A number of financial institutions have recently been investigated for possibly signing customers up for fake bank accounts or services that they did not ask for.

This investigation, conducted by the Office of the Comptroller of the Currency (OCC), was spurred by the Wells Fargo fake bank account scandal that surfaced in the last few years. Federal regulators investigated dozens of banks, and has found instances of systemic issues with similar practices at other banks. However, regulators do not plan to disclose these results to the public.

Have you been signed up for unwanted bank services or a fake RBC bank account by an employee at Royal Bank of Canada, or had similar issues at another financial institution? These practices may end up costing you money from additional fees and unexpected interest charges, and you may be able to file a fake RBC bank account lawsuit.

Fake RBC Bank Account Investigation

Attorneys are currently investigating several banks, including Royal Bank of Canada, that may have opened fake bank accounts on behalf of their customers.

The banks involved in the investigation include:

• Royal Bank of Canada
• Bank of America
• BOK Financial
• Capital One
• HSBC
• TD Bank

Wells Fargo Fake Bank Account Scandal

During the Wells Fargo scandal that took place in the last few years, it was reported that millions of bank accounts had been opened in the names of existing customers, but without their permission. Upon investigation, it was found that employees were creating these bank accounts in order to attempt to meet unfairly high sales goals, which would allow them to qualify for certain bonuses. In total, around 3.5 million fake bank accounts were discovered as this information came out.

Wells Fargo eventually agreed to settle for $142 million. The settlement agreement also included additional fines, as well as an agreement that would hopefully keep this from happening again: changing the sales goals it sets for employees to a more reasonable, attainable number, to take away employees’ incentive to open these accounts in the first place.

Filing a Fake Bank Account Lawsuit

Wells Fargo is not the only bank that has been opening fake bank accounts on behalf of their customers. According to federal regulators looking into the issue, employees at a number of other banks have engaged in similar practices. However, the regulators declined to name any of these banks and they do not plan to disclose this information.

Look for unexpected overdraft fees or interest charges that may indicate services or a fake RBC bank account you did not authorize. Check your credit report regularly for suspicious changes, like if someone tried to sign you up for a credit card,

If you were signed up for unwanted services or a fake RBC bank account was opened in your name, or if you have encountered similar problems at another bank listed above, you may be able to join this class action lawsuit investigation.