandal is shining such a bright spotlight on this one bank’s issues that more pervasive problems with the industry’s sales practices are getting lost in the shadows. If left unchecked, these problems have the capacity to do far more long-term harm than isolated cases of fraud,” the news source stated in their 2017 article.

This financial news site was not the only organization to respond to Wells Fargo’s widespread fraud. Shortly after the scandal broke, the Office of the Comptroller of the Currency (OCC) initiated an investigation into over 40 large and midsize banks within the industry. The office’s aim was to uncover any instances of fraud and other violations of federal regulations.

In June 2018, The American Banker revealed that the OCC’s investigation had concluded. The OCC reportedly issued five warnings to the industry at large for issues that needed addressing as well as 250 specific items for individual banks to fix.

Despite the literal hundreds of issues identified by the OCC, the federal office reportedly has no plans to reveal the names of the offending banks. Brian Hubbard, a representative for the OCC, explained this decision to the American Banker by noting that most of the banks who received notices had already resolved the OCC’s complaints.

“Most banks took timely actions during the review to address weaknesses in policies, procedures, and controls; incentive programs; and their risk governance frameworks,” Hubbard said in an email to the American Banker. “As a result, systems and controls in these banks are now better integrated and more apt to identify inappropriate sales activities in a timely manner.”

Although the OCC is confident that the identity of the banks can remain concealed, attorneys are interested to uncover the truth. Some unlawful behavior, such as the creation of false bank accounts, may entitle bank customers to compensation.

A lawyer led initiative is looking into the management practices within Bank of America and other large banks. If you’re a bank employee who witnessed the opening of a fake Bank of America checking account, you may benefit from a consultation with a knowledgeable banking law attorney.

An unauthorized bank accounts lawsuit investigation is now looking into banking sales practices at the following banks:

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

If you work at a bank and you and other branch workers are encouraged by your branch managers to engage in deceptive practices to meet sales goals, legal help is available. Learn more by filling out the free form on this page.

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This article is not legal advice. It is presented
for informational purposes only.

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