Since 2016, Wells Fargo has paid billions of dollars in an attempt to put their fake accounts scandal behind them.

In September 2016, Wells Fargo was embroiled in a fake accounts scandal when it was revealed that the banks’s employees had opened 3.5 million fake accounts in order to meet sales goals. Some consumers had unauthorized bank accounts opened in their names, while others had their bank accounts upgraded or had a credit account opened without their consent. Many times, these fake bank accounts resulted in a variety of fees including overdraft fees and interest charges.

Since the fake accounts scandal was revealed, the bank has paid penalties and settled lawsuits in relation with their allegedly deceptive behaviors.

More recently, Wells Fargo agreed to pay $575 million to all 50 of the country’s states and the District of Columbia, resolving civil charges brought in connection to the fake accounts scandal. Under the settlement agreement, the bank will create new teams to review customer inquiries and a website dedicated to informing consumers of Wells Fargo’s remediation efforts.

“This agreement underscores our serious commitment to making things right in regard to past issues as we work to build a better bank,” Wells Fargo CEO Tim Sloan said, according to CNN.

This settlement provides a promising outlook for other consumers who bring claims against other banks which may have been involved in a fake accounts scandal.

In June 2018, the Office of the Comptroller of the Currency (OCC) reported limited results of an investigation prompted by the Wells Fargo fake accounts scandal. The investigation looked into 40 large and midsize banks to screen for any violations of regulations.

According to the American Banker coverage of the investigation, the OCC found that the creation of fake bank accounts was a problem at several banks. A spokesman for the OCC told American Banker that the creation of fake accounts had a variety of causes including “short-term sales promotions without adequate risk controls, deficient account opening and closing procedures, and isolated instances of employee misconduct”.

Although the OCC has said they will not name any banks which committed violations, as the violations have been resolved, private attorneys are looking into the practices of several large and midsize banks including Bank of America, BOK Financial, Capital One, HSBC, Royal Bank of Canada, and TD Bank. No known legal action has been taken against these banks yet, but there is the potential for litigation should the private investigation uncover evidence of a fake accounts scandal.

Wells Fargo’s settlement of civil claims against them due to the fake accounts scandal may signal a higher chance of success for consumers filing future suits against other banks. The settlement may set precedent for other banks to settle claims against them when faced with fake accounts scandal allegations.

While any potential for compensation is still far in the future, consumers can monitor their financial health to screen for fake accounts. Overdraft fees, bank fees, interest charges, and credit report changes may be warning signs to consumers that fraudulent behavior has resulted in changes to their accounts.