Wells Fargo Inactive Accounts: Everyone is aware about Wells Fargo’s settlement case in prior to retain their customers. But be sure that if any of your account is inactive for more than 16 months then Wells Fargo may declare your account as “dormant”. Rigorously it is in the process of closing accounts that have remained inactive. If any of its customer’s account is inactive for more than 16 months then the company will declare it permanently closed. Wells Fargo may be do that without any notice.
Wells Fargo Inactive Accounts
So be cautious about that, It may be happened that your funds may be transferred to the government. Wells Fargo has been preparing to implement this long-anticipated policy for an extended period. If the customers will not take any action regarding this then they may lose their account along with the access to have their funds. It is clearly accumulated that the customers will face a huge amount of risk of losing their money, even if they have not engaged in any false accusations.
This initiative taken by the company is a nationwide policy that permits the closure of inactive accounts and the transfer of any remaining funds to state authorities. The funds remained with Wells Fargo will be transferred to the state as per the country’s unclaimed property legislation. In this article we will try to cover all of your answers to all your curiosities. So, stay updated.
Differentiate Between An Active Account or An inactive Account
Basically, here the focus is on, an account will be treated as inactive how? So, in a contrary we can say that if anyone is having an account with the company but not initiated any active activities like they have not done any deposit, or initiated any transfer or any withdrawal within the past 16 months, then their account may be considered as inactive. If you have a setting of auto debit, interest accumulation then those things will not be taken into account. Also debiting automatic charges, bank fees, or system-generated transactions will not be counted.
So, before your account will be freeze just make sure that the bank can start the escheatment process when an account is marked as dormant. In this process, any leftover funds in a bank account are sent to the relevant state agencies as unclaimed property. Customers should also know that Wells Fargo Bank usually notifies clients before closing their bank accounts, but this is not always mandatory.
Is it Possible For Wells Fargo to Seize Your Account Without Prior Notification?
There is guarantee that Wells Fargo will definitely inform you before seizing your account. They are not bound to do it. As if we see on the prospective of courtesy then they are responsible to do that but not necessarily bound to do. So, it is always advisable or morally correct that who is the owner of the fund, he/ she should be aware instead of depending up on.
Who are Responsible To Verify The Accounts?
The regular customers who are having their accounts in Wells Fargo account which is there for emergencies or long-term savings should periodically review it. By following a few steps, you can keep your funds secure and under your surveillance. Regularly check your bank accounts and engage in activities that prevent account closure. Don’t trust the company fully that it will inform you before closing your bank accounts. This thought of concern is arising because across the nation, the customers have faced similar issues that there accounts got seized, which has obviously affected the reputation of Wells Fargo.
It is your sole responsibility to take care of your account. As a responsible customer you should be aware of which account they intend to close as after some period of time inactive accounts will forfeit their funds after a designated period. It is recommended that individuals remain informed about their banking details and rely solely on official communications from Wells Fargo Bank. To be prevented from any kind of fraud, one can take few steps.
Don’t Risk Losing Access to Your Wells Fargo Account
So, at first the customer has to login to their account, then make a small deposit to make the account active. Then just use your debit card just to make a transaction. By doing this you can active your account. So, before anything wrong happened just prepared yourself. Depending on a notification from the bank may pose a risk. It is better to follow the saying that “prevention is better than cure”. Make yourself updated by following official communications from Wells Fargo.
Every individual facing the threat of losing their funds should be aware that there exists a straightforward method to avert account closure. There are certain ways written above that you can follow and resume your account. As you know that Wells Fargo regularly doesn’t sent alerts to make notified. So, if you will not keep yourself alerted, then you could lose all of your access over your own funds. Monitor the activities closely, if you want to save your funds.
