I had three accounts with wells fargo for almost a year now. In the past six months about 12k has been deposited into the account and I had had no problem. Being that I wasnt too conscious of what I was spending and ending up haing over a 1000 in overdraft fees in that time, but all were paid within a day or two.
So I go to the bank as usual and go to withdrawl some money from my account. The teller told me that there was some kind of hold on the account and that I would have to sit down and speak to someone. This lady told me that there was a loss prevention issue and that because of that they were no longer allowing anymore debits, allowing my ach direct deposits,closing all accounts, and holding all money for 10 days after which I would be mailed a cashiers check, I freaked, starting crying, knew I had multiple bills to pay that day. The lady told me there was nothing that she could do and that she was sorry. I left.
How can A bank do this? I have furthermore now had my phone shutoff during the past 5 days and am at risk now of my storage unit selling my possessions. I dont know what to do. I dont understand that if the bank is allowing NO debits from the account, ACH or not, then why would they hold the remaining amount, which isnt petty a few hundred, and not give me the money for 10 days
Loss prevention simply told me that I was a risk to the bank due to my excessvive overdraft fees, paid or not. I get this and can understand why the account was closed but cannot understand why my money is being held hostage for 10 days plus mailing time on top of that.
Product or Service Mentioned: Wells Fargo Account.
Monetary Loss: $406.