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Arbitration Phone Call with Bank (unauthorized accounts)

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New York State

Hi,
I have an arbitration proceeding (phone call) with an arbitrator who is representing a large bank whose employee (s) opened up some bank accounts in my name without my consent. (not sure if i can mention the name of the bank)

The bank offered me some money, i said that wasn't enough, they suggested arbitration, i agreed.

The arbitrator is in California, I am in New york, if that helps.

I've never dealt with anything like this before, what should i say to ensure i am compensated fairly?

thank you in advance for your assistance.
 


Actually none that I can quantify, perhaps my credit score got dinged, or my insurance rates were raised somewhat, but the fact that there are people out there who have/had access to my personal information and forged my name on accounts simply to meet sales quotas.
 

FlyingRon

Senior Member
The way arbitration works is that you're the claimant. You need to show some actual indication as to why you should get what you are asking for. I'm not sure why you think insurance was affected. You can certainly try and quantify the impacts of the credit problems, etc... The bank will make their justification as to why they think what they offered you is valid. The arbitrator(s) will then decide which of you has more merit and come up with a number.

So, your best bet now (short of getting an attorney involved) is to figure out some justification for the dollar amount you are proposing.
 

Taxing Matters

Overtaxed Member
Actually none that I can quantify, perhaps my credit score got dinged, or my insurance rates were raised somewhat, but the fact that there are people out there who have/had access to my personal information and forged my name on accounts simply to meet sales quotas.
Here's the problem. If you sued in court, all you would be awarded by the court is compensation for the actual damages you suffered. You don't get anything for what might happen and what didn't happen. If this is the bank I think I was, those bogus accounts were simply opened by bank employees and there are no strangers wandering around out there with your personal information. Sure, it's aggravating, but nothing that likely will cause you any financial harm. The arbitration is a alternative to court, but the arbitrator will look at it the same way the court will. It is entirely possible the arbitrator might even award less than what the bank initially offered. I can't help you in giving you anything to say that will bolster how much you get because legally you're not entitled to anything if you suffered no harm.
 

FlyingRon

Senior Member
As we've noticed in other threads, the usual recourse that comes down is you get a year or two of credit monitoring (or if you already have it, an amount roughly equal to the most popular service in the industry). Despite what you are told in TV advertising, it's going to be hard to quantify what a bump in your credit score is going to cost you. And if you haven't recently (are aren't imminently) borrowing anything, you've got no damage anyhow (as TM, coulda woulda means little here).
 
Thank you all for your insight. The bank actually suggested that if i wasn't happy with what they initially offered, then give arbitration a try. I just hope they aren't baiting me into accepting a lower amount by going the arbitration route.
 
My justification (or angle) is that since I have a stellar credit score, and significant balances with this bank, (for many years), the financial benefit that the employee (s) who opened these accounts had to receive (in terms of sales quotas, salary increases, etc.) was gleaned off of my reputation. Again, i realize this would be difficult, if not impossible to quantify how much the employee (s) gained financially, but that's the way i guess i'll try to convey it to the arbitrator.
 

FlyingRon

Senior Member
You don't get to recover what they got by acting improperly. That's up to their employer (and in some cases the regulators). Any money recovered over that goes to the bank or to the government. You only get to recover what damages you sustained.
 

Just Blue

Senior Member
New York State

Hi,
I have an arbitration proceeding (phone call) with an arbitrator who is representing a large bank whose employee (s) opened up some bank accounts in my name without my consent. (not sure if i can mention the name of the bank)

The bank offered me some money, i said that wasn't enough, they suggested arbitration, i agreed.

The arbitrator is in California, I am in New york, if that helps.

I've never dealt with anything like this before, what should i say to ensure i am compensated fairly?

thank you in advance for your assistance.
How much did they offer you?


My question is for curiosity ...feel free to not answer. :)
 

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