We have everything w/Wells Fargo, please share experiences and advice

[myfreshstart]

Thanks to these forums I have been able to determine that the most appropriate time to file will be this summer. In reading many threads I have also learned the challenges with Wells Fargo, unfortunately for me.

Here is what we have:

*Joint checking
*Joint Savings
*UTMA accts for our 2 children
*529 plans for our 2 children
*student loans for both of us - on auto payments which we intend to continue paying
*HELOC on auto payment which we intend to keep
*Business Credit card - which I intend to BK along with my other unsecured business/personal debt.

From what I have read we need to change our checking and savings to a local bank - not a credit union to avoid freezing. My questions are these:

Will they freeze the UTMA accounts & 529 accounts- should I move those? between the 4 accounts there is about $5000 all gifted from Grandparents for education, and I have records to prove.

Will they do anything weird with my student loans or HELOC? And should I still drop enough money to cover payments into the checking accounts so those loans do not fall behind?

Thank you in advance for your help!

[eddiep]

Definately move the money from your checking and savings out of Wells Fargo, there have been others here who have had their accounts frozen once they filed. This was not because WF was trying to take the money to pay off debts owed to them but rather to hold the money until the bk court tells them this money is exempt. If you are living paycheck to paycheck, this can be a horrible situation!

I would talk to your lawyer before you move the UTMA and 529 accounts, this could screw up your documentation that this was a gift from the grandparents. Ask your lawyer!

Sounds like you have been a loyal customer of WF over the years, don't expect them to be as loyal to you as you head down this road.

[myfreshstart]

Thank you for your response. Do you know if I keep enough money in the checking to cover the student loan and HELOC payments for a couple months while going through the BK process, if they will allow their own accounts to withdrawal money. Does that make sense?

I am just thinking that these big companies sometimes have systems that make no sense. Such as freezing my bank account for everything. However, I would assume that if there is money still in the checking they will take their payments.

[keepmine]

Once you file, the automatic stay kicks in and they can't automatically draft your account.
You'll need to contact there bk dept. and get instructions on where to mail a check.

[calgirl67]

I would close all these accounts immediately:
Joint checking
*Joint Savings
*UTMA accts for our 2 children
*529 plans for our 2 children

Consult your attorney re: the UTMA & 529 - you may have to transfer so it is not income. Your attorney will know what do do.

Wells Fargo SUCKS.. when we couldn't pay our WF Visa CCard, they started threatening to take it out of our checking acct - meaning our mortgage payment would have bounced. Scumbags.

[albacore44]

i had checking/savings/2 Cc's with Wells fargo. When I knew i would be filing some time down the road, i opened an account with a local Credit Union. I allowed my WF accounts accounts to slowly dwindle down to less than $10, before stopping CC payments. Then I switched my direct deposit to the Credit union account. a couple of months later WF did me a favor and just closed up the accounts. BTW- once you stop paying their CC's they will call you relentlessly. They had 2 call centers in different states calling a dozen times a day. best to go online and change your personal information now (phone #'s) it may or may not work depending on how long they keep records

[myfreshstart]

Once you file, the automatic stay kicks in and they can't automatically draft your account.
You'll need to contact there bk dept. and get instructions on where to mail a check.

Got it, that makes sense.

albacore44-thanks for that information - I am really worried about WF calling me at my office because this was a business card when I was self-employed. Even though I have moved offices and am employed by someone else, I am in the same business and worry that they'll find me and start calling me there. Not what I need.

I read a few things here and if I understand correctly, if I change my checking and start auto draft or online bill pay with creditors while I am still paying, they then have my new account info. Which if some are slimmy may try to pull money from account without authorization? So, am I correct to assuming I should start paying by check. It seems they would still have my bank information.

[HGolightly]

I have had a good experience with Wells Fargo so far. I don't have any credit cards or loans with them, just checking and savings. However, I did call and check to see if they were going to freeze my account for any reason during BK. They assured me they would not. And they have not. The guy did try to sign me up for their bill-pay service, but I told him to hold off until everything calmed down for me, cash-wise.

[BKDefender]

Re: We have everything w/Wells Fargo, please share.

UTMA (Uniform Transfers to Minors Act) accounts and section 529 educational accounts are not your accounts, they're the beneficiary's accounts and you're merely the trustee or manager of the accounts. As such, it's not generally considered an asset of the estate.
As a general rule, if you can't walk into the bank and withdraw that money to pay your own personal bills, then the trustee cannot either.

I've yet to file a BK for a client with a UTMA or 529 account with Wells Fargo, so I don't know what they do.

--William

[ABC]

I'd keep them.

You can get a $500 secured card in 6 months from them to help you rebuild credit. B of A same thing.

[LadyInTheRed]

ABC, this thread is almost 4 years old. Please do not revive an old thread unless there is a good reason to do so.