Loss Prevention Issue with Wells Fargo
3 of my family members were killed over the holidays.Many of the checks for beneficiary benefits were being drafted from comapanies who bank with Wells Fargo.
My cousin and I opened a new "joint account" so checks in either of our names can be deposited and used to for final expenses. We've deposited over $40K in the past 4 month, all checks from major companies. Since I've had a Wells Fargo account for over 17 years, they've cleared within one business day without a problem. Most recently a check was deposited for $21k made payable to my younger cousin.
The check was endorsed and deposited into our joint account. Per my cousin knwoledge, the funds were xfer online into my personal account for me to manage and take care of financial matters. When I went into a branch to withdraw $10k to finalize burial expenses, the service managed contacted Loss Prevention and had them place a referral on my account stating " there appears to be suspicious activity between my accounts". This was my first time using this branch and they were extremely rude and accusatory.
After faxing over a " Release and Hold Harmless" document that my cousin had to sign and get notarized- in addition to faxing over all legal documents and statement verifying and approving all transaction were legit. This occured over 10 days ago and they still have all of fund frozen!!! Every account I have with Wells Fargo has been frozen at this point. I am being charged interest for loans taken out for my family burial because of this issue.Wells Fargo's internal processes are crappy- No one can ever get in contact with the LP agent working my file and their is no sense of urgency in anything.
When you voice your concern, they transfer you to an executive office that can not offer ANY resolution.I am so flustered!It's already hard enough dealing with out loss but to have our money held captive is just down right WRONG!95a3d77