Bank of America Unauthorized Account – Class Action Investigation

CSKD has launched an investigation into allegations that Bank of America (“BofA”) has opened accounts without customers’ knowledge and then charged penalties for failing to maintain minimum balances or pay required fees. The investigation stems from allegations that in order to meet quotas and maximize the number of products sold, BofA routinely opened accounts for products without customers’ authorization or knowledge. When customers fail to maintain mandatory account balances or pay fees for accounts that they did not know existed, BofA allegedly charges customers penalties and/or other fees. These allegations come days after BofA agreed to the pay millions in fines back to customers under a settlement agreement with federal regulators for improperly charging extra fees, withholding rewards and opening unauthorized credit card accounts.

If you are a BofA customer, you may be unaware that you have been affected by fake bank accounts opened in your name. However, some signs that you may be a victim of unauthorized banking practices include unexpected overdraft fees, account fees, and interest charges. If you suspect that Bank of America has opened an account in your name without your consent, please contact the legal team at CSKD listed below: