- Ingrid Evans speaks on Protecting Yourself From Elder Financial Abuse with Deputy District Attorney Jackie Lacy on KFWB Radio.
Banking Fraud
Banking fraud can encompass a broad range of deceptive practices and/or banking and financial products. Offering checking accounts, savings accounts and loans are just a small part of the banking business today. Consumers can walk into a bank and purchase a mutual fund, annuity, and even insurance products. Unfortunately, along with these choices comes the opportunity for banking fraud.
Banking fraud can be committed by a bank agent, financial advisor or insurance agent working at the bank that misrepresents a financial investment or product to a customer in order to generate a commission, it can occur by a bank that sells an investment or financial product to a consumer without full and complete disclosure of the disadvantages of the product, or it can occur by a bank that charges undisclosed, unauthorized or unconscionable fees in association with its products or services. The Evans Law Firm handles cases involving banking fraud.
Some examples of banking fraud include:
- insurance, financial or banking products/investments that do not accurately or fully disclose surrender charges, penalties such as with deferred annuities being sold by a bank (examples of cases involving these type of practices include the example shown on this website – see the I Team Fox 8 interview)
- overdraft fees or other charges that have been placed in a particular order by the bank in order to maximize charges to the customer
- bank agents, financial advisors or bank insurance agents that sell deferred annuities or other unsuitable insurance products to customers or investors, including senior citizens;
- Non-disclosure or inaccurate disclosure of penalties, early surrender charges, or other important details that allow the consumer to make an informed investment decision. (Examples of cases involving these type of practices include the example shown on this website – see the I Team Fox 8 interview)
- Allowing unfair and excessive overdraft fees or other charges to accumulate in a consumer’s account because of how the bank orders the account entries, thereby maximizing the charges to the consumer.
- Breaching a fiduciary responsibility by selling unsuitable investments, which may include insurance products and deferred annuities, to consumers. Senior citizens are often the target of unscrupulous bank employees who don’t closely follow the “know your customer” rule and suggest financial products with inappropriate risks or fees. (Examples can be found on our fraudulent financial services page)
See also our web pages on consumer fraud and insurance fraud.
Contact us for a free and confidential consultation at 888-503-8267 or 415-441-8669 or info@evanslaw.com
CONTACT
MAILING ADDRESS
INGRID M. EVANSTHE EVANS LAW FIRM
3053 Filmore Street
Suite 236
San Francisco, CA 94123
Phone: 888-503-8267
Fax: 888-891-4906
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