In the US state of Ohio, there is a bank called Fifth Third Bank, which you probably haven’t heard of. You probably haven’t heard about the name of this bank because it only serves locally, not internationally. But don’t let this mislead you. Fifth Third Bank is not such a small bank. The bank, which has more than 100 branches in 10 different states in total, has an asset of 410 billion dollars under the supervision of the bank.
The employees of Fifth Third Bank receive a certain amount of salary in return for their work like many other bank employees. However, bank employees can receive bonuses according to the new account they open, the product they sell, the number of customers they save. But getting this bonus is not so easy. Employees must have performed really well in order to receive additional wages.
What’s What’s Up
With the news published by the New York Times yesterday, very interesting information emerged. It turns out that Fifth Third Bank employees have been showing fake documents to their manager for over ten years to receive these bonuses. Employees not only show fake documents, but also open fake accounts on behalf of bank customers.
The Financial Consumer Protection Bureau filed a lawsuit at the federal court in Chicago as soon as we realized this. The plaintiff claims that Fifth Third Bank employees have maintained this fraud for more than 10 years:
Fifth Third employees took the money from customers’ existing accounts, transferred them to new accounts that were opened irregularly, issued a credit card, and registered the customers in online banking services without informing the customers and without their consent.
Of course, the purpose of the employees is not to steal customers’ money, to lose money to customers. The purpose of the employees is to make it look as if there was too much account mobility that month and to take additional fees from the bank.
According to the statements of the Financial Consumer Protection Bureau, the business does not remain with what the bank employees do. Because it is claimed that the Fifth Bank management is aware of what the employees are doing but still does not act:
The Fifth Bank management has known since 2008 that employees have opened a customer account without authorization, but it has not taken the necessary steps to oversee this process and prevent irregularities.
According to court documents, the bank did not make any compensation to the customers who suffered from this process. It is not known exactly how many customers were affected by this fraud returned at the bank, and how much money these customers lost due to the irregularities made by the employees. However, Fifth Bank conducted an investigation on the issue after the lawsuit was filed and shared the information it obtained with the court. The research conducted by the bank in itself without the supervision of an independent party shows that more than one thousand 100 accounts have been opened irregularly.