Do You Need a Bank Fraud Attorney?
Consumer Protection Attorneys investigating financial institutions for opening unauthorized bank accounts for existing customers.
For years, banks have violated trust and opened new accounts unbeknownst to clientele. Banks have since settled with federal authorities for hundreds of millions in fines.
Not only does the American public have to contend with fraud and identity theft initiated by bad actors, but also the unlawful behavior of some of their trusted banks.
Some large national and regional banks have been opening unauthorized bank accounts for their customers–accounts opened without their knowledge or consent.
Such banking practice may not seem like it would benefit a financial institution or any customer, but the new accounts may result in customers being charged fees or enrolled in bank services that they did not knowingly sign up for. The Department of Justice (DOJ) has deemed such behavior as deceptive and illegal.
Class action lawsuits have been filed and consumer protection lawyers have sued big banks on behalf of plaintiffs nationwide. If you have noticed an unauthorized bank account in your name at any bank, you may be able to file or join a current class action lawsuit. Some banks that have been investigated or fined for such practice include the following:
- Bank of America
- Wells Fargo
- U.S. Bank
- TD Bank
- Fifth Third Bank
If you are a customer at a bank, and unauthorized bank accounts have been opened in your name that results in fees or unwanted services, you may qualify to file an unauthorized bank account class action claim.
Why Do Banks Open Unauthorized Bank Accounts?
Financial institutions would not go through the trouble of opening an account for any other reason than eventually profiting from it in some way. Management has allegedly pushed sales teams at many banks to meet quotas and sales-based incentives, leading some banking officials to open unauthorized bank accounts and new lines of credit that can result in higher fees or even hidden fees.
Banking regulators have found that in the past bank employees have opened deposit accounts, credit cards and lines of credit that carry high interest rates and excessive fees that weigh on customers.
One investigation found that U.S. Bank allegedly pressured employees to meet sales goals by selling bank products, which sometimes resulted in them illegally accessing individual credit reports and personal data to open accounts without permission. A Consumer Financial Protection Bureau (CFPB) official described the practice as “misappropriating consumer data to create fictitious accounts.”
The CFBP said there was evidence that the bank was aware that its employees were opening accounts without prior authorization, and did not have measures in place to prevent the practice.
ABOUT THE LYON FIRM
Joseph Lyon has 17 years of experience representing individuals in complex litigation matters. He has represented individuals in every state against many of the largest companies in the world.
The Firm focuses on single-event civil cases and class actions involving corporate neglect & fraud, toxic exposure, product defects & recalls, medical malpractice, and invasion of privacy.
NO COST UNLESS WE WIN
The Firm offers contingency fees, advancing all costs of the litigation, and accepting the full financial risk, allowing our clients full access to the legal system while reducing the financial stress while they focus on their healthcare and financial needs.
Contact an Experienced Consumer Fraud Attorney
Consumers have a multitude of rights and protections in the United States, but that doesn’t keep large corporations from trying to defraud customers. Those rights must be guarded and enforced, and filing a consumer fraud lawsuit is one of the most direct ways to hold such companies accountable.
Joe Lyon has represented individuals nationwide in consumer protection class action cases. If you need an attorney who can provide individualized attention even when taking on a large class-action lawsuit, The Lyon Firm has you covered.
Reach out to us today via our online contact form, or by calling (513) 381-2333. Your communications with us are fully confidential, and your consultation is free of charge. You can rest assured that with The Lyon Firm, the service and dedication we promise are as-advertised.