wells fargo freezing accounts?

[kaliangel08]

I live in ca and i have gone to a couple of attorney consultations. i had one attorney tell me that if you have any accounts at wells fargo they somehow find out about bankruptcy and freeze your accounts. a couple of other attorneys have also let me know of this happening. it is a concern for me because i don't want my grandparents finding out about my bankruptcy but they added me to one of their accounts at wells fargo about 3 years ago so that if there was an emergency i would have access to it. none of my money ever goes in their accounts. if it comes down to it i will have to tell them because i definatley don't want their account to be frozen. Has this happened to anyone that has wells fargo or have you ever heard of this before?

[Banko]

Wf

Are you a signer on the account or just an authorized user?

[albacore44]

I would advise you get your name removed ASAP. I had the same situation, wifes name on her elderly mothers WAMU checking account. had it removed last week. these are things you must do while in your pre-planning stage. as far as Wells fargo seizing accounts when no notice of BK being filed, i think it is illegal unless your late on your payment, then yes they can do that.

[dragonnfly]

We had 2 mortages with wells and did not experience anything like this, Im not sure if its the same as a credit account. If it is a credit account and your name is on it, it does not matte rwho the account is with 99.9 percent of the time it will be closed when you file BK. Good Luck.

[AngelinaCatHub]

Kal08:

Look to remove your name as I understand it, they must close and reopen a new account with a new number.

In my humble opinion, if you are planning bk, TELL THE TRUTH, to them. Do not take their obvious offer that would come to bail you out. (I once had Grandparents too.), but insist on making yourself your own island. YOU got yourself here, YOU must show them you will get yourself out. Make them PROUD of you by handling this situation. I have been there on BOTH sides. I am now on the low side and actually asked my daughter for a loan in which she will realize big interest when my retirement stipend comes at first of year.

Remember, bk is a business decision and should be look on in this way. Be not afraid of your Grandparents and speak to them as you would in business. It is cut and dried. Please do this and that, and I will recover.

Believe me, you will honor them much more than a bail out, and they will respect you for your honesty, and intellect in the correction of a common mistake. PLEASE consider what I say. I’ve been there. ‘Hub

[kaliangel08]

The account that i am on with them is a checking account in which a minimal amount of their retirement goes into, and i would never want the account to be frozen so i am definatley going to tell them the truth. It was just weird because i never signed anything its like they just added me onto the account so my name is on the checks and everything and i have as much access to the account as they do but like i said before i never have taken any money out of course because it is not mine. I am not on any of their credit cards and i do not owe any money to wells fargo so i just think that it is odd that they would freeze the accounts of people just because they have filed.

One of the lawyers that i spoke with stated that wells fargo freezes chk and svg accounts because they consider any of the money in the account as property of the courts and no longer property of the person which i guess makes sense but i don't think they should be doing that. This situation is so frustrating.

as for my grandparents bailing me out they would not do that because i am in way to much debt and even if they tried i would not let them. Thanks for all the replys and i will give everyone an update on the situation as soon as i get it figured out!

[rockyroad]

Are you sure you don't have a credit card with them? Not sure why a bank can freeze your accounts when you don't owe them money. That doesn't make sense.

[adaughter]

I was scared of the same thing happening to my mom-we took the money and put it in an attorney trust account where no one else can access or take it and the funds are safe. you should ask your attorney of anything like that is available to you if your interested. because it definitely lets you sleep better at night knowing your money is safe away from the creditors access.

[jktrading]

I had the same situation, only with my Mom. It was at WAMU, now Chase. I told her about the BK. We went into the branch, and opened a different checking and savings in her name only. She has Social Security and a pension that goes into the savings.

We set up Social Security direct deposit to the new account, and am waiting to see if her pension goes in directly this month. Then, we will close the checking and savings with both our names.

My attorney told me that the trustee would be the one to freeze an account. However, I have heard of credit card companies freezing bank accounts within their company. Example, a Wells Fargo credit card, would freeze a Wells Fargo bank account.

I haven't ever heard of a credit card company being able to freeze a bank account without going to court, in which you would be served for.

My advice. disclose your situation, you and your grandparents close the current account(s) and open a new one in their name only. This would be preparing for anything that could happen.

BTW, social security and pensions are exempt from bankruptcy proceedings if you ever need a defense to get any funds back. The problem with that is, they can probably take the funds until you provide proof and jump through a certain amount of hoops, while your grandparents cannot access their funds.