Wells Fargo

[mknolan]

Does Wells Fargo still freeze accounts of those who file for Bk? I just read an article but it was dated 2010. I have a checking account with direct deposit every month, do I need to switch banks??

[Pizza]

Does Wells Fargo still freeze accounts of those who file for Bk? I just read an article but it was dated 2010. I have a checking account with direct deposit every month, do I need to switch banks??

Probably. With that track record, I wouldn't chance it. In general, it is best to switch to a bank that is small & not a party to your BK.

[tobee43]

we were always with a "small" bank as pizza has suggested and never had a problem. actually, we still have the account open after over 5 years and still no problems.

i would most certainly change banks!!! to a small "local" bank. that actually cares about your business and you can pay your billls and also provide the trustee of your records with no interruptions.

[btbeme]

I had no issues with Wells Fargo.

I did not list them as a creditor, and I had three accounts with them at the time of filing. Can't guarantee that nobody else would not have an issue, but I CAN guarantee that if a bank freezes accounts and they are not listed as a creditor that the fix is straightforward and only takes a few days while your attorney does his/her magic to "thaw" the account.

If you owe Wells Fargo any money and list them as a creditor... well, there are lots of threads that basically boil down to three words... "you are foolish." Unplug and run. That goes for any bank where you hold cash and list them as a creditor.

[mknolan]

Oh no, I didn't Wells Fargo as a creditor. However, Wells Fargo does hold my mortgage but I have always been current and wish to retain and continue to pay. Still unsure if I will need to reaffirm...that is a confusing subject.

[btbeme]

Reaffirmation? Confusing?

What part?

Now, if Wells Fargo holds your mortgage, they are a creditor. A secured creditor, but a creditor nonetheless.

I suggest that you transfer, based on that info. Not that you would not be able to make a claim as to unfreezing accounts should they seize them; however, it is easy to open a new account elsewhere, move your direct deposit, and keep the Wells account open with a token amount. Some banks even pay you to deposit and start a direct deposit for xx months. Bonus!

And after your discharge, if you are still in love with Wells Fargo, move back.

Having a working checking account usually trumps the effort to make sure you have a working checking account.

[Drazil65]

Reaffirmation is not confusing, do not do it (do not sign the actual papers in the end) and WF has been know to be a little sneaky so I would change banks just to be safe. Go somewhere that you have absolutely no association with, a smaller bank. Good Luck.

[kornellred]

I just finished a 54 month Chapter 13 in December, and I am a Wells Fargo customer. I have never had any problems with them. Perhaps it is because Wachovia (which was my bank prior to BK) got swallowed up by Wells Fargo that my financial status was never questioned.

[Floridagail]

I definately would open a checking at different bank, at least temporarily. Hubby did that, and kept 20.00 in the old BOA account.
If you can afford to do without the money , it could take several weeks to get it released. Why risk it. I remember reading a newspaper article abou them.

[Quiznos1]

Does anyone think I would have trouble with BOA freezing my accounts when we file? We have checking /savings and one credit card with them. The card has a zero balance.

Thank you
Quiznos1

[Floridagail]

I have only heard of BOA doing that if you owe them money. However Wells Fargo was freezing accounts where people has no other accounts they owed them. Not sure if they still do it,

We had a mortgage default with BOA, so we moved our money. If you owe them nothing,you may be okay. they may close your zero balance credit card.

[Quiznos1]

Thank you, Floridagail. That makes me feel better

Quiznos1