America’s third largest bank opened over 2 million unauthorized deposit and credit card accounts behind the backs of its own customers. 5,300 bank employees essentially behaved like identity thieves. Why? To meet aggressive sales quotas and generate more banking fees.
Truly shocking. A handful of bad apples in a large company is understandable, but 5,300? That’s systemic.
It’s hard to know who to trust.
What’s the message for your account holding teens? Build a habit of regularly reviewing all financial accounts.
- Review any monthly paper statements. Don’t shred or file them without a quick review. Any unrecognized accounts or transactions?
- Review online accounts weekly or monthly. Sign in and review all the accounts on the summary page, as well as all recent activity. Set up real-time notifications too.
- Check credit reports regularly. A credit report will show any credit card accounts in your name. Scan all open accounts and inquiries for anything out of the ordinary. Show your teen how to get a free credit report every 4 months here.
When identity thieves work inside our own major banks, your teens can’t be too careful. Sad but true.
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