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Fifth Third Bank Accused of Setting up Accounts without Consumer Consent

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A recent federal lawsuit against Cincinnati-based Fifth Third Bank alleges the bank encouraged employees to set up accounts and credit cards without customer consent.

The federal Consumer Financial Protection Bureau (CFPB) filed a suit against the bank, alleging violations of the Consumer Financial Protection Act, Truth in Lending Act and the Truth in Savings Act.

The CFPB asserts Fifth Third engaged in a long-term, abusive “cross-sell” strategy from 2008 to 2016. In essence, the bank encouraged employees to break rules in order to sell other services to existing customers.

The accusations are similar to those against Wells Fargo, which last month agreed to pay $3 billion to settle claims its employees created millions of fake accounts to meet sales goals.

Maginnis Howard’s consumer protection attorneys are committed to helping individuals and groups who have been wronged by big corporations, banks, creditors, and collection agencies. Our attorneys file lawsuits against these finance companies, debt collectors, creditors, and collection agencies to protect you from their unlawful business practices. Without obtaining lawyers who will fight for you, you may never get justice.

If you or someone you know has been wronged by a big corporation, bank or collection agency, we want to hear from you. Reach us at (919) 526-0450, by email at info@carolionalaw.com or through our contact page.

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We are pleased to announce that Charles G. Monnett III & Associates of Charlotte and Britton Law of Fayetteville are now part of Maginnis Howard. For more information on the merger, see this post. For more information on each location, visit the Our Firm tab in the navigation menu.

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