Another Bank Caught Opening Fraudulent Accounts to Achieve Unrealistic Sales Goals

Fifth Third Bank Opened Fraudulent Accounts, Consumer Bureau Says

In a banking scheme very similar to the Wells Fargo scandal, Fifth Third, a large regional bank in Ohio is accused by the CFPB of opening fraudulent accounts to drive stock price

For more than eight years the bank ignored signs that employees were opening unauthorized accounts to meet aggressive sales goals, a federal regulator said in a lawsuit

For years, Fifth Third Bank, a large regional bank based in Ohio, opened unauthorized accounts in customers’ names as part of an aggressive sales strategy that foisted credit cards, online banking services and other products on people without their knowledge, according to a lawsuit filed on Monday by one of the bank’s federal regulators.

The bank “set goals that thousands of its employees could not achieve” and penalized those who fell short, the Consumer Financial Protection Bureau said in a complaint in federal court in Chicago.


Article submitted by, sheltomlee.