Wells Fargo wasn’t an outlier when it opened 3.5 million unauthorized customer accounts. Federal regulators found that dozens of other banks opened nearly 10,000 deposit and loan accounts for customers without their consent. The new banking fraud revelation came in testimony given by U.S. Comptroller of the Currency (OCC) Joseph Otting before the Senate Banking Committee June 14. Although the number of newly discovered fraudulent accounts is miniscule in comparison to the 3.5 million bogus accounts Wells Fargo bankers opened for customers, it points to the need for banks to put better safeguards in place. According to USA Today, banking ... Read More
Righting Injustice is published by the Beasley Allen Law Firm. If you are interested in a free legal consultation, please take a few moments to fill out the contact form with as many details as possible. The more information you provide us, the better we can evaluate your claim.