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Honored Social Butterfly

Re: BEWARE OF BANK

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Message 1 of 9

@mimi0000 wrote:

It does sound strange... why would the Bank go through all that unless they gained something?   Very strange. 


Only thing I can figure out is perhaps some statistical info that most people would not keep up with the specific terms and conditions and the bank would make that monthly $ 10 service fee.

 

OR they forget about the account all together - the bank gets to keep it until it is sent to the state - (7) years in my state.   I mean there is lots of "unclaimed money" floating around at the state and federal level - some people just don't keep up with their money or something happens and it gets overlooked.

The Balance: 11/20/2019 - 7 Places to Look for Unclaimed Money  

 

The whole thing was pretty weird to me too.  But he had the time and liked the challenge but there was a lot of fast-food $ 1.00 purchases for those (3) months. 

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Re: BEWARE OF BANK

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Message 2 of 9

It does sound strange... why would the Bank go through all that unless they gained something?   Very strange. 

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Re: BEWARE OF BANK

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Message 3 of 9

On the other hand, I had a friend that took this same bank up on an offer (promo) -

 

He read the terms, conditions, and all mice-type. It said (in summary) "open a new Everyday Checking account with $25, then make 10 debit card transactions every 30 days for the next 3 months ($1 minimum each time), and we will credit the account $200 within 45 days. If you don't it just as stated, then they charge $10 per month account maintenance fee. He planned to close the account as soon as he received & transfered out the $200 bonus.

He didn't need another checking account, but this seemed like an easy task for $200.

 

He began the process in August  - it was a lot of work but it turned out to be worth the hassle and specific timing of all the (minimum) moving parts - if you have the time and forthwith - He DID !!

I think it was a challenge.

 

After meeting all of the (simple but time consuming) requirements for 3 months, Wells Fargo did indeed credit his account $200. This happened just over 2 weeks after the close of the 3rd month.

He thought they might try to spread this out another month--since they had 45 days to fund the $200--so he had been working toward 10 monthly transactions for this month. However, he checked the account and saw that he no longer need to do this--as long as ...

1. he remove all funds (he went in-person); it was mostly the bonus money

2. Then close the account.

This bank actually came through in a timely manner on a $200 new account promotion.

He also made sure that there were NO OTHER accounts in his name - just to make sure and knowing their past shennigans!

 

Now I am trying to figure out the logic to this promo???Woman Frustrated  Seems a bit nutsy to me.

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Re: BEWARE OF BANK

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Message 4 of 9

@mimi0000 wrote:

Update
I reported my Wells Fargo treatment to the Office of the Comptroller of the Currency, the federal regulator responsible for this financial instition, who opened a  Case , and provided me a case number.

It's good to see Government take action.


Glad you filed with them and they have acknowledged your complaint.

Let's us know what they say and what happens.

Happy New Year -

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Re: BEWARE OF BANK

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Message 5 of 9

Update
I reported my Wells Fargo treatment to the Office of the Comptroller of the Currency, the federal regulator responsible for this financial instition, who opened a  Case , and provided me a case number.

It's good to see Government take action.

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Re: BEWARE OF BANK

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Message 6 of 9

"...I have heard from others who had similar experiences with WF, or as one

person called it Hell's Cargo....".

 

Wells Fargo has been in the news for several scandals for years now. They've opened accounts that people did not actually sign up for, charged undisclosed fees, erroneously foreclosed on houses, erroneously repossed cars, and more...

 

IMHO, no one should be doing business with them. The Feds have been, and continue to be, all over them.


"...Why is everyone a victim? Take personal responsibility for your life..."
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Re: BEWARE OF BANK

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Message 7 of 9

I withdrew my funds and deposited them in another bank.   The term "blocked accounts" was used in the Wells Farto email notifing  me.

As I stated I have reported this every where I know and will continue to so that

this may not happen to someone else who does not have the resources available to me.  

I have heard from others who had similar experiences with WF, or as one

person called it Hell's Cargo.

 

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Re: BEWARE OF BANK

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Message 8 of 9

@mimi0000 

So Sorry this is happening to you.  I am having a hard time understanding the term "BLOCKED" in your post.  I am further confused by what the Bank mgr said to you about moving your funds.

 

Do you have access to your funds or not?

 

I know that banks can freeze (as differing from blocked) your funds when certain things happen - but "blocked" isn't the term they use in this situation.  They might FREEZE funds by court order, notification that you owe money to the government, a bankruptcy filing -

 

You have done the right thing in notifying state and federal official. 

You might want to order your credit reports just to double check accuracy.

 

Just some other things to think about -

Is there anybody else listed on the account or accounts with you?  Maybe it is their situation causing the "block".

Could anybody be trying to take over your accounts via a court order or with a physicians affidavits or declaration of competency?

 

Have you read your Account Terms and Disclosures to see if there is some reason that your account(s) aren't "mutually beneficial" ?  These would be specified in this documentation based on the type of account(s) you have and any prerequisites or requirements for participating in such accounts.

 

I tried searching the OCC.gov Help With My Bank FAQ site and the FDIC Consumer Q&A but found nothing about "blocking" an account - there is lots of stuff about freezing an account but that does not seem to apply from what you said.

 

Let us know what happens -

 

 

 

 

 

 

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BEWARE OF BANK

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Message 9 of 9

    Last week I received an email from my Bank informing me they had blocked my accounts.  I spent the day trying to find out why.  I was told repeatedly the Bank had the right to do this with out  providing a reason.

    I'm a retired 89 year old woman with 3 pension checks directly deposited to my accounts monthly. My credit card had no balance, I had $$$ in a savings account and a few thousand in a checking account.  I was told there had been

no fraudulent activity

  After days of phone calls, without learning why my Accounts were block I went

into  the  Bank Office where  Manager told me  "WF does not see the situation as mutually beneficial and that is your reason"  She advised 

me to withdraw my money and go to  different bank.

    I have requested my State Attorney General Office of Consumer  Protection

investigate this case and have filed a  report with  the Comptroller of Currency

Customer Assistance Group.

    I need to alert others to this situation.  This happened at a National

Bank,  one that had problems a few years ago but seemed to be safe now. Beware.   If this could happen to me it could happen to anyone.

 

 

 

 

 

 

 

 

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