The US bank Wells Fargo has launched a campaign to close bank accounts. In accordance with the financial regulations for unclaimed assets, it has initiated a purge of accounts in order to comply with the banking regulation. Thousands of customers have been affected in the United States because they claim not to have received any kind of notification. In order not to lose the amount and information of your personal finances, it is enough that you sign in the application on your mobile device or make a money movement.
Wells Fargo
It is a global financial services company. Operating since 1852 by the hand of William Fargo, it has entered the top 5 best banks in the United States, taking fourth place. Its reputation is due to the quality of its assets and being the third largest bank by market capitalization. Besides, it is the second largest bank in deposits, mortgages and credit cards.
Massive closure of accounts
There are more than 70 million users of the services offered by Wells Fargo worldwide. In order to comply with state laws on unclaimed assets, the bank has indicated a massive closing of inactive accounts. This closure began last April. Those accounts that have not had any activity initiated by the holder for a period of more than 16 consecutive months, were as their accounts and savings checks will be closed permanently.
There are two problems facing customers. On the one hand, they claim that they were not informed of this new measure and therefore could not take action. On the other hand, automatic payments as well as accrued interest or bank charges are not considered to be account movements. If the account holder has not made a payment, transferred funds to the account or even initiated a session from their mobile device, their account may be at risk.
Lack of transparency with clients
The implementation of this measure responds to Well Fargo’s intention to reduce the risk of fraud and comply with state regulations. However, it is also a strategic move to reduce costs by eliminating inactive accounts. The bank claims to have informed all its users before closing the accounts. However, there are many customers who claim not to have been informed, and whose accounts have already been closed.
How can I prevent my account from being closed?
- There are different ways to make sure the account stays active:
- Deposit or withdraw money.
- Log in with your profile on the banking mobile app.
- Pay for a purchase with your debit card.
- Send or receive a transfer, even if the amount is $1.
How do I get my money back if Wells Fargo has already closed my account?
You may not have received the relevant notice or you may not have seen it in time. If this is your case and your bank account with Wells Fargo has already been closed, be patient. In the event of closure, your account balance will become part of the state where you had your account. This occurs under the law of abandoned property. However, you will be able to get your money back, although it is a long and slow process.
It is not enough to contact customer service. You may have to file a formal and legal claim with an unclaimed property office in your state of residence. After this request, you will have to wait a medium-long period of time for them to contact you in order to resolve the situation. You are still in time to check if your account is still active, and carry out any of the tips given to avoid its closure and subsequent request for the existing balance.
