U.S. Bank opened fake accounts for unsuspecting clients

[Yo_Mama_Been_Loggin]

One of the largest banks in the U.S. illegally opened accounts for customers without their permission, according to the Consumer Financial Protection Bureau (CFPB).

Minneapolis-based U.S. Bank, with over $559 billion in assets, accessed unsuspecting customers' credit reports, opened checking and savings accounts, credit cards and lines of credit without customers' authorization in order to increase sales, the CFPB found in a five-year-long investigation.

U.S. Bank knew its employees were opening the unauthorized accounts, but failed to regulate them, according to the CFPB. The bank imposed sales goals on workers and introduced an incentive-compensation program that financially rewarded employees for selling its products like deposit accounts and credit cards, the CFPB said.

"For over a decade, U.S. Bank knew its employees were taking advantage of its customers by misappropriating consumer data to create fictitious accounts," CFPB Director Rohit Chopra said in a statement Thursday. "We all must do more to hold lawbreaking companies accountable when they abuse and misuse our sensitive personal data."

https://www.msn.com/en-us/money/companies/u-s-bank-opened-fake-accounts-for-unsuspecting-clients/ar-AA104rJz?cvid=0ab46462483144cd9b6337183dad45cc

[Ocelot II]

1. You'd think they'd have learned from what happened to Wells Fargo

for doing the same thing a few years ago.

[inthewind21]

6. What happened?

And what was learned? WF is a 75.5 BILLION company. They paid a 185 million fine. What's learned is, you get a slap and just roll it into the cost of doing business. Meanwhile, those used for said bogus accounts get to spend the next 5 years trying to get their credit straight. Meh, no big deal.

[Ocelot II]

7. Wells Fargo got a lot of really bad publicity, though,

and that's worth something.

[inthewind21]

12. Is it really?

They still have 70 million bank customers , there are only 258 million adults over age 18, and they are still raking in the $$$. They are also the largest servicer of Mortgages. So tell me what did that really bad publicity do again?

[Buckeyeblue]

13. Yep. The only way to hold these banks accountable is to force them to sell off when this shit happen

Because Wells is still a big bank. A few people at the top lost their jobs. But for the most part everything is business as usual.

[Delmette2.0]

2. They didn't learn a thing from Wells Fargo.

I Remember the Senate hearing on Wells Fargo. Perhaps the penalty wasn't enough of a deterrent.

[inthewind21]

9. Perhaps

It was no where NEAR a deterrent. And oh look, here we are again. Shocking huh.

[Faux pas]

3. Whoa!

[MineralMan]

4. That's what happens when you reward employees

on the basis of new accounts they sell. Some will create fake accounts to get the bonuses.

Instead, banks should reward employees for outstanding customer service.

[Ocelot II]

11. What's this "excellent customer service" of which you speak?

U.S. Bank is one big reason why I now use a credit union.

[MineralMan]

14. Depends on which employee you encounter, I think.

When I was working on my late parents' estate, the banker I dealt with was extremely helpful, and consistently followed up with me throughout the process. Other than that, Wells Fargo has always been fine in my interactions with it. However, not everyone has had the same experience.

[jeffreyi]

5. It's all about the feedbacks.

[uponit7771]

8. WOW !!! "U.S. Bank knew its employees were taking advantage of its customers "

[dalton99a]

10. Kick