Friday, August 19, 2022
  • About
  • Advertise
  • Careers
  • Contact
Business News from India
  • Home
  • Business
  • Technology
  • Fashion
  • Health
  • Travel
  • Startup Stories
  • Login
No Result
View All Result
Business News from India
Home Business

American bank fined for opening “fake” accounts for customers

admin by admin
July 30, 2022
in Business
0
American bank fined for opening “fake” accounts for customers
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter


Bank of America, which is based in Minneapolis and has over $559 billion in assets, pressured its employees to meet sales goals as part of their job requirements by offering them incentives for selling banking products, said the regulator. To accomplish these goals, bank employees illegally accessed customers’ credit reports and personal information to open unauthorized accounts, the investigation found.

The CFBP announced Thursday that it fined Bank of America $37.5 million, following a five-year investigation.

“For more than a decade, US Bank knew that its employees were taking advantage of its customers by misappropriating customer data to create fictitious accounts,” CFPB Director Rohit Chopra said in a press release.

In a statement to CNN Business, US Bank said it has “made process and oversight improvements” since 2016 related to sales practice concerns. Employees now receive incentives only for accounts where the customer uses the service.

The settlement is “related to legacy sales practices involving a small percentage of accounts dating back to 2010,” US Bank said in a statement on Saturday. “We are pleased to put this matter behind us.”

US Bank has over 2,800 branches across the United States.

The CFBP said its investigation found evidence the bank was aware that its employees opened accounts without the authorization of customers and had no measures for their prevention and detection. The bank’s sales campaigns and compensation programs rewarded employees for selling bank products, the agency added.

Regulators found that employees opened deposit accounts, carried credit cards and lines of credit high interest rates and expensive fees passed on to the customer.

“U.S. Bank’s conduct harmed its customers in the form of junk accounts, negative effects on their credit profiles and loss of control over personally identifiable information,” CFBP said in its release, saying customers were forced to closed unauthorized accounts in the names and demand refunds themselves.



Source link

Related posts

Congress considers bill to investigate business practices of travel nurse agencies

Congress considers bill to investigate business practices of travel nurse agencies

August 19, 2022
Vermont’s unemployment rate falls to 2.1 percent in July

Vermont’s unemployment rate falls to 2.1 percent in July

August 19, 2022
Previous Post

LA Catholics travel the route of St. Junípero Serra in the second annual pilgrimage

Next Post

Congratulations, grad! Florida Tech holds ceremony Saturday morning – Florida Today

Next Post
Congratulations, grad!  Florida Tech holds ceremony Saturday morning – Florida Today

Congratulations, grad! Florida Tech holds ceremony Saturday morning - Florida Today

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

11 + 7 =

RECOMMENDED NEWS

Eden Secret: Top Fashion Designer Alice Temperley’s Birthday Bash Gets Fired

Eden Secret: Top Fashion Designer Alice Temperley’s Birthday Bash Gets Fired

3 weeks ago
New memories ONE LAP AROUND

New memories ONE LAP AROUND

2 weeks ago
How to follow the minimalist fashion trend according to experts

How to follow the minimalist fashion trend according to experts

4 weeks ago
Violence against health workers rises during COVID-19

Violence against health workers rises during COVID-19

3 weeks ago

FOLLOW US

  • 87.2k Followers

BROWSE BY CATEGORIES

  • Business
  • Fashion
  • Health
  • Startup Stories
  • Technology
  • Travel
  • Uncategorized

BROWSE BY TOPICS

2018 League Akanksha Chandok Anurag Mehta Balinese Culture Bali United Budget Travel business women Champions League Chopper Bike Content Writing Doctor Terawan Istana Negara Madhuri Madan Market Stories National Exam Nita mehta Political Engineer Subhi Bhatra Visit Bali

POPULAR NEWS

  • The coolest coat of Berlin Fashion Week?  Sneaker pool

    The coolest coat of Berlin Fashion Week? Sneaker pool

    0 shares
    Share 0 Tweet 0
  • 2022 Trip Advisor Sales Already Hit All-Time Highs

    0 shares
    Share 0 Tweet 0
  • The individual business owner pleads guilty to tax evasion USAO-WDMO

    0 shares
    Share 0 Tweet 0
  • Do North Coworking announces the inaugural cohort for the Forest Products Accelerator

    0 shares
    Share 0 Tweet 0
  • Acera spends $90M to automate customer service inquiries with AI – TechCrunch

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Careers
  • Contact
WhatsApp +91 980-980-9922

© 2022 .BusinessPress - India's Preminum Business News Portal .BusinessPress.

No Result
View All Result
  • Home
  • Travel
  • Business
  • Health
  • Technology
  • Fashion
  • Startup Stories

© 2022 .BusinessPress - India's Preminum Business News Portal .BusinessPress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In