U.S. Bank pressured employees to open fake accounts in customers’ names to meet unreasonable sales goals, the Consumer Financial Protection Bureau said Thursday.
In a policy that went on for at least a decade, employees were encouraged to open savings accounts, checking accounts and credit cards without customer permission in an attempt to sell multiple products to each customer.
U.S. Bank spokesperson Lee Henderson said the problem has been fixed.
“Since 2016, the Bank has made process and oversight improvements that have been effective in addressing these sales practices concerns. The action by the CFPB closes out a more than five-year investigation.