By Laura Pennington  |  February 15, 2019

Category: Banking News

Bank statements with glasses and a penThe Office of the Comptroller of the Currency has determined that Wells Fargo was not the only American financial institution that opened accounts that were never approved by consumers.

A federal investigation has found evidence of unauthorized accounts at dozens of medium and large banks. Investigators have not revealed exactly which banks were engaging in these activities, and they don’t plan to reveal them in the future. Meanwhile, consumer protection attorneys are looking into whether this practice may have occurred at institutions like Bank of Oklahoma.

According to USA Today, the OCC identified that as many as 40 banks opened nearly 10,000 customer accounts during a three-year period and may not have had appropriate customer authorization to do so. The banks allegedly did not have paperwork to show whether or not those consumers had expressly authorized the opening of those accounts, which included credit cards, mortgages, auto loans, money market, checking, and savings accounts.

The nation’s primary bank regulator is the Office of the Comptroller of the Currency and that office has fined Wells Fargo over $500 million due to the creation of unauthorized accounts and other instances of consumer abuses.

Consumers might be concerned about whether or not their financial institution could be involved in the investigation. Some consumers have asked whether or not their bank could have been named as one of the banks under investigation.

Bank of Oklahoma customers who are curious about whether or not fake bank accounts were opened in their name can take extra precautions in evaluating their financial details and accounts, according to CNN Money. A review of an individual bank account online could be the first clue that additional accounts were opened in the customer’s name. Banking customers can also take other steps such as checking credit report to see if new accounts were opened.

A credit card that the customer didn’t know about could negatively affect their credit score if a monthly payment or annual fee went unpaid. Even if the account is later closed, the customer’s credit score could continue to be impacted.

Consumers have to take their future into their own hands to determine whether or not unauthorized accounts are on their record. Doing a deep dive into each financial account and contacting the financial institution to verify information might reveal that other lines of credit or individual accounts are tacked onto a primary account that was not authorized.

Those who have been subjected to damages when a bank opened other accounts with your personal details could have grounds for legal action against the Bank of Oklahoma or other financial institutions.

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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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!

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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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