Following an investigation of dozens of banks, banking customers may want to watch for signs that a fake Bank of America account may have been opened in their name.
After reports of fake accounts opened by employees were initially reported in 2016, Wells Fargo faced scrutiny over their unauthorized banking practices. These practices included opening millions of fake accounts without customer consent and signing customers up for unnecessary services and unauthorized credit cards.
These deceptive actions left many customers with unexpected overdraft fees and interest charges. Earlier this year, the bank reached a $142 million settlement regarding these unauthorized accounts, and agreed to reform the unrealistic sales goals that prompted employees to open fake accounts.
It now appears that the Office of the Comptroller of the Currency (OCC) believes that this issue may not have been confined to Wells Fargo. The OCC has recently concluded a review of more than 40 other banks to investigate possible unauthorized banking practices and the creation of fake accounts. To date, they have declined to release the results of this investigation to the public, although a spokesperson has acknowledged the discovery of similar practices at other banks.
Signs That a Fake Bank of America Account May Have Been Opened in Your Name
Many of the banking customers who were affected by fake bank accounts opened in their name were unaware that these accounts had been opened. However, there are signs that you can watch out for. Some signs that you may be a victim of unauthorized banking practices include overdraft fees, unexpected account fees, and interest charges.
Employees may take money from one account to open another unauthorized account. This could result in overdraft fees for the customer, who expects to have a higher balance in their original account.
In other cases, employees may upgrade the type of account that customers had to one with a higher minimum balance requirement, resulting in unexpected account fees when the balance falls below the new minimum. Interest charges may accrue if a credit card was opened in a customerโs name, even if the customer did not authorize it.
If you suspect that a fake Bank of America account may have been opened, you can also call your bank and ask for a list of all accounts in your name.
Responding to a Fake Bank of America Account
If youโre a Bank of America customer and you think that a fake Bank of America account may have been opened in your name, you may be eligible to join a fake accounts class action lawsuit investigation. You may have been charged fees for a bank account, credit card, or service you did not authorize.
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 are a customer at one of the banks listed above and you were charged for fees from a bank account you did not open, you were issued a credit card you did not request, or you were enrolled in services you did not authorize, you may qualify to join this fake bank account class action lawsuit investigation.
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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.
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