If you are a customer of Wells Fargo bank in the United States, this article will be of interest to you. In compliance with state laws on abandoned property and unclaimed funds, since last March the bank proceeded to close accounts that had been inactive for more than 16 months. The problem has arisen when thousands of people have lost their accounts and with it the money they had inside. They claim that they were never warned and that they could not do anything to prevent it.
For those people who have inactive accounts that have not yet been closed, Wells Fargo recommends making any type of transaction from online banking: a purchase, a payment, even a $1 transfer is valid. You can also access the mobile banking application, and the account will be considered active. Those affected will have to claim their money and deal with a long waiting period until the claim is resolved.
Wells Fargo
It was founded in 1852 by Henry Wells and William Fargo, and is one of the oldest banking institutions in the United States. It is a bank or financial services company, which offers a wide variety of banking products to its customers. It allows loans, credit cards, investments, and of course, the use of mobile and online banking. In addition, it works in social areas, with aid for affordable housing, small business growth and also in sustainability.
What is happening with Wells Fargo bank accounts?
In order to carry out a reform in the internal management of the bank, since March 2025, Wells Fargo proceeded to the massive closure of bank accounts, affecting thousands of customers in the United States. According to the bank, customers were warned in advance about its intentions to close their accounts, but there are thousands of people affected who claim not to have received any kind of notification.
Why is it massively shutting down accounts?
According to the bank, there is a reason for this massive closure. Wells Fargo claims the need to comply with state abandoned property and unclaimed funds laws. That is why, if the bank account has not produced any type of movement in a period of more than 16 months, it will be closed automatically. This measure is leaving thousands of people affected in its wake, as Fargo has millions of customers. More and more people are affected, and those who have an account with this entity do not know what to do to avoid being victims of this closure.
How do I keep my account from being closed?
Keeping your account active is extremely simple. Wells Fargo has given several recommendations; make any movement or transaction with the account. It is important to emphasize that all direct debit payments, interest or commissions are considered automatic movements, which would not serve to keep the account active. It would be necessary to make deposits, withdrawals, payments or transfers to verify that the account is active.
What do I do if my account has been closed and I had money in it?
What happens to the money in the accounts once they are closed? All that money is transferred to the State and is considered “abandoned property”. In order to recover this money, those affected will have to initiate a legal claim process. The authorities recommend regular use of bank accounts to avoid this type of consequences, which although they cause a problem for those affected, they are also useful measures to prevent financial fraud and reduce operating costs.
