Wells Fargo froze my account

[lala]

Our attorney warned us that we should move our money from WF before we file. They will freeze your account even if you have no debts/loans with them.

[jshep]

To be clear and for the benefit of other readers is the bank account that was frozen a Wells Fargo checking or savings account; meaning Wells didn't freeze your account at another bank?

No they froze my Wells Fargo Checking, Savings and Home Equity Line accounts.

There was a lot of mystery at first. I thought that another bank had put a lien on the account, but then... over the weekend doing a lot of research (including finding this great forum), I figured out that they were just holding my money in case the Trustee wanted it.


I think Wells really oversteps their bounds by doing this. I will never feel the same about banking with them again. I did everything to treat my Wells accounts so that they were not abused or caught up in the bankruptcy. For example, paying off my Visa card many months ago, and making sure my home equity line was always paid on times and within terms. Then they turned around and froze the accounts. They claim they notified my Attorney and the Trustee, but they didn't notify me and that ended with my wife in line at the market unable to pay for grocieries on Friday afternoon.

The thing is, we've always done well, had money and paid our bills. I couldn't help what happened to us when the economy went bad and over half of my clients went out of business. As far as I can tell, inside of about a year, things should improve for us financially and we will have money again. Where I keep it is going to have a lot to do with who treats me decently right now, and almost nobody is.

I don't want to get all misty eyed over this, but I did pay these people for over 30 years, it took all that time to build excellent credit. It was wrecked in an instant, after the company I worked for filed Chapter 7. I never wanted it to end up like this, but the situation became impossible when banks like Advanta came after me personally for money that was charged on the company credit cards.

The really amazing thing about that is the company went under, there was an auction of over 2 million in equipment, that money went to the creditors, yet they still came after me and ruined my credit. It really is a racket.

[jshep]

They froze my Mother-in-Law's Account

As if things weren't bad enough...

My Attorney's office called me a few minutes ago asking why Wells Fargo reported two additional accounts beyond what I had told them about.

I sincerely had no idea what they were talking about. Then they thew out two names, which end up being my Mother-in-law and Sister-in-law.

Several months back, my wife's Mother had a very serious stroke. It impacted her ability to walk and balance. Then, just as she was beginning to recover, she fell and broke her hip. My wife has been taking care of her along with two of her siblings for months now.

At some point, my wife went on her Mom's bank account at.... you guessed it... Wells Fargo, so she could help her by paying her bills for her.

About once a week, my wife gets together all her Mom's bills, and writes checks and signs them, since her Mom has been in the hospital a lot over the last several months.

So... when Wells Fargo froze our accounts, they froze my wife's Mother's accounts too, because she appears as a signer.

The Attorneys office tells me that they are trying to beat a 3pm deadline today to get file an amendment with the Trustee that includes my Mother-in-Law's accounts along with mine.

What a nightmare.

[floridian]

about a year ago, when my financial situation floundered, i remembered that i was a co-signer on my moms checking... i went to the bank to remove my name... finally i had to appear with my mom and sign a statement, to get it removed... even then, they didnt want to cooperate...

now that ive been sued, im glad i read on this forum about freezing accounts..

[jshep]

now that ive been sued, im glad i read on this forum about freezing accounts..

I'm trying to tell everybody I can about this, because I think it's really outrageous. I'm going to close my Wells Fargo accounts ASAP. My daughter is going to close her business account with them. My brother-in-law and wife agreed to close their Mom's account (that got frozen with ours).

I'm just not sure where to go next. From what I've read, Union Bank (another big player here in L.A.) does the same thing. Then, I've got to watch out for the banks I had credit cards with... not to mention the ones our closed company had cards with.

That box buried in the back yard is sounding better all the time. Especially considering the pitiful interest they pay these days.

[jshep]

The money is back in the account

As of 5:15pm on Monday, the money is back in the account.

I'm glad it didn't drag out for weeks, especially after I learned that my wife's Mother had been dragged into it due to my wife being a signer on her account in order to help her with bills during her long illness.

Thanks to everyone here for the advice and encouragement.

-Joseph

[DeadManCrawling]

Congrats on your speedy recovery. You had a much more pleasant experience than others here. Some spent a very long time tackling this problem.

Gald to hear you and your family won't be left floundering while the system crawls at a snail's pace.

[jshep]

Congrats on your speedy recovery. You had a much more pleasant experience than others here. Some spent a very long time tackling this problem.

Gald to hear you and your family won't be left floundering while the system crawls at a snail's pace.

I give a lot of credit to you and others here on the forum. When I found this place, I wasn't even sure what had happened or why. Reading the material online here over the weekend helped me understand what was going on, so when Monday rolled around, I knew what to do and say.

That definately helped. THANKS!

[eddiep]

I'm glad to hear you got your money back so quickly!

[doingpoorly]

I have been following your story and I am very glad to hear that your funds have been given back to you. Good luck with the rest of your journey.

[jribe]

i don't understand why the freeze's are random. I have muiltiple accounts at Wells Fargo; and none of mine were frozen.

Maybe it's a regional decision if they freeze for BK?

How odd... Anyway, due to an unrelated issue i will be closing my accounts there after the BK is finished.

Glad to see you got your funds back so quickly

[Mi Bankruptcy]

i don't understand why the freeze's are random. I have muiltiple accounts at Wells Fargo; and none of mine were frozen.

Maybe it's a regional decision if they freeze for BK?

How odd... Anyway, due to an unrelated issue i will be closing my accounts there after the BK is finished.

Glad to see you got your funds back so quickly

jribe-- I think from what we continue to see here is it makes it easier to freeze these accounts against people who bank where they also get loans like. So, if you BOA, Union or Wells and you have mortgage ect.. they are going to freeze your accounts. I never felt comfortable with the idea of banking where I have loans. I was pretty much forced to open a account one time to apply for a car loan when I was younger. I opened it and left $50.00 and went and banked with another bank after I got the loan.

Wells has been trying to get me to open a account with and promise of HELOC.. NO WAY

[mummy]

I just opened new accounts at Wachovia...not realizing they were bought by Wells Fargo.

Our mortgage is with Wells Fargo. Should I try and find a different bank? I'm not sure how connected they are yet.

[Mi Bankruptcy]

I just opened new accounts at Wachovia...not realizing they were bought by Wells Fargo.

Our mortgage is with Wells Fargo. Should I try and find a different bank? I'm not sure how connected they are yet.

I would. This will help eliminate the 'what ifs' and 'is it possible' questions that will sit in the back of your head. My thought is you want peace of mind. Nothing may ever come of using Wachovia. Personally, I wouldn't want to take the chance.

[nickifan]

[QUOTE=jshep;347143]At some point, my wife went on her Mom's bank account at.... you guessed it... Wells Fargo, so she could help her by paying her bills for her.
So... when Wells Fargo froze our accounts, they froze my wife's Mother's accounts too, because she appears as a signer.
QUOTE]

Oh dear...now I'm worried too!! I have this exact situation. My sister and I are both on my _mother's WF checking/savings account. I pay mom's bills.
The account is funded SOLELY by Mom's Social Security (under $1300 a month) and her small pension (under $200).

I _did ask the BK atty about this very thing in the free consult. Initially she said 'get your name off', then when I told her how it's funded she thought it would be okay, if we had "explanatory" information with the paperwork..

Now I'm rethinking after reading this post!! The other problem is --I don't have a WF account "on my own", but I DO have a Wells Fargo Financial loan, which I still owe about $475 on and would include in the discharge. My mother's bank account is never over $1500.

What to do?? Would the resident lawyers please chime in? If it matters we're all in TX. I haven't wanted to say that on a public forum (paranoid) but if it helps with advice, there it is.

What a PITA....