Can Wells Fargo Do this?

[KidStallyn]

Had a biz partner of mine, who has his personal accts at the same branch where our biz accts were. This morning, he woke up with 8K less in his personal acct to "pay for a WF LOC" that was the LLCs. Can they just take the money out of his personal acct without some form of a judgment??

[justbroke]

Yes. Search for "right of setoff". I had Bank of America and another Bank do this to me. You need to read the "fine print" when you sign any type of credit account (or any cash/brokerage account) with a financial institution.

[BigJohn]

Most loans have written in the agreement that they can do this. I has several loans with Wells Fargo and defaulted on all of the accounts except a savings account. They never touched the saving account and every month I get a notice of how much money I have in the account.

[treehugger1]

This is another case where consumers became convinced that financial institutions were looking out for the consumer's best interest (yeah, right.) And, this offers another reason why consumers should keep their personal money (savings and checking) separate from banks they use for business and/or bill-paying. "One-stop-shop" banking can come back to haunt you. I now use a prepaid debit account and keep another account for bill-paying. Neither prepaid account is connected to the other.

I guess in the long run folks are figuring out that "free" checking is not really free!

[franken55406]

I had my checking and mortgage at Wells Fargo. I closed my checking after my hair stylist had her WF checking raided when she stopped paying her WF Mortgage. She tried to close, but WF would not allow due to a negative balance due to the unauthorized withdrawals.. Her account has something like a negative $5000 balance and WH is threatening to file suit..

[Lajazz947]

Had a biz partner of mine, who has his personal accts at the same branch where our biz accts were. This morning, he woke up with 8K less in his personal acct to "pay for a WF LOC" that was the LLCs. Can they just take the money out of his personal acct without some form of a judgment??

Yep, WF did it me. I started a thread on it.

Right of setoff.

[SCorpPain]

Thanks to things I have read here, I am keeping WF "barely" happy with minimum, very minimum payments. My business and personal accounts are with them along with two LOCs (they got one when they bought another bank). In approximately one month my personal and business account balances will be less than $100.00 and I will abandon the accounts.

They pulled money out of my business checking account last week, on the day payroll was coming through. I swear, if the person who did that had been within arms reach of me they would have had a very, very bad day! They finally did put the money back after I had to talk to about a dozen people. They have told me that they will go after my personal account too.

They will not have the chance.... the mattress and coffee can in the back yard are looking really good right now.

[BigJohn]

Thanks to things I have read here, I am keeping WF "barely" happy with minimum, very minimum payments. My business and personal accounts are with them along with two LOCs (they got one when they bought another bank). In approximately one month my personal and business account balances will be less than $100.00 and I will abandon the accounts.

They pulled money out of my business checking account last week, on the day payroll was coming through. I swear, if the person who did that had been within arms reach of me they would have had a very, very bad day! They finally did put the money back after I had to talk to about a dozen people. They have told me that they will go after my personal account too.

They will not have the chance.... the mattress and coffee can in the back yard are looking really good right now.

I got a place in the dog house where nobody will look.

[SCorpPain]

I got a place in the dog house where nobody will look.

I will keep that in mind.

[Ifonly]

I'm considering keeping my stash with the adult toy collection

[SCorpPain]

I'm considering keeping my stash with the adult toy collection

Good idea!

[Lajazz947]

I'm considering keeping my stash with the adult toy collection

I KNEW that there was a way to make it through these trying times.