The use of fake checking accounts came to light after a Wells Fargo scandal that revealed bank management was pressuring employees to open accounts without getting the authorization of the customer in question.

A federal investigation revealed that this practice might be carried out at multiple banks throughout the country, although those banks have not been named. In some of these cases, the internal fraud was revealed by whistleblowers who came forward to share their concerns over pressure being applied to employees who were opening these bank accounts.

Although the names of the banks and other financial institutions that could have opened fake accounts has not been revealed by the OCC investigation, it is possible that even TD Bank customers were subject to these abuses and frauds. Customers of TD Bank might notice unexplained charges or updates in their credit report linked to the opening of accounts that they did not authorize.

Employees have played a critical role in coming forward to share their concerns and are now at the forefront of this fake bank account scandal. Some Wells Fargo employees today are still reporting that they are encouraged to push through deal closings and under pressure to receive bonuses for opening additional accounts even though two years have passed since Wells Fargo was named as the subject of one of the biggest financial scandals in recent history.

During that Wells Fargo scandal, it was revealed that millions of fake bank accounts had been opened to hit sales goals. Despite public apologies, the response from legislators, and big fines, employees still working at the bank argue that the high pressure placed on employees has not changed.

Some employees who spoke out said they were increasing pressure from middle management to obtain bonuses and to push through deal closing for financial relationships as quickly as possible. Some of these employees have chosen to speak out as whistleblowers.

Although it is not clear whether TD Bank and other financial institutions were involved at all or to the level that Wells Fargo was, one Wells Fargo whistleblower said that she had been speaking out about the fraud for years by the time the Wells Fargo scandal broke into news headlines.

She spoke in a CBS series called Whistleblower, stating that when she began working for the company in 2008, she saw that every employee was facing a companywide quota to sign up new accounts. Some customers had their credit ruined or accounts overdrawn.

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