Following the Wells Fargo unauthorized bank account scandal in 2016, many more financial institutions have come under scrutiny regarding their banking practices.

An investigation by the Office of the Comptroller of the Currency (OCC) earlier this year revealed that more than 40 other banks have been investigated for fraudulent banking practices, including the creation of unauthorized bank accounts and lines of credit.

Joseph Otting, the Comptroller of the Currency, released a statement in June claiming that the OCC’s investigation found around 20,000 accounts with compliance issues. Although the OCC has declined to name which financial institutions were found to have opened unauthorized accounts, Otting says that the OCC has issued roughly 250 orders to banks regarding unauthorized bank account compliance issues.

Although Otting has faced criticism for the decision to keep the offending financial institutions’ identities private, he has continued to deny requests from the public and policy makers to name names.

In testimony given to the House Financial Services Committee earlier this year, Otting justified the OCC’s silence by saying, “We’re asking banks to improve their policies, procedures and control around their account openings.”

Unauthorized Bank Account Investigations

Consumer rights attorneys are investigating Bank of America for similar compliance issues after reports of customer complaints regarding possible fraudulent account activity. After Wells Fargo’s fake bank account scandal in 2016, the financial institution agreed to a $142 million settlement, as well as an order to cease growth and reform the sales-driven practices that pressured employees to open the fraudulent accounts and lines of credit. If Bank of America is found to have committed similar unauthorized account activities, it is presumed they would face similar penalties.

Signs that an Unauthorized Bank Account at Bank of America May Have Been Opened in Your Name

There are many red flags that account holders at Bank of America or other banks can watch out for. These red flags include:

• Unexpected overdraft fees: During the Wells Fargo scandal, employees took money out of existing accounts to open new and unauthorized accounts. This depletion of funds caused many customers to be hit with unexpected overdraft fees.
• Unexpected bank account fees: In some cases, Wells Fargo employees upgraded existing customer accounts to accounts that required a higher balance or charged more fees. The unsuspecting customers were charged when their account balance dipped below the required minimum.
• Unexpected interest charges: When a credit card is opened in a customer’s name, they may face unexpected fees or interest charges, even if they did not authorize the card to be opened.
• Unexpected changes to your credit report: If you are concerned that an unauthorized credit card may have been opened in your name, you may be able to check your credit report and see if there are any unauthorized cards.

If you believe that you may have had an unauthorized bank account or unauthorized credit card opened in your name by your bank, you may be eligible to join a free unauthorized bank account investigation and pursue compensation.