Fifth Third Bank Sued By CFPB Over Alleged Fake Accounts

...

Along with allegedly opening unauthorized accounts, the Bureau says Fifth Third employees transferred customers' funds from existing accounts to unauthorized ones, opened lines of credit and registered customers for online banking services without their consent. These practices, according to the Bureau, were an attempt to increase product and service quotas for existing Fifth Third customers.

The Bureau also claims the bank was aware of these practices for a number of years without taking action to stop it and cites a violation of the Consumer Financial Protection Act, Truth in Savings Act and Truth in Lending Act.

Fifth Third denies any wrongdoing and says its compensation structure doesn't include quotas or incentives to sell certain products. Instead, the bank claims compensation is tied to "account quality".