Bank of Oklahoma/BOK Financial is one of the financial institutions under investigation for potentially creating fake checking accounts.

The Office of the Comptroller of the Currency (OCC) looked into the banking practices of more than 40 of the largest financial institutions in the U.S. last year. Their investigation was prompted by the Wells Fargo scandal, a realization that more than 2 million fake checking accounts were created by employees who were in a cutthroat sales competition.

According to The New York Times, Wells Fargo recently agreed to a $575 million settlement to resolve claims the bank committed violations of consumer protection laws.

After hearing about the aggressive sales practices committed by Wells Fargo employees who were encouraged to reach unrealistic sales goals, the OCC figured Wells Fargo wasn’t the only bank to participate in such competitions.

Wells Fargo’s management allegedly fostered an environment that made the employees feel like they had to choose between creating fake checking accounts and potentially being fired.

OCC Investigates Creation of Fake Checking Accounts

The OCC said it found 20,000 fake checking accounts, based on the fact that the banks could not provide proof of a customer’s authorization. The report has not and will not be made public, but Bank of Oklahoma is one of the banks large enough to be included in the investigation.

The OCC has said it asked for sales information from financial institutions with assets of at least $10 billion. Bank of Oklahoma’s parent company, BOK Financial, reported $32.27 billion in total assets in 2017.

Other banks currently under investigation are TD Bank, Bank of America, Capital One, HSBC and Royal Bank of Canada.

The OCC said some banks were found to give employees credit for opening accounts whether or not the new accounts were even used by a customer. Employees also received sales credit for opening a new account even if the new account received its funding from an account at the same bank.

Some banks are starting to police themselves by not rewarding an employee for creating a new account until the customer starts using the account. Banks find it impossible to verify every single account, though. According to the OCC, more than 165 million new accounts are created every year.

Consumers should be on the lookout for any sign that a fake checking accounts or fake savings accounts have been opened without their authorization. Many times, a minimum balance will be needed to open a checking or savings account.

In order for an employee to create a fake account, money from a customer’s real account needs to be transferred to the new fake one. You should investigate any unexplained withdrawals by the bank that appear to be made on your behalf.

In some cases, employees receive bonuses for upselling a checking account. A customer who has a checking account with no minimum balance won’t face service charges based on the balance.

If the customer’s checking account joins an elite line of accounts that requires a $5,000 minimum daily balance – and the customer doesn’t maintain that much in the account – the customer will see some new fees because of the (unbeknownst to the customer) upgraded status.