Posted on 06/15/2021 12:20:17 PM PDT by RandFan
Yup, they can close her account but they can’t keep her money...unless the remaining balance is so small that it only covers the balance that she owes for having the account. I’ll bet that we don’t have all the facts in the case.
That being said, W-F is famous for jacking clients around and making up stories about “requirements” that they have to access your funds.
I can. It involves a hemp necktie.
They can try it, and end up paying her a lot of money. As a matter of fact, I wish they try it. That’s easy money for her.
I agree... There is more to this. As much as I hate banks and hope this is true so that they can be chastised... There may be some exaggeration here with what truly happened. Probably the writer of the article.
As a businessman a couple keywords come into play here. “Travel... Card... Account frozen.” Had it happen to a lot of my customers when they tried to pay me.
Who hasn’t had this happen to them because of strange new banking activity in another state on while on vacation? One phone call to tell them it is actually you and it is back on.
When I move to Florida, I’m basically divorcing my bank and living on cash until I find a good credit union down there. My bank, as it is, is sufficiently woke to be concerned about the inability of dead people and illegals to cast votes in certain states.
I think you are on the right track with how this started.
I have a step-cousin who actually quit W-F when they were making bogus accounts for customers in order to make more money. She refused to go along, to the extent that when one higher manager demanded she do so, she basically shut her office door in his face. She quit shortly afterward.
Give me a break. Where did the money go is right! Now YOU ALL KNOW how Bitcoin works!
Invested or paid protection?
This is a lesson that all should heed. Namely, travel with credit cards and cash in your pocket and do not relay upon bank debit cards or smart phones to pay the bills.
Draper Bank in Utah used to do that. They do all the debits first thing and then log the deposits. Twice I got caught by them with a spate of bounced check charges. I closed the account and changed to a credit union where I have had no problems now for 30 years. Banks can KMA.
I once believed all that bullroar about the “land of the free”. I don’t any more. The freedom is gone. People with the “wrong” views are shut down. They are prevented from getting a job or earning a living. It’s no better than the soviet gulags.
Fixed it for ya.
This is an unbelievable development. Not the story, but the actions taken by Wells Fargo. Anyone who has an account with them needs to immediately pull your money out of there.
In my business I deal with consumer bank accounts all the time. I always advise my clients to have nothing to do with Wells Fargo. If they have an account there, I advise them to withdraw all funds as soon as possible. They treat your account as if it were their money in my opinion.
Very wise decision. Spread your accounts around in small local banks and in credit unions. Stay away from the largest banks. Recently, large banks have gone to a new policy of bail-ins. If there is a financial crisis, a bail-in allows them to confiscate your money, because it is not really your money when you deposit it, you're entitled to a IOU that gives you a share of the bank's assets. That IOU may give you only 10 percent of what you deposited. These bail-in policies meet the approval of the FDIC which is massively underfunded if a financial crisis occurs. Because of these new bail-in policies, I've moved large accounts from major banks and favor credit unions and small banks.
There must be more to the story. A bank can’t just confiscate a depositor’s money.
“Wells Fargo had completely shut down her bank account, removing all of her money from the system, leaving her with a “zero balance” instead”
Closing an account I can possibly imagine as legal, but confiscating and keeping all the cash in it? No way that’s legal.
Sue them out of business. That is your money and their are thieves if they deny you access to it.
Same here. Cash is king. At least for now anyway…
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