Thousands of Wells Fargo customers could lose access to their bank accounts in the coming weeks. The bank has launched a campaign to close accounts that have had no real user activity for more than a year. If you have an account you don't use, now is the time to check it.
The reason behind the decision
Wells Fargo, one of the financial giants in the United States, has started closing checking and savings accounts that remain inactive for 16 months. The key is what they consider "inactive."
It's not enough for automatic payments to come in or for interest to be added. For the bank, an account is inactive if the customer doesn't make deposits, withdrawals, transfers, or even log in to online banking.
Officially, the measure is in response to state regulations on unclaimed property and fraud prevention. However, experts point out that it's also a way to reduce operating costs.
The problem with the lack of notice
Although the institution claims they send notifications before closing any account, not all customers agree. On social media, there are plenty of stories from people who say they haven't received an email, a letter, or an alert in the app.
The result is that many only find out about the closure when they try to use the account and can no longer access it. By then, the money they had has already been transferred to the state as "unclaimed property."
Getting the money back isn't immediate
If your account is closed and had a balance, that money doesn't disappear. By law, Wells Fargo sends it to the state office in charge of unclaimed property.
The problem is that getting it back isn't as simple as calling the bank. You have to submit a formal request to the state, provide documentation that proves ownership, and wait for the case to be reviewed. Depending on the office's workload, the process can take weeks or even months.
That's why, rather than trusting you'll be able to get it back later, it's much easier to prevent your account from being closed.
Simple actions to keep it active
With a small gesture, you can prevent your account from being marked as inactive. It's enough to do any of these actions before 16 months go by without personal activity:
- Make a deposit, even if it's just a few dollars.
- Withdraw money at an ATM.
- Transfer funds to or from another account.
- Pay with the associated debit card.
- Log in to online banking or the mobile app.
Even a simple login can reset the counter and save your account from closure.