If you are filing bankruptcy, Get Your Money Out of Wells Fargo.
People filing bankruptcy get kicked when they are down, if they bank at Wells Fargo.
Wells Fargo sees your bankruptcy on your credit report and they freeze your checking and savings account. At least they do if you have more than five thousand dollars in their bank. (They have said in court they only do it if you have more than $5000.00. But they don’t just freeze the amount over $5000.00–they freeze it all.)
Why would a bank beat up their own customers?
Why Does Wells Fargo Beat Up Their Own Customers
So, why would Wells Fargo beat up their own customers like this? They claim they are required to ask the bankruptcy trustee if he wants the money. Although they are the only bank that does this, they have adamantly stuck to this policy for years.
It’s hard to make sense as a business proposition. I personally have probably cost them nearly a thousand customers over the years. (At one of our national meetings of NACBA, a former NACBA president joked maybe they did it to collect bounced check fees. That seems a small reward for losing lifetime customers.)
Anyway, get your money out of Wells Fargo. (A couple weeks after the bankruptcy is filed, you can go back there if you want.)
I first wrote about this problem in 2011.
I first wrote about this Wells Fargo problem in 2011
Since then several lawyers have tried to fight this. As far as I can tell, the bank won every time.
So, get your money out of Wells Fargo.
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