In light of the Wells Fargo fake bank account scandal, lawyers investigate if other banks may be guilty of the same practice. Critics are concerned that banks like Capital One Bank may have used similar tactics to boost sales figures. 

In 2016, Wells Fargo admitted to a widespread problem of employees opening fake an accounts in customers’ names in order to meet ambitious sales goals. In light of the scandal, the bank fired over 5,300 workers for opening millions of fake accounts, according to CNN Business.

CNN also reported that now, Wells Fargo is still trying to recover from the scandal, taking drastic steps to improve their image and position including offering aggressive share buybacks. Wells Fargo has already faced lawsuits and fines over the issue, in addition to suffering a serious blow to its public image. 

As banking customers across the country and the world watched the Wells Fargo fake bank account scandal play out, many wondered if other banks could be using similarly unethical tactics to boost sales goals.

The Office of the Comptroller of the Currency evidently wondered the same thing, and launched an investigation into 40 large and mid-sized banks, investigating if other banks were also opening fake bank accounts in their customers’ names.

The OCC would not say what banks were being investigated, but did say that they found “weaknesses” at other banks that led to employees opening up fake bank accounts, according to CNN’s article in June. 

Reportedly, these accounts were opened to boost “short-term sales promotions without adequate risk controls.” The OCC says they don’t consider this practice to be an industry-wide problem, however, saying that they didn’t find “systemic issues with bank employees opening accounts without the customer’s consent.”

Customers may still be wondering if their bank was among the 40 investigated, and if their bank account may have been opening fake bank accounts in their name. Now, lawyers are attempting to investigate the issue further, to determine if Capital One Bank and others may have opened fake bank accounts.

Though some of the banks involved in the investigation are reportedly taking action to correct their missteps including closing the fraudulent account, refunding customers, and correcting credit bureau information, many customers may have already been harmed by this practice.

Customers at banks like Capital One Bank may not know if they have had a fake bank account opened in their name or not. There are certain signs that might indicate an unauthorized account. For instance, if banks like Capital One Bank and others participated in opening fake bank accounts for their customers, these customers may have had their credit damaged or have had to pay fees on accounts that they did not know they had and that they had no intent to open.

If your credit took an unexplained hit or if you have been charged unexpected charges by your bank, you may have been subjected to unethical and fraudulent practices like the fake bank account scandal. An experienced lawyer can help you determine if you have a legal claim.